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Automotive Lighting Market is Expected to reach USD 41.8 billion from USD 28.1 billion in 2029 and expanding at a CAGR of 5.1% | Size, Share, Growth & Forecast Analysis
Automotive Lighting Market
Automotive Lighting Market Touched USD 28.1 billion in 2021 and is Predicted to reach USD 41.8 billion in 2029 and the market is projected to grow at a CAGR of 5.1%.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/automotive-lighting-market-research-analysis/
The factors driving the growth of Automotive Lighting Market includes rise in the number of car accidents around the world, increase in the production of Internal combustion engine vehicles and integration of lighting solutions with Advanced Driver Assistance Systems (ADAS) in autonomous cars. According to the report published by Global Advanced Driver Assistance Systems (ADAS) Market was calculated around USD 18.77 billion in 2021 and is expected to reach USD 50.55 billion by 2028, expanding at a CAGR of 15.2%, over the forecast period, which will boost the Global Automotive Lighting Market in coming years. Moreover, the strict regulations imposed by Governments regarding vehicle visibility, technological advancements in the automotive sector, rise in the launch of innovative products and growing demand for smaller vehicles, are some of the additional factors supplementing the Automotive Lighting Market size. In addition, the increasing investments by leading players on research and development, rising concerns related to pollution, growing disposable incomes and rapid urbanization, are further contributing towards the market growth.
However, the growth of Automotive Lighting Market is hindered due to variations in the price of raw materials.
The prominent players operating in the market are Magneti Marelli S.p.A., Namyung Lighting, OSRAM Group, General Electric Company, HELLA GmbH & Co. KGaA, Hyundai MOBIS, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Seoul Semiconductor Co., Ltd. and Koito Manufacturing Co., Ltd., among others.
Based on Vehicle Type, the Passenger Vehicles segment is predicted to grow at a significant CAGR during the forecast period
Growing polarity of SUV vehicles and rise in the launch of innovative passenger vehicles, are some of the factors responsible for the segment's growth.
Based on Technology Type, the LED segment is projected to expand at a remarkable CAGR over the forecast period
As per the Automotive Lighting Market Trends, LEDs are increasingly deployed in premium vehicles because it consumes less power and provides high aesthetic values, are some of the features propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
Government policies supporting automobile manufacturing, technological advancements in passenger vehicles, presence of the leading players such as Samsung Electronics Co., Ltd. and Hyundai MOBIS, and high population growth rates are some of the important factors augmenting the Automotive Lighting Market share in Asia-Pacific.
Key Development
In 2019, HELLA GmbH & Co. KGaA introduced new lighting solution called solid state lighting with high functionality and performance.
Market Segmentation
Segmentation by Vehicle Type
Passenger Vehicles
Commercial Vehicles
Segmentation by Application Type
Front Lighting
Rear Lighting
Side Lighting
Interior Lighting
Segmentation by Technology Type
LED
Halogen
Xenon
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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