North America Automotive Lighting Market To Observe Substantial Gains During 2020-2026
Increasing prevalence of accidents has escalated the demand for automotive lighting, in turn prompting the auto manufacturers to develop lights with high durability and enhanced resolution capabilities. For instance, an eminent industry player HELLA, in 2019, launched a high-resolution lighting solution "Digital Light SSL | HD" designed specifically for catering the requirement of comfort and safety in road traffic. This SSL | HD based technology is an upgrade to the existing lighting functions such as glare-free and adaptive high beam. Additionally, it offers light-based safety features in the form of optical lane marking. Advent of such enhanced and efficient automotive lights will positively influence the market growth.
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According to Global Market Insights, Inc. report, automotive lighting market is expected to surpass USD 38.5 Billion by 2026.
The global automotive lighting market is bifurcated into different segments such as technology, vehicle type, application and regional landscape.
With regards to technology, halogen segment is expected to depict a steady demand in the automotive lighting market. Halogen lights offer several benefits such as easy replacement along with low cost of purchase on account of large availability in the market. However, the emergence of technologically enhanced and durable Xenon lights and LED has enabled the halogen technology to observe a gradual deceleration in demand, in turn negatively affecting the dynamics of halogen automotive lighting market.
Evolving technologies pertaining to integration of sensors and OLED in vehicle lights are stimulating the enhancement of driver assistance systems leading to an improved driving experience. As a result, there has been an increased adoption of OLEDs among the automobile manufacturers. Quoting an instance, in 2019, STMicroelectronics had announced its collaboration with Audi AG for the development and deliverance of exterior automotive lighting with next-generation technology.
This high-tech lighting system will provide more animated and customized light patterns through large number of controlled OLEDs. Further, the system is also expected to provide better safety to the customers. Apparently, this collaboration would strengthen the company’s geographical foothold in the overall automotive lighting market space.
In terms of vehicle type, passenger cars and commercial vehicles segments are projected to register a substantial growth owing to elevating demand for smart automotive lighting in modern luxury cars. There has been a higher preference for ambient and mood sensitive lights with regards to interior decoration of cars which will fuel the product demand. Moreover, increasing road safety concerns as a result of rising cases of road accidents are encouraging the need for incorporating indicative automotive lighting in passenger cars and large commercial vehicles
Based on the application bifurcation, front lighting segment is likely to observe an appreciable growth owing to the trends of integrating laser head lamps and bend lighting in the vehicles. These emerging trends have urged automobile OEMs to witness an accelerated demand for front lighting which will drive the market growth to a great extent.
On the regional front, North American automotive lighting market is projected to depict a higher growth rate over the analysis timeline attributing to surging demand and large scale production of automobiles in the region. Based on a report by the Bureau of Transportation, in 2019, the U.S. automobile industry recorded a 1.2% rise in the production of vehicles as compared to 2018. Further, stringent norms from the regulatory authority pertaining to road safety in countries including Canada and the U.S. have impelled the growth of regional market.
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Prominent industry players such as General Electric, Valeo, Hyundai MOBIS, Magneti Marelli S.p.A., Philips N.V., HELLA GmbH & Co. KGaA,, Koninklijke Samsung Electronics Co. Ltd, Varroc and Osram Group are focusing on implementing strategies such as collaborations, mergers and partnerships in order to bring forth advanced lighting solutions and gain a competitive advantage in the market. For instance, in 2019, HELLA announced its partnership with AEye, Inc. aimed at developing customized sensing and perceptive automotive lighting solutions. This partnership endowed the company with a technological advantage in terms of LiDAR technology from AEye, Inc.
Currently, due to the worldwide outbreak of COVID-19 the automotive lighting market growth is facing a slowdown. Government measures such as social distancing and partial lockdown are hindering the production and business operations of the manufacturers. However, post upliftment of lockdown across various economies, the automotive lighting market is anticipated to observe phenomenal gains owing to resuming business operations.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Definitions & forecast parameters
1.1.2. Methodology and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Automotive lighting industry 360° synopsis, 2015 – 2026
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Technology trends
2.1.4. Vehicle type trends
2.1.5. Application trends
Chapter 3. Automotive Lighting Industry Insights
3.1. Industry segmentation
3.2. Impact analysis of coronavirus COVID-19 pandemic
3.2.1. Global outlook
3.2.2. Impact by region
22.214.171.124. North America
126.96.36.199. Asia Pacific
188.8.131.52. Latin America
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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