Europe Automotive LED Lighting Market Size and Share
Market Overview
| Study Period | 2019 - 2030 |
|---|---|
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 3.64 Billion |
| Market Size (2030) | USD 4.55 Billion |
| Growth Rate (2025 - 2030) | 4.60% CAGR |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
|
Europe Automotive LED Lighting Market Analysis by Mordor Intelligence
The Europe automotive LED lighting market size stands at USD 3.64 billion in 2025 and is projected to reach USD 4.55 billion by 2030, expanding at a 4.60% CAGR. Solid demand for adaptive headlamps, stricter pedestrian safety mandates, and the accelerating electrification of light commercial vehicles are accelerating OEM investments in energy-efficient LED systems. Regulatory certainty under the EU General Safety Regulation II shortens innovation cycles while vehicle software content growth above 40% by 2030 compels suppliers to add over-the-air update capability. Margin compression to 3.6% EBIT across European lighting suppliers heightens consolidation pressure, driving vertical integration and unlocking scale benefits in thermal management and software engineering. Meanwhile, the price of gallium-nitride substrates swings above 30% quarter-over-quarter, complicating cost planning and keeping inventory buffers unusually high.
Key Report Takeaways
- By sales channel, OEMs dominated with 81.17% of Europe automotive LED lighting market share in 2024.The aftermarket is forecast to advance at a 5.20% CAGR through 2030.
- By vehicle type, passenger cars commanded a 67.60% share of the Europe automotive LED lighting market size in 2024 and are projected to rise at a 7.87% CAGR to 2030.
- By installation type, new-build systems accounted for 60.33% of total deployments in 2024, while retrofit kits are poised for a 6.06% CAGR through 2030.
- By application, exterior lighting led with 76.48% revenue share in 2024; interior ambient lighting registers the fastest growth at 5.93% CAGR through 2030.
Europe Automotive LED Lighting Market Trends and Insights
Drivers Impact Analysis
| Driver | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Adaptive LED headlamp uptake | +1.2% | Germany, France | Medium term (2-4 years) |
| EU pedestrian-safety rules | +0.8% | EU-wide | Short term (≤ 2 years) |
| Electrification of LCV fleets | +0.7% | Germany, France, Italy, Netherlands | Medium term |
| Mini-LED packaging cost-down | +0.5% | Global supply chain | Long term (≥ 4 years) |
| OTA-upgradable lighting software | +0.4% | Premium segments | Medium term |
| Premium two-wheeler DRLs | +0.3% | Germany, Italy, France | Short term |
| Source: Mordor Intelligence | |||
Rising OEM Adoption of Adaptive LED Headlamps
Adaptive headlamps keep moving beyond premium badges into mid-priced models as pixel counts rise to 84 individually addressable segments, delivering precise glare-free beams that meet ECE testing protocols. The FORVIA HELLA digital unit demonstrated pictogram projection on the Audi Q6 e-tron in 2024, hinting at communication functions that turn lighting into a safety interface. Higher development budgets favor large suppliers, and validation costs reinforce barriers to entry. As a result, adaptive systems anchor nearly every mid-cycle refresh planned for 2026-2027, locking in long-term contracts and pushing Europe automotive LED lighting market revenues steadily upward.
EU Pedestrian-Safety Lighting Mandates
Regulation (EU) 2019/2144 mandates that lighting respond dynamically to vulnerable-road-user detection, forcing OEMs and retrofitters alike to integrate programmable LEDs capable of rapid modulation. [1]European Commission, “Commission Regulation (EU) 2019/2144,” eur-lex.europa.eu The rule applies equally to commercial vans, compressing product-launch timelines. Components that meet the new performance-based standard enjoy accelerated approval across all member states, shrinking time to market and improving forecast visibility for the Europe automotive LED lighting market.
Rapid Electrification of European LCV Fleet Boosting LED Penetration
The European Investment Bank’s EUR 400 million program to finance 19,000 electric vans underscores institutional support for fleet electrification.[2]European Investment Bank, “EIB financing for electric commercial vehicles,” eib.org Battery packs amplify the need for low-draw, thermally efficient LEDs to preserve driving range. Cold-weather icing risk has triggered inventions such as Rivian’s heated headlamp lens patent published in 2024, which applies carbon-nanotube films for de-icing. This intersection of battery management and optics propels cross-disciplinary R&D spending.
