Tag: Market Forecast

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According to a new report by Allied Market Research titled, “Global Automotive Lighting Market – Technology, Vehicle Type, Applications, Size, Share, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014–2020″, the global automotive lighting market is expected to reach $33.7 billion by 2020, registering a CAGR of 6.7 percent during 2015–2020. Automotive lighting industry is witnessing a steady growth on account of growing automotive production across the world. The growing emphasis on vehicle safety and government regulations regarding automotive lighting systems, are contributing to the market growth. Additionally, increasing disposable income of people is supporting the demand of aesthetic looks for vehicles, which in turn, is creating the demand for advanced lighting solutions.

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A light emitting diode or LED is a semiconductor device. LED produce incoherent narrow spectrum of light when it is in forward biased condition. The color of the light emitted   depends on the composition of the semiconductor material used in manufacturing of LED. It is extensively used in an array of application such as displays devices on clock, digital watches, lighting bulbs, radios and calculators. LEDs also find its applications in high definition television display, camera, camcorder, telecommunications, optical fiber communication and TV remote controls. The application of LED is even exceeded to the jewelry and wearable’s.