Estimates claim that automotive lighting market size from passenger cars is expected to grow at a CAGR of 6% over 2018-2024. The increase in consumer demand is spurring the requirement of passenger cars that have come to deploy advanced and high quality lights owing to the prime focus on aesthetics by the automobile companies.
Initiatives and concerns for road safety to avoid accidents have prompted a substantial increase in the automotive lighting market size. There is a mounting demand for automobiles around the world that has spurred the use of automotive lighting products, that are upgraded extensively with enhanced clarity and visibility to ensure passenger safety. For instance, India’s National Road Safety Policy has initiated numerous measures like launching an information database and raising awareness for road safety.
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Substantially high production of automotive spares, systems and vehicles in countries like China and Germany are propelling automotive lighting industry growth. Car manufacturers worldwide have reportedly started following the government’s newer regulations pertaining to vehicle safety. Urbanization trends and technological advancements along with improving consumer lifestyles and rising purchasing power across several regions heavily contribute to the growing sales of passenger cars and luxury vehicles, driving automotive lighting market share.
There is a rising demand for advanced LEDs and light modules that are laser-based in order to improve the parameters for vehicle safety and provide aesthetic looks to the vehicle. LEDs offers numerous benefits like bright lights, low power consumption and efficiency of performance and energy. Audi, Honda Motor Company, Tata Motors, BMW, General Motors are few automotive OEMs that use LED based automotive lighting products.
The utilization of LED tech in all ranges of vehicles has been a major factor driving LED-based automotive lighting market. The optimization of LED modules have reduced its cost which has compelled several car manufacturers to incorporate them in economical vehicles as well. For instance, cars like Honda Accord and Nissan Alto are integrated with daytime LED running lights.
The Europe automotive lighting market size was worth USD 8 billion in the year 2017 and is expected to witness a substantial growth owing to the presence of Audi, BMW and Mercedes-Benz – the prime automobile manufacturers in the region. Moreover, the European Commission has set certain manufacturing standards to support sustainable development that primarily helps in the industry growth.
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