Cost-Down of Mini-LED Back-End Packaging
Advanced wafer-level packaging halves thermal resistance while slashing plastic waste, as shown by OSRAM’s 2025 eco initiative that removes hundreds of tons of polymer from shipping materials. [3]OSRAM, “Eco-friendly packaging initiative,” osram.com Falling cost curves now allow dense ambient-lighting arrays in mid-segment cabins, lifting per-vehicle LED count. The Europe automotive LED lighting market benefits as automakers re-specify interior strips and dome modules for signature brand moods.
Restraints Impact Analysis
| Restraint | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
|---|---|---|---|
| Gallium-nitride substrate price swings | –0.6% | Global supply | Short term |
| Counterfeit aftermarket LED imports | –0.4% | EU-wide | Medium term |
| Thermal-management complexity in retrofit kits | –0.3% | Germany, France, UK | Medium term |
| Softening EU passenger-car output post-2027 | –0.2% | Germany, France, Italy | Long term |
| Source: Mordor Intelligence | |||
Volatility in Gallium-Nitride Substrate Pricing
Quarterly price fluctuations topping 30% for GaN wafers force buffer stock and hedging strategies that tie up working capital for LED makers ECTC.NET. European suppliers relying on Asian upstream providers face added shipping-time uncertainty. Each surge compresses gross margins, limiting the speed at which advanced LEDs can trickle to entry segments and slowing near-term volume growth for the Europe automotive LED lighting market.
Persistent Counterfeit Aftermarket LED Imports
Enforcement gaps allow substandard bulbs to undercut compliant products, eroding trust and depressing legitimate aftermarket volume. Lumileds responded with authenticated Philips Ultinon Pro6000 Boost bulbs in 2024, complete with traceability codes. Continued infringement, however, strains national market-surveillance agencies and dampens value perception among safety-conscious consumers.
Segment Analysis
By Sales Channel: OEM Dominance Drives Innovation
OEM contracts captured 81.17% of Europe automotive LED lighting market revenue in 2024 as automakers embedded microcontroller-based optics during platform development. Integrated design lets engineers tune beam shape around body panels and ADAS sensor fields, lifting average selling price per vehicle. At the same time, rising warranty cost awareness pushes OEMs toward durable solid-state systems over halogen.
Aftermarket volumes grow faster at a 5.20% CAGR, propelled by regulatory deadlines that force upgrades of halogen fleets. Yet installation complexity and ECE paperwork favor premium retrofit suppliers with vehicle-specific harnesses. Strategic alliances between garage networks and lighting brands emerge, ensuring compliant fitment and safeguarding Europe automotive LED lighting market reputation.
By Vehicle Type: Passenger Cars Lead Electrification
Passenger cars controlled 67.60% of Europe automotive LED lighting market size in 2024 and are on track for a 7.87% CAGR through 2030, spurred by battery-electric adoption and stylized daytime running signatures. Fleet buyers demand energy efficiency to retain range parity with halogen-equipped models. Light commercial vehicles form the next hotspot; EIB-backed programs make LEDs an essential spec, lifting units per vehicle as vans gain rear signature lamps and roof-mounted beacons.
Two-wheelers contribute modest volume but above-average margins thanks to compact premium modules. Heavy trucks lag given longer replacement cycles; however, regulatory moves on turning-indicator conspicuity and cornering lamps will gradually raise LED fitment by decade end, extending the Europe automotive LED lighting market opportunity set.
By Installation Type: Retrofit Acceleration Challenges
New-build installations represented 60.33% of Europe automotive LED lighting market share in 2024 because factory programs bundle LEDs with ADAS packages at launch. As platforms mature, the addressable retrofit base expands rapidly; retrofit kits are forecast to grow at a 6.06% CAGR, driven by safety-mandated headlamp replacements. Still, thermal challenges associated with convection-cooled housings increase the risk of failure, prompting suppliers to integrate active fans or graphene pads, which in turn elevate kit costs.
Industry standards for plug-and-play retrofit harnesses remain fragmented, resulting in country-specific approval processes. Suppliers able to navigate this maze and provide training to installer networks stand to win greater mind share and bolster Europe automotive LED lighting industry resilience.
