What is the scenario of the automotive lighting market in different regions (Europe/North America /Asia Pacific/Brazil/Russia)?

The global automotive lighting market is estimated to be $27.0 billion in 2020 to $34.9 billion in 2025, at a CAGR of 5.3% during the forecast period. An increase in premium and SUV sales and advancements in lighting technology are some of the major factors driving the growth of the automotive lighting industry.

As the growing purchasing power of the population has triggered the demand for automobiles, global OEMs such as Volkswagen and General Motors have expanded their presence in the Asia Pacific region and formed joint ventures with domestic manufacturers. The automotive industry in Europe is driven by emission, safety, and security regulations. These regulations by the European Union have compelled automotive OEMs to incorporate advanced lighting systems. The automotive lighting market in the US has gradually shifted focus from incandescent lighting systems such as Halogen to Xenon and now to inorganic and organic LEDs. In recent years, local automotive OEMs such as Ford Motors, General Motors, and Fiat-Chrysler have increased production, particularly of pickup trucks and SUVs, which dominate the market. The increased production of automobiles has boosted the demand for the automotive lighting market. As OEMs continue to invest in the RoW region, the RoW market has witnessed a significant increase in automobile production. The market growth in the region can be attributed to factors such as the increased demand for automobiles, availability of cheap labor, low transportation costs, lenient environmental regulations, and flexible export-import policies.

The key players automotive lighting market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan), and Zizala (Austria).

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LED light technology is estimated to grow at the fastest CAGR during the forecast period

Premium vehicles are typically installed with LED lights due to their numerous benefits such as low power consumption, more adaptive features, and high aesthetic value. Moreover, LED headlights have less impact on the driver who is on the opposite side in comparison to xenon lights, and hence, this technology is accepted widely in the market. An increasing number of newly manufactured vehicles installed with LED lighting systems is expected to drive the growth of the segment.

The automotive lighting market for the passenger car segment is estimated to be the largest

The penetration of advanced lighting in the passenger vehicle segment is higher in comparison to other vehicles, including LCVs, buses, and trucks. The rising sales of passenger vehicles, coupled with the willingness of consumers to pay more for cars, are expected to drive the automotive lighting market in this segment. The year-on-year production growth is likely to propel the growth of the segment over the forecast period.

The Asia Pacific is likely to be the largest market during the forecast period

Asia Oceania witnessed a decline of -8% from 2017 to 2019 in passenger car production. However, the gradual opening of manufacturing facilities may help the market see modest growth by the end of the year. The introduction of products like interior cabin lights that contain sterilization features in vehicles may also encourage vehicle sales, further driving the automotive lighting market.

The Asia Pacific is anticipated to be the largest market in the global automotive lighting market due to rapid consumer adoption and high sales of automobiles. China and Japan garnered the largest shares within the market due to the high production & sales of vehicles domestically. Additionally, manufacturers in these countries focus on technological advancements, including lighting, thus, driving the demand for automotive lighting. The rise in the consumer per capita income and high sales of SUVs in emerging economies such as India will drive the market further.

There has been a high demand for advanced lighting due to the increase in premium car sales. Increasing adoption of the advanced lighting in the lower and mid-segment cars is expected to open new opportunities for the growth of the market in this region during the forecast period.

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COVID-19 impact on the automotive lighting market:

The COVID-19 outbreak has disrupted the automotive supply chain on a global scale. The outbreak has not only disrupted manufacturing facilities globally but also vehicle sales around the world. The suspension of manufacturing facilities and new vehicle sales has impacted the production of automotive lighting components. Demand for both conventional and electric vehicles is projected to witness a downward trend in 2020, further impacting the automotive lighting market. Additionally, the budget allocation for R&D is likely to be significantly affected, which is anticipated to hamper the development of innovative automotive lighting solutions. The demand for lighting is proportional primarily to vehicle production. Now, with the outbreak of COVID-19, vehicle production, as well as sales, has witnessed a significant decline and is expected to exhibit a 20% decline in 2020 (MarketsandMarkets analysis). This decline is expected to impact the automotive lighting market adversely. However, companies are taking various measures to tackle the adverse effects of the outbreak.

* In April 2020, Valeo variability its costs across all plants through part-time working arrangements. The company variability its costs for support activities, such as R&D and administration. It also decreased all investments and expenses that are not essential for business continuity.

* Continental is scrutinizing the necessity of all its current expenditures and investments and exploring savings measures that will have an immediate effect. The company also temporarily ceased activities starting mid-March at more than 40 percent of its 249 production locations worldwide—for a few days to several weeks—to protect employees and in response to the drop-in demand. The company has now resumed production at many locations.

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