Global automotive lighting market is anticipated to depict a CAGR of 5% through 2027, having recorded a valuation of USD 30 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 45 billion.
Automotive lighting offers drivers a clear view of their surroundings and reduces the chances of accidents. These lights also enable other drivers to locate a vehicle’s position, movement, direction, and size. Recent technological advancements in these lighting solutions, such as OLED and sensors, are being incorporated into driver assistance systems to enhance driving experiences, thereby supporting market penetration
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Notably, government regulations pertaining to automotive lighting that aim to reduce road accidents are supporting the global product demand. Furthermore, surging demand for smart and luxury cars worldwide is a key factor that would propel industry expansion. Rising consumer interest in high-end cars with advanced features, such as smart and mood-sensitive lighting, is also facilitating business expansion.
The automotive lighting market is anticipated to witness substantial growth by 2027 owing to the surging demand for vehicles across the globe. Additionally, advancements in automotive lighting solutions are expected to further fuel market expansion through the forecast timeline.
Leading technologies in the automotive lighting market include xenon, halogen, and LED. In 2020, the xenon technology segment accounted for around 20% of the overall market share and is estimated to see substantial growth by 2027 due to its high brightness and enhanced durability.
Xenon headlights can produce a light that appears similar to daylight, which is projected to stimulate product demand over the following years. However, factors like high power consumption and faster dimming compared to LED light systems could hamper segmental growth.
On the regional spectrum, the North America automotive lighting market is speculated to exhibit considerable growth over the forecast timeline driven by soaring demand and production of automobiles. According to the International Energy Agency (IEA), over 17.0 million cars were sold in 2019.
Subsequently, this rise in automotive sales is anticipated to boost regional market growth. In addition, stringent regulatory framework governing road safety in Canada and the U.S. is likely to foster business outlook in the region over the forthcoming years.
Following the COVID-19 outbreak, government-imposed lockdown restrictions caused a decline in automotive sales. However, ongoing immunization efforts across the globe are bolstering consumer appetite for automotive sales and production, which is set to help the market gain pre-COVID momentum in the next few years.
OSRAM GmbH, Koito Co., Ltd, Hyundai Mobis Co., Ltd, Valeo, HELLA KGaA Hueck & Co., Magnetti Marelli S.p.A., Stanley Electric Co., Ltd, Varroc Lighting Solutions, ZKW Group, and Seoul Semiconductor are some key players operating in the automotive lighting market. Recently, industry players have been focusing on product development to fortify their market presence, which is foreseen to positively influence business dynamics.
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Some Point from Table of Contents:
Chapter 6 Automotive Lighting Market, By Vehicle Type
6.1 Key trends by vehicle type
6.2 Passenger cars
6.2.1 Market estimates and forecast, 2017 – 2027
6.3 Commercial vehicles
6.3.1 Market estimates and forecast, 2017 – 2027
6.4 Two-wheelers
6.4.1 Market estimates and forecast, 2017 – 2027
Chapter 7 Automotive Lighting Market, By Application
7.1 Key trends by application
7.2 Front lighting/headlamps
7.2.1 Market estimates and forecast, 2017 – 2027
7.3 Rear lighting
7.3.1 Market estimates and forecast, 2017 – 2027
7.4 Interior lighting
7.4.1 Market estimates and forecast, 2017 – 2027
7.5 Side lighting
7.5.1 Market estimates and forecast, 2017 – 2027
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