Automotive OLED Lighting Market Size, Share, Growth, and Industry Growth by Type (Exterior Lighting and Interior Lighting) By Application (OEM and Aftermarket), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Automotive OLED Lighting Market REPORT OVERVIEW

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The global automotive OLED lighting market size was USD 18 million in 2022 and market is projected to touch USD 127.4 million by 2031, exhibiting a compound annual growth rate (CAGR) of 24.5% during the forecast period.

OLED illumination is a surface light source that is finding immense application in the auto industry. In the car business, lighting has long been utilized to distinguish brands from one another. Because of their advanced technology, OLED lights may be designed in unique and creative ways that enhance the brand experience.

Using organic light-emitting diodes (OLEDs) as the light source, automotive OLED lighting is a particular sort of lighting. When an electric current flows through OLEDs, which are formed of materials based on carbon, they release light. This indicates that they are not dependent on a backlight, unlike conventional LCD displays, and that they can be smaller and lighter than other kinds of lighting.

COVID-19 Impact: Strict Protocols Led to Market’s Decline

The COVID-19 pandemic badly affected the automotive OLED lighting market due to supply chain disruptions and shortage of raw materials was observed. Labor shortages, stricter protocols including movement restrictions and lockdowns created roadblocks, and disruptions in end-use sectors of the product due to COVID-19 could also lead to lower demand.

LATEST TRENDS

"Integration of a Number of Specialty Sectors to Drive the Market"

Automotive lighting is the most developed and potential application market for OLED lighting. Lighting has actually changed from being a basic component of cars to becoming a significant feature with potential worth with the most recent integration of LED technology. OLEDs have the potential to differentiate themselves from LEDs and provide additional added benefits. The BMW M4 GTS is the first commercial vehicle to have OLED taillights.

Along with the automotive business, manufacturers of OLED lighting have actively researched the conventional lighting markets, including those for commercial and office lighting. In order to attain economies of scale and lower costs, OLED technology must also combine a variety of specialised industries, such as embedded lighting and medical illumination.

Automotive OLED Lighting Market Segmentation

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• By Type Analysis

By type, market is segmented into exterior lighting and interior lighting. The exterior lighting segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into OEM and aftermarket. The OEM segment will lead the global share through 2031.

DRIVING FACTORS

"Rising Awareness of Energy- Efficient Lighting Solutions to Propel the Market"

The market's expansion can be attributed to a number of factors, including rising demand from emerging markets, rising awareness of energy-efficient lighting solutions, and rising demand for luxury and premium vehicles. OLED lighting offers exciting prospects for the business while having lesser technological requirements than OLED displays, which has seen an increase in recent investment in the OLED display sector. Companies will harness the synergistic effects of OLED displays, improve the supply chain, implement generic R&D, and partially utilize depreciated OLED display equipment in order to lower the investment cost of manufacturing OLED lighting.

"Commercial Vehicles to Augment the Market"

OLED lighting is not only suitable for use in passenger cars. The advantages that come with this technology can also be used by commercial vehicles. Commercial vehicles frequently have signage installed on them. Bright, attention-grabbing signs that catch the eye can be made using OLEDs. For companies looking to advertise their goods or services, they are a fantastic option. OLED devices no longer have prospects for price wars as the LED lighting sector develops and costs continue to come down. High end designs that assist OLED avoid direct price and performance rivalry with LED products, such as products with no blue light hazard, area light sources, and flexible/foldable products, will be the sole innovation.

RESTRAINING FACTORS

"High- Cost of OLED lights to Affect the Market."

Some regions may experience market growth restraints due to the high cost of OLED lighting solutions. Labor shortages, stricter protocols including movement restrictions and lockdowns created roadblocks, and disruptions in end-use sectors of the product due to COVID-19 could also lead to lower demand.

Automotive OLED Lighting Market REGIONAL INSIGHTS

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"North America to Grow Rapidly within the Forecast Period"

The biggest portion of the worldwide market for automotive OLED lighting is anticipated to come from the North American area. The market in this area is expanding primarily as a result of the rising demand for premium vehicles and environmentally friendly lighting options. Ford, GM, and Tesla, are a few of the prominent companies that operate in this area (US).

The region of Latin America is anticipated to see the fastest CAGR growth throughout the projection period. The rising automotive manufacturing in nations like Brazil, Mexico, and Argentina is to blame for this expansion. Moreover, the market for automotive OLED lighting in this area is expanding as a result of growing customer demand for cutting-edge technology in cars.

The vehicle OLED lighting market in Europe is anticipated to be the second largest. The demand for luxury vehicles is on the rise, which necessitates the use of cutting-edge technology like LED and OLED lighting solutions, among others, which may be ascribed to this increase. Ford Motor Company in the United States, General Motors in the United Arab Emirates, and Volkswagen Group are some of the major companies present in this area (Germany).

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• OSRAM (Germany)
• Hella (Germany)
• Yeolight Technology (China)
• Konica Minolta Pioneer (Japan)
• Astron FIAMM (Italy)
• Stanley (U.S.)
• Magneti Marelli (Italy)
• Koito (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.