Automotive Lighting Market 2024 by Major Key Players are Magneti Marelli, Osram, Valeo, Hyundai MOBIS, HELLA, General Electric, Varroc, Koninklijke Philips, and Samsung Electronics
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Automotive Lighting Market is expected to reach USD 40 billion by 2024. Increasing road safety concerns across the globe have pushed the integration of advanced lighting systems in automobiles. These systems are witnessing extensive upgrades and are adopted by automotive manufacturers to provide a superior experience to the drivers. The lighting systems in vehicles enable enhanced visibility and clarity, crucial for ensuring the safety of the passengers. For instance, in 2016, a project initiated by the German Federal Ministry of Education and Research successfully developed a flexible & compact LED chip and completed the headlight demonstrator test in collaboration with Infineon, Osram, Fraunhofer Institute for Reliability and Microintegration.
Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting. The growing awareness to develop safe and technically-efficient passenger vehicles and manufacturer strategies to sustain the high automotive lighting market competition drives the segment growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Osram Group, Valeo, Hyundai MOBIS, HELLA GmbH & Co. KGaA, General Electric, Varroc, Koninklijke Philips N.V., and Samsung Electronics Co. Ltd., Magneti Marelli S.p.A.
Automotive Lighting Market By Technology
Automotive Lighting Market By Vehicle Type
• Passenger Cars
• Commercial Vehicles
Automotive Lighting Market By Application
• Interior Lighting
• Side Lighting
• Rear Lighting
• Front Lighting/Headlamps
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Flourishing automotive industry across the globe is majorly driving the implementation of the automotive lighting market products. High production of vehicles, automotive spares, and systems in countries including Germany and China are driving the industry growth. The global automobile industry is growing as the car manufacturers have started responding to the newer government regulations for safety and customer demands for numerous advanced security features. Moreover, technological advancements and urbanization are creating manageable changes in the automotive industry.
LED technology in the automotive lighting market is expected to witness several growth opportunities over the forecast timeline. The penetration of LED technology from high-end to mid-range and low-range vehicles is one of the major factors contributing to the growth of the automotive lighting market. This is attributed to the declining costs of LEDs ensued by the optimization and the calibration of LED modules, which is compelling the car manufacturers to introduce LED lighting in economical cars as well. The benefits include more brightness and low power consumption. The use of LED lights is not limited to headlamp systems and are increasingly implemented in the interior and backlighting systems. For instance, cars, such as Nissan Alto and Honda Accord, are equipped with LED daytime running lights.
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Prominent automotive lighting market players include Magneti Marelli S.p.A., General Electric, Hyundai MOBIS, HELLA GmbH & Co. KGaA, Namyung Lighting, Philips NV, Osram Group, and Varroc. The key industry players adopt efficient product development strategies including partnerships and mergers. Companies in the automotive lighting market adopt low and value-based pricing strategies to pose entry barriers for new participants and offer increased product efficiency.
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