Press release
Global Automotive Lighting Market To Be Driven By The LED Technology In The Forecast Period Of 2023-2028
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size: USD 28.6 billion
• Forecast CAGR (2023-2028): 6.10%
• Forecast Market Size: USD 40.8 billion
The automobile industry is undergoing a technological transformation marked by the fusion of new technology with traditional car manufacturing. Automotive lighting producers are developing new lighting technologies to replace the old standard lights as the popularity of electric vehicles grows. Manufacturers of electric vehicles are introducing new car models with the best cabin interiors. Lucid Motors, for example, debuted Lucid Air in September 2020, a sophisticated electric car with a full-size luxury-class interior based on Lucid's distinctive space concept philosophy.
The demands for safety, communication, comfort, and style will drive future interior lighting improvements. Some of the latest lighting technologies include light projections, smart LEDs, micro-LEDs, smart functional surfaces, laser-based lighting, guiding materials for on-demand 3D light patterns, and area backlighting with hidden-until-lit effects.
Europe has been recognized as a major region for focusing on passenger and pedestrian safety as well as implementing vehicle safety standards. Regional automakers and auto component suppliers have consistently invested in safety technology research and development. The European region is expected to play a significant role in the global automotive lighting market due to rapid technological advancements in the automotive industry. Numerous major manufacturers call the region home, including Hella KGaA Hueck & Co., Philips, OSRAM Licht AG, Valeo, Zizala, Robert Bosch, and ZKW.
Industry Definition and Major Segments
The signaling or lighting elements integrated at the front, rear, side, and inside of a vehicle are referred to as automotive lighting. It is used to illuminate the road ahead of an automobile in order to improve the sight of the drivers. Pedestrians can also see the position of vehicles and the intent of drivers thanks to the lights.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/automotive-lighting-market
The global automotive lighting market can be segmented on the basis of technology, vehicle type, application and sales channel.
Based on technology:
• Halogens
• Xenon/HID
• LED
• Others
Based on vehicle type:
• Passenger Vehicles
• Commercial Vehicles
• Electric Vehicles
Based on application:
Front Lighting
Headlights
Fog Lights
Daytime Running Lights (DRLs)
Interior Lighting
Dashboard
Glove Box
Reading Lights
Dome Lights
Rear Lighting
Taillights
Centre High-Mount Stop Light (CHMSL)
License Plate Lamp
Side Lighting
Sidelights
Side Rear View Mirror Indicator
Based on sales channel:
• Original Equipment Manufacturers Products (OEMs Products)
• Aftermarket Products
On the basis of regional markets, the segmentation of the automotive lighting market includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
Customers' increasing demand for cars with advanced and novel interior lighting features is driving the automotive lighting industry forward. Furthermore, an increase in the number of traffic accidents caused by bad weather is driving up demand for vehicle lighting, boosting the industry's growth. According to studies, foggy and misty weather conditions caused the greatest increase in traffic accidents in 2019. The automotive lighting market is being fueled by customers' increased demand for LED bulbs due to their superior performance and energy efficiency.
Government initiatives to promote the use of lighting in automobiles to improve visibility are considerably accelerating the industry. In 2017, the Indian government made automatic headlamps required for two-wheelers. In the forecast period, improvements in lighting technology, including laser lights and new light systems offered by key industry players, are expected to boost the market for automotive lighting.
Key Market Players
The major players within the market are HELLA GmbH & Co. KGaA, Valeo SA, OSRAM GmbH, Hyundai Mobis Co.,Ltd., Marelli Automotive Lighting Reutlingen (Germany) GmbH , KOITO MANUFACTURING CO., LTD., STANLEY ELECTRIC CO., LTD., Koninklijke Philips N.V. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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