Next 10 Years To Look Through Organic Concentration Of Automotive Lighting Market At A CAGR Of 6% : Fact.MR

Fact.MR's report states the sales for automotive lighting are expected to surpass US$ 45 Bn by registering a positive CAGR of 6% through the forecast period 2021-2031. Increasing demand for LED lights along with halogen lights is propelling the demand for automotive lighting.

Historically, from 2016 to 2020, the sales of automotive lighting exceeded the sales of US$ 20 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, sales of vehicles observed a decline in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted. This, in turn, is expected to upsurge the sales of automotive lighting.

Manufacturers of automotive lighting are focusing on improving the efficiency of lights. In addition, these lights consume lesser energy. Due to the factors mentioned above, the demand for automotive lighting has increased over time. As of 2021, the expected valuation for the market is US$ 25 Bn.

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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

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Key Takeaways from the Market Study

By vehicle type, passenger vehicles are expected to hold 50% of market share for automotive lighting.

By light source, halogen and xenon are expected to possess 40% of market share for automotive lighting.

China is expected to be the most lucrative market, expected to capture 60% of global market demand

2/5th of the global market demand for automotive lighting to be fuelled by the U.S

India to be an opportunistic market, expected to account for nearly 3 out of 5 sales

What is the Scope for LED Automotive Lighting?

LED lights are highly energy efficient, compared to halogen or other headlights. LED lighting technology is used in many luxury and high-end vehicles, but nowadays, manufacturers have slowly started to use LED lighting solutions across vehicle types due to constant development in lighting technology.

In addition, they draw less energy from the vehicle which in turn increases energy efficiency, thus enabling automobile users to economize on costs. Thus, LED lights are expected to possess 40% of market share for automotive lighting.

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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

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