By Application: Interior Lighting Emerges
Exterior systems-headlamps, DRLs, rear lamps retained 76.48% revenue in 2024 and remain the cornerstone of vehicle safety certification. Nevertheless, ambient interior strips, footwell accents and panoramic-roof star ceilings escalate LED counts per cabin. Interior modules are slated for 5.93% CAGR through 2030 as OEMs monetize mood-lighting subscriptions delivered via software patches.
MicroLED and mini-LED breakthroughs allow pixel-level color zones, syncing with in-vehicle infotainment to convey charging status or navigation cues. The resulting mix shift ups the average vehicle bill of material, expanding the Europe automotive LED lighting market beyond traditional exterior applications.
Geography Analysis
Germany carries the largest customer base for adaptive LED optics, powered by premium marques and a 13.5% battery-electric share in new registrations. Tier-1 suppliers cluster near Bavarian and Baden-Württemberg OEM hubs, facilitating joint labs that accelerate regulator approval cycles. France follows with a 19.4% plug-in share, and enforcement of pedestrian safety regulations is already generating retrofit orders for fleets older than seven years.
Italy’s 2,135-strong supplier network generated EUR 58.8 billion in turnover in 2024, but faces strategic upheaval as 34% of firms reevaluate their product mix before the 2035 internal combustion ban. LED lighting offers an accessible pivot: 16.4% have already invested in EV-related sub-assemblies, and suppliers report rising quotations for thermal-management-ready headlamp carriers. Margin relief remains elusive, however, constraining R&D budgets.
Spain demonstrates the fastest BEV growth, with 44,903 electrified vehicles registered in Q1 2025 despite incentive pauses. The surge is driving demand for retrofit DRLs and auxiliary lamps, particularly among delivery van operators in urban low-emission zones. The United Kingdom retains type-approval alignment with EU rules but operates an independent conformity-assessment regime, adding cost layers for pan-European suppliers in the Europe automotive LED lighting market.
Competitive Landscape
Incumbent players reinforce scale through mergers and specialized acquisitions. The Faurecia-HELLA tie-up created a USD 25 billion conglomerate that combines cockpit electronics with advanced optics, achieving cross-selling depth that smaller rivals struggle to match. Valeo and Marelli push sensor-lighting integration; Marelli’s LiDAR-in-headlamp launch in 2024 exemplifies the convergence of safety and lighting domains.
Patent filings on battery thermal regulation, 535 between 2000-2024, highlight the shift from pure photonics to multidisciplinary solutions. The taper in 2024 suggests maturity in core LED physics, redirecting innovation to software and compliance tooling. Mid-tier suppliers chase niche plays, such as NOLDEN’s motorcycle modules and SW-MOTECH’s IP69 auxiliary lights, leveraging lower regulatory hurdles to maintain profitability.
Growing price pressure drives experiments in eco-friendly packaging and localized micro-assembly to save freight and tariffs. OSRAM’s plastic-reduction program stands out, cutting both cost and lifecycle emissions. Collectively, these strategies shape a Europe automotive LED lighting market that balances premium innovation against cost competitiveness.
Europe Automotive LED Lighting Industry Leaders
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HELLA GmbH & Co. KGaA
-
Marelli Holdings Co., Ltd.
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Stanley Electric Co., Ltd.
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ams-OSRAM AG
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Valeo SE
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- January 2025: OSRAM initiated an eco-friendly packaging program removing hundreds of tons of plastic from LED component packaging across its automotive product lines.
- December 2024: Rivian received USPTO patent publication for heated headlight-lens technology using carbon-nanotube coatings and silver bus-bar heating elements.
- October 2024: NOLDEN introduced the NCC® Avego Edge LED lighting system and Nova 90 mm G4 modules targeting premium motorcycle applications with ECE certification.
- September 2024: Kellermann expanded its ECE-approved LED turn-signal portfolio for premium motorcycle applications, leveraging 30+ years of German engineering expertise.
