According to Yole Développement (Yole), the automotive lighting market totalled $25.7bn in 2016 and is expected to reach $35.9bn in 2022, with a 5.7% CAGR between 2016 and 2022. In 2017, Yole estimates that the market should be close to $27.7bn. This growth is driven by natural LED cost erosion, increasing the LED penetration rate. Standardisation of LED modules and their optimisation are key factors behind decreasing costs. This has resulted in more vehicles equipped with LED technology.