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Automotive LED Market Demand Drives the World’s LED Market Value in 2017-2021

Benefiting from the steady LED market price and the rapid growth of the automotive lighting field, automotive LED value will reach $2. 817 billion (+14.8% YoY) in 2017, as LEDinside forecasts. Relatively speaking, the compound annual growth rate of the whole LED industry is only 3% from 2015 to 2021. The LED mainstream applications include mobile phone, medium and large panel backlight, which will gradually decrease due to the development of OLED. Although LED lighting has become the largest application in LED industry, the growth of overall production value slows down due to the saturated penetration rate and a multitude of competitors. But LED manufacturers have invested in automotive lighting as well as fine pitch displays, so the market is still growing and developing.
LEDinside analyzes automotive market growth momentum:
1.      Chinese Car Market Continues to Develop.
Due to the impact of uncertain international political plate and the pessimistic psychological expectations for the economy trends, the overall car sales only slightly increased in 2016. However, from the individual regions, passenger vehicle sales declined in North America, and oil production reduction did not stimulate the sales of new vehicles. Because of the uncertainty caused by British independence, the market demand pulled back in Europe. But the Asian market performed well. The first-tier cities in China launched the Limited Purchasing Order, but affected by domestic industry upgrading, the growth speed was worse than the past.
2.      LED Penetration Rate on Headlights and Fog lights improves.
The headlight and fog light market is still the main high-power LED growth source. With high brightness, high technology barrier and low penetration base, the LED penetration rate of headlights and fog lights is estimated to be 12% and 16% respectively now. The compound annual growth rate of production value in 2015-2020 will reach 18% and 15%. In car applications, the first two rankings hold the unlimited potentials for development.
3.      Product design enhances automotive LED market demand.
The import proportion of light guide plate into RCL is improved, which increases the LED number in RCL products. Vehicles become more intelligent, have more multimedia functions and intelligent rearview mirror is installed, which can avoid blind corners and improve driving safety. In the next two years, they will be likely to become the standard equipment of vehicles and stimulate the usage of vehicle camera and panel. In the next five years, the vehicle panel will still get the most rapid growth in vehicle applications. And in 2021 the production value is estimated to reach $173 million (2016~2021 CAGR:26%).
4.      Insurance Market Improves Aftermarket Quality.
As the American insurance market gets more requirements for the supply diversification, the dominance of CAPA has been gradually broken. NSF also gradually improves the penetration in the American market, making the aftermarket more popular. And the cost control requirements are gradually reflected in the supply chain.

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