Europe Automotive LED Lighting Market Report Scope
Daytime Running Lights (DRL), Directional Signal Lights, Headlights, Reverse Light, Stop Light, Tail Light, Others are covered as segments by Automotive Utility Lighting. 2 Wheelers, Commercial Vehicles, Passenger Cars are covered as segments by Automotive Vehicle Lighting. France, Germany, Spain, United Kingdom are covered as segments by Country.| OEM |
| Aftermarket |
| Passenger Cars |
| Light Commercial Vehicles |
| Heavy Commercial Vehicles |
| Two-Wheelers |
| New Installation |
| Retrofit Installation |
| Exterior Lighting | Headlamps |
| Daytime Running Lights | |
| Taillights | |
| Fog Lamps | |
| Turn Signals | |
| Other Exterior Lightings | |
| Interior Lighting | Dome and Map Lights |
| Ambient Lighting | |
| Instrument Cluster and Infotainment Backlighting | |
| Others Interior Lightings |
| Germany |
| France |
| United Kingdom |
| Italy |
| Spain |
| Rest of Europe |
| By Sales Channel | OEM | |
| Aftermarket | ||
| By Vehicle Type | Passenger Cars | |
| Light Commercial Vehicles | ||
| Heavy Commercial Vehicles | ||
| Two-Wheelers | ||
| By Installation Type | New Installation | |
| Retrofit Installation | ||
| By Application | Exterior Lighting | Headlamps |
| Daytime Running Lights | ||
| Taillights | ||
| Fog Lamps | ||
| Turn Signals | ||
| Other Exterior Lightings | ||
| Interior Lighting | Dome and Map Lights | |
| Ambient Lighting | ||
| Instrument Cluster and Infotainment Backlighting | ||
| Others Interior Lightings | ||
| By Country | Germany | |
| France | ||
| United Kingdom | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
Market Definition
- INDOOR LIGHTING - It incorporates all LED based lamps and fixtures/luminaire that are used to illuminate indoor section of residential, commercial, industrial buildings and agricultural lighting. LED offers efficient brightness with higher durability in comparison to other lighting technology.
- OUTDOOR LIGHTING - It incorporates the LED lighting fixtures that is used for illumination for exterior/outdoor illumination. For instance, LED lighting fixtures used to illuminate streets and highways, transport hubs, stadiums and other public places such as parking spaces.
- AUTOMOTIVE LIGHTING - It refers to the lighting fixtures installed for illumination and signaling purposes. It is used in both exterior and interior lighting of the vehicle. Headlamps, fog lamp, daytime running light (DRLs) are examples of exterior light whereas cabin light are interior lights.
- END USER - It refers to the end use application area where the LED fixture will be installed. For instance, in terms of indoor lighting, we have residential, commercial and industrial as end user category. For automotive lighting, primary end user considered are automotive manufacturers and aftermarket sale
| Keyword | Definition |
|---|---|
| Lumen | Lumen is a unit of luminous flux in the International System of Units that is equal to the amount of light given out through a solid angle by a source of one-candela intensity radiating equally in all directions. |
| Footcandle | A foot-candle (or foot-candle, fc, lm/ft2, or ft-c) is a measurement of light intensity. One foot-candle is defined as enough light to saturate a one-foot square with one lumen of light. |
| Colour Rendering Index (CRI) | Color Rendering Index (CRI) is a measurement of how natural colors render under an artificial white light source when compared with sunlight. The index is measured from 0-100, with a perfect 100 indicating that colors of objects under the light source appear the same as they would under natural sunlight. |
| Luminous flux | Luminous flux is a measure of the power of visible light produced by a light source or light fitting. It is measured in lumens (lm). |
| Annual Energy Cost | Annual Energy Cost means the average daily energy consumption multiplied by 365 (days per year), expressed in kilowatt hour per year (kWh/a). |
| Constant voltage drivers | Constant voltage drivers are designed for a single direct current (DC) output voltage. Most common constant voltage drivers (or Power Supplies) are 12VDC or 24VDC. An LED light that is rated for constant voltage usually specifies the amount of input voltage it needs to operate correctly. |
| Constant Current Driver | Constant current LED drivers are designed for a designated range of output voltages and a fixed output current (mA). LEDs that are rated to operate on a constant current driver require a designated supply of current usually specified in milliamps (mA) or amps (A). These drivers vary the voltage along an electronic circuit which allows current to remain constant throughout the LED system. |
| Minimum Energy Performance Standards (MEPS) | Minimum Energy Performance Standards specify the minimum level of energy performance that appliances and equipment must meet or exceed before they can supply or used for commercial purposes. |
| Luminous Efficacy | Luminous efficacy is a measurement commonly used in the lighting industry that indicates the ability of a light source to emit visible light using a given amount of power. |
