Press release
Due To Rising Income And Lifestyle Of People Demand For Automotive Lighting Has Seen Significant Upstake
Market SnapshotAccording to Fact.MR, the sales of automotive lighting exceeded US$ 25 Bn by the end of 2021. Demand for automotive lighting has witnessed substantial growth in the last few years due to an increase in the number of on-road vehicles and rise in global vehicle production.
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In addition, demand for front lights and their components remaining high are driving the sales of automotive lighting. Thus, the automotive lighting industry is projected to expand at over 6% CAGR by garnering a revenue of US$ 45 Bn from 2021 to 2031.
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Key Points Covered in Automotive Lighting System Industry Analysis
Market estimates and forecast 2016-2031
Key drivers and restraints impacting market growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Market Share Analysis
Key Product Innovations and Regulatory Climate
COVID-19 Impact on Automotive Lighting and How to Navigate
Recommendation on Key Winning Strategies
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Automotive Lighting Revenue Analysis 2016-2020 Vs Outlook 2021-2031
As per Fact.MR’s report, over the last five years, the sales of automotive lighting exceeded US$ 20 Bn by the end of the aforementioned period, expanding at a CAGR of over 4%. Manufacturers of automotive lighting are making optimum use of technological advancements in order to adapt to different vehicles.
Amid the COVID-19 pandemic, prospects dipped significantly, attributed to global shutdowns of automotive and associated components manufacturing units due to the imposition of a global lockdown. Fortunately, this recessionary impact was short-lived as governments worldwide introduced stimulus packages to buoy out the automotive industry.
Furthermore, the demand from passenger vehicles is driving the sales of automotive lighting. Thus, in the forecast period, the sales of automotive lighting are expected to surpass US$ 45 Bn by registering a CAGR of 6% through 2021-2031.
What is the Commercial Potential of Automotive Lighting?
Apart from vehicles, lighting is used in industrial & commercial applications. Industrial lighting is mainly found in factories, chemical plants, and manufacturing plants, while commercial lighting is found in homes, offices, restaurants, schools, and any other commercial centres.
Lighting technology has made advancements in all segments over the years. Manufacturers are trying to improve the efficiency of lighting solutions for automotive as well as industrial use. Halogen, LED, and xenon headlight technologies are driving market expansion across regions. The potential for the lighting market is not only limited to automotive but across many different sectors.
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Key Segments Covered
Application
Front Headlights
Fog Lights
Rear Lights
Side Lights
Interior Lights
Vehicle Type
Automotive Lighting for Passenger Cars
Automotive Lighting for Light Commercial Vehicles (LCVs)
Automotive Lighting for Heavy Commercial
Vehicles (HCVs)
Automotive Lighting for Electric Vehicles
Automotive Lighting for Two Wheelers
Light Source
Halogen Automotive Lighting
Xenon Automotive Lighting
LED Automotive Lighting
Sales Channel
Automotive Lighting through OEMs
Automotive Lighting through Aftermarket
Competitive Landscape
The market is moderately competitive in nature, with the presence of a large number of players operating in the space. Introducing latest technologies in the market is a key expansion strategy, as are collaborations with OEMs and maintaining long-term relations with them for future business prospects.
In December 2020, OSRAM Licht AG introduced the Ostune E1608 and E3030 automotive interior lighting, offering a wide color temperature range from 2700 to 6500 K, which are highly energy-efficient
Likewise, in September 2021, HELLA KGaA introduced a new Modular Lightbar equipped with advanced LED technology for municipal vehicles. This light helps ensure optimum signalling effects as well as homogeneous illumination of the working area
For More Insights- https://www.einpresswire.com/article/557146132/asia-to-account-for-40-of-the-market-share-of-nano-lubricants-over-the-forecast-period
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