Automotive LED revenue for 2021 is projected to grow 13.7% year-on-year to $2.926bn, due to the increasing demand for automotive headlights and display panels. As auto-makers continue to incorporate LED lighting solutions into new car models, the penetration rate of automotive LEDs will continue to see a corresponding increase too.
Though The COVID-19 pandemic heavily impacted the global automotive market and in turn damaged the automotive LED industry in first-half 2020, according to TrendForce’s latest investigations. In second-half 2020 however, the gradual recovery of vehicle sales as well as the development of NEVs (new energy vehicles) provided some upward momentum for the automotive LED market, which reached $2.572bn for full-year 2020, down 3.7% year-on-year.
On the whole, TrendForce finds that automotive demand has been recovering since fourth-quarter 2020. Accordingly, LED suppliers indicate that their order bookings appear bullish throughout 2021, meaning that most LED suppliers now need to extend their product lead-times in response. At the same time, LED players indicate that double booking may occur in the near future. They will hence take decisions in the light of the actual order booking quantity to see the possibility of increasing prices.