| Solid State Lighting | Solid-state lighting (SSL) is a type of lighting that uses semiconductor light-emitting diodes (LEDs), organic light-emitting diodes (OLED), or polymer light-emitting diodes (PLED) as sources of illumination rather than electrical filaments, plasma (used in arc lamps such as fluorescent lamps), or gas. |
| Rated Lamp Life | Lamp life, also referred to as rated life, is the time in hours a lamp will last before a percentage of lamps will burn out. |
| Color Temperature | Colour temperature is a scale that measures how ‘warm’ (yellow) or ‘cool’ (blue) the light from a particular source is. It is measured in degrees of the Kelvin scale (abbreviated to K), and the higher the number, the ‘cooler’ the light. The lower the ‘K’ number, the ‘warmer’ the light. |
| Ingress Protection rating (IP rating) | The IP (Ingress Protection) rating of a bulb or light fixture declares the level of protection it has against dirt and water. |
| Fidelity Index | The general colour fidelity index, Rf, represents how closely the colour appearances of the entire sample set are reproduced (rendered) on average by a test light as compared to those under a reference illuminant. |
| Gamut Index | The gamut area is defined as “the area enclosed by a set of test color samples illuminated by a light source, in a two-dimensional chromaticity diagram or a plane of color space.”1 Within a defined color space, a “gamut” describes the subset of colors that can be perceived under specific lighting conditions. |
| Binning | In the lighting industry, the act of "binning" of LEDs is the process of sorting LEDs by certain characteristics, such as color, voltage, and brightness. |
| Accent lighting | Accent lighting, also called highlighting, emphasizes objects by focusing light directly on them. Accent lighting is used inside and outside the home to feature locations such as an entrance or to create dramatic effects. |
| Dimmable driver | A dimming driver has two functions: As a driver, it converts the 230V AC mains input to a low voltage DC output. As a dimmer, it reduces the amount of electrical energy flowing to the LEDs, thereby causing them to dim. |
| Flicker | Flicker is the repeated and frequent variation in the output of a light source over time. |
| Fluorescent | A property of materials defined as the ability to emit light after absorbing electromagnetic radiation such as visible or UV light. |
| Candela | The candela is the unit of luminous intensity in the International System of Units. It measures the light output per unit solid angle emitted from a light source in a specific direction. |
| LUX | Lux is used to measure the amount of light output in a given area - one lux is equal to one lumen per square meter. It enables us to measure the total "amount" of visible light present and the intensity of the illumination on a surface. |
| Uniformity (U0) | The uniformity of lighting has significant effects on visual performance in both indoor and outdoor areas. Uniformity (represented as U0) value can be found by dividing the minimum brightness (Emin) resulting from calculations according to the current lighting order, to the average brightness value (Eavg). |
| Visible Light Spectrum | The visible light spectrum is the segment of the electromagnetic spectrum that the human eye can view. More simply, this range of wavelengths is called visible light. Typically, the human eye can detect wavelengths from 380 to 700 nanometers. |
| Ambient Temperature | Ambient Temperature is the temperature of the air surrounding an electrical enclosure. |
| Current-controlled dimming control | Current-controlled dimming controls LED brightness by varying the applied current using a 0-10V dimmer. Current-controlled dimming is smooth and HD-video friendly. It can only dim to a minimum of 5% of light output. |
| Design Light Consortium | It is a partnership of energy efficiency stakeholders in the United States and Canada to “promote quality, performance and energy efficient lighting solutions for the commercial sector”. |
| Pulse Width Modulation | Pulse-width modulation, or pulse-duration modulation, is a method of controlling the average power delivered by an electrical signal. |
| Surface Mounted Device | A surface mount device (SMD) is an electronic device whose components are mounted or placed directly on the surface of a printed circuit board. |
| Alternating Current | Alternating current is an electric current which periodically reverses direction and changes its magnitude continuously with time, in contrast to direct current, which flows only in one direction. |
| Direct Current | Direct current (DC) is an electric current that is uni-directional, so the flow of charge is always in the same direction. |
| Beam Angle | Beam angle (also called beam spread) is a measure of how light is distributed. On any plane perpendicular to the centerline of the light, the beam angle is the angle between two rays where the light intensity is 50% of the maximum light intensity. |
