Global automotive lighting market size was USD25.3 billion in 2014, and is expected to grow by 10.8% to USD28 billion in 2015, the highest growth rate since 2010, and reach USD30.1 billion in 2016, a year-on-year rise of 7.5%. There are two reasons for significant expansion of automotive lighting market. One is substantial improvement in the penetration of LED. As the price of LED chip continues to drop, more and more companies adopt LED to make headlamps.
The global market for organic light emitting diodes (OLED) was about $2.1 billion and $2.5 billion in 2013 and 2014, respectively. This market is expected to reach nearly $3.1 billion in 2015 and $9.6 billion in 2020, registering a compound annual growth rate (CAGR) of 25.7% for the period 2015-2020.
The global market for Lighting Fixtures and Luminaires is forecast to reach US$93.5 billion by 2020, driven by rapid penetration of LED lighting and the corresponding demand for technologically advanced LED lighting fixtures. Growth in the market will also be driven by increasing urbanization, changing demographics and innovation in fixtures targeted mainly at improving functionality. Asia-Pacific represents the largest as well as the fastest growing market worldwide with a CAGR of 7.2% over the analysis period.
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