In 2026, the Exterior Car Accessories market segment is expected to account for the largest market share of all product types. Approximately $89.80 billion will be spent on LED lighting by 2026. A breakthrough in the lighting industry coupled with the unbridled invention of new products are driving the growth of the market due to the revolution in the semiconductor sector and the evolution from lightbulbs to LEDs, which led to the adoption of lighting systems, smart lighting, and adaptive lighting.
LED lighting systems use around 50% less energy than compact fluorescent lamps (CFLs) to produce the same amount of light. Hence, the segment has seen growth. ICTFL). According to Coherent Market Insights analysis, this reduction in energy consumption directly translates into a reduction in carbon dioxide emissions of over 700 million tons per year. It is estimated that LEDs will replace CFLs and CCFLs completely in the near future based on the current market trend.