| LED Based Solar High Mast Lighting Systems | A Solar LED High Mast Light is a raised source of High illumination lights (6~8 lights) and with high intensity on the middle of major junctions (Ring roads, Outer Ring roads), turned on or lit automatically in the absence of light (at specified timings or at periodic times, every night). |
| Surface Mounted Diode (SMD) LEDs | A surface mount diode is a type that emits light and is flat mounted and soldered onto a circuit board. |
| Chip on Board (COB) LEDs | A COB LED is basically multiple LED chips (usually 9 or more) glued directly onto a substrate by the manufacturer to form a single module. |
| Dual In-Line Package (DIP) LEDs | A dual in-line package (DIP or DIL) is an electronic component package with a rectangular case and two parallel rows of electrical connector pins. |
| Graphene LED Lights | A graphene LED light bulb is simply an LED light bulb where the filament has been coated in graphene. A graphene LED bulb is reported to be 10% more efficient than regular LED light bulbs and they are cheaper to manufacture and buy. |
| LED Corn Bulbs | LED Corn lights are designed as an energy efficient alternative to high intensity discharge (HID) and SON lamps. It uses a large number of LEDs on a metal structure to provide sufficient light. This arrangement of LEDs looks a lot like a corn cob, hence the name "corn light". |
| Per Capita Income | Per capita income or total income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population. Per capita income is national income divided by population size. |
| Charging Stations | A charging station, also known as a charging station or electric vehicle utility, is a power supply that provides electrical energy for charging plug-in electric vehicles. |
| Headlight | A headlight is a light that is mounted on the front of a car and illuminates the road in front of it. Low beam and high beam LED headlights are additional categories for these LED headlights. |
| Day Time Running Light (DRLs) | A daytime running lamp is a white, yellow, or amber lighting device mounted on the front of a road-going motor vehicle or bicycle. |
| Directional Signal Light | Directional signal lights are the front and rear lights on an automobile that flash to show the direction of a turn. |
| Stop Light | A red light that is mounted to the back of a car and turns on when the brakes are used to show that the car is stopped. |
| Reverse Light | The reverse light is at the back of the vehicle to indicate its backward motion. |
| Tail Light | A red light that can be seen in the dark is mounted on the rear of a road vehicle. Stop, reverse, and directional signal lights are all part of it. |
| Fog Light | Bright lights in automobiles used to increase visibility on the road in foggy conditions or to warn other drivers of the presence of the vehicle. |
| Passenger Vehicle | A passenger vehicle is a road vehicle, other than a moped or a motorcycle, intended for the transportation of people and designed for up to 8 to 9 seats. |
| Commercial Vehicle | A commercial vehicle (Bus, Truck, Van) is any type of motor vehicle used to transport goods or pay passengers. |
| Two Wheelers (2W) | A two-wheeler is a vehicle that runs on two wheels. |
| Streets & Roadways | Both roads and streets refer to hard, flat surfaces on the ground on which vehicles, people, and animals can travel. Since streetways are usually in cities and towns, they often have houses and buildings on both sides. The roadway is in the countryside and sometimes passes through forests and fields |
| Horticulture Lighting | Horticulture is the science and art of sustainably growing, producing, marketing and using high quality, intensively cultivated food and ornamental plants. |
Research Methodology
Mordor Intelligence has followed the following methodology in all our data center reports.
- Step 1: Raw Data Collection: To understand the market, initially, all crtical data points were identified. Critical information about countries and regions of interest including Per-capita Income, Population, Automotive Production, Interest rate on Auto-Loans, Number of Automobiles on Road, Total LED Import, Lighting Electricity Consumption among others were recorded or estimated based on internal calculations.
- Step 2: Identify Key Variables: To build a robust forecasting model, key variables such as Number of Households, Automotive Production, Road Networks among others were identified. Through an iterative process, the variables required for the market forecast were set, and the model was built using these variables.
- Step 3: Build a Market Model: Based on data and critical industry trend data (variables), including LED pricing, LED penetration rate, and project macro and micor economic factors were utilized for building the market forecasting.
- Step 4: Validate and Finalize: In this crucial step, all market numbers and variables derived through an internal mathematical model were validated through an extensive network of primary research experts from all the markets studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step 5: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
