Transforming Roads One Light at a Time: The New Age of Automotive Lighting with Hyundai Mobis, Koninklijke Philips N.V., ROBERT BOSCH GmbH, Valeo, ZKW

Allied Market Research recently published a report, titled, "Automotive Lighting Market by Light Type (Halogen, Xenon/HID, and LED), Vehicle Type (Passenger ICE Vehicle, Commercial ICE Vehicle, and Electric Vehicle), Position (Front Lighting, Rear Lighting, Side Lighting, and Interior Lighting), and Sales Channel (Original Equipment Manufacturers (OEMs), and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2030." As per the report, the global automotive lighting industry was accounted for $32.31 billion in 2020, and is expected to reach $58.59 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.

Major determinants of the market growth

Increase in the implementation of government regulations, rise in automobile production, and growing emphasis toward road safety have boosted the growth of the global automotive lighting market. On the contrary, fluctuating prices of raw materials and high cost of LED lights hinder the market growth. However, increased application in light commercial vehicles and rise in demand for advanced technology in vehicles are expected to open lucrative opportunities for the market players in the coming years.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞- https://www.alliedmarketresearch.com/request-sample/646

Covid-19 scenario-

The outbreak of Covid-19 severely impacted the global automotive lighting industry, as several automotive industries have stopped their operations or delayed their projects to curb the spread of the virus.
Due to the imposed lockdown across the globe, automobile & transportation activities came to halt, thus affecting the automotive industry across the globe.
Due to the pandemic the global supply chain has disrupted and various manufacturing industries have halted their production activities, thus hampering the global automotive lighting market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐭 https://www.alliedmarketresearch.com/request-for-customization/646

The LED segment to dominate by 2030-

Based on light type, the LED segment contributed to nearly half of the global automotive lighting market share in 2020, and is anticipated to rule the roost by 2030, due to its longer life and better efficiency as compared to other lighting technologies to be used in vehicles. Moreover, this segment is expected to grow with the fastest CAGR of 7.4% throughout the forecast period.

The passenger vehicle segment to maintain the dominant share-

Based on vehicle type, the passenger vehicle segment accounted for more than half of the global automotive lighting market revenue in 2020, and is expected to lead the trail by 2030, owing to wider application of automotive lighting in passenger vehicles to provide a better view ofthe inner and outer environment. The electric vehicle segment, however, would register the fastest CAGR of 13.1% during the forecast period. This is due to the introduction of electric vehicle concept as a vehicle type to be used in the future.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 https://www.alliedmarketresearch.com/purchase-enquiry/646

Asia-Pacific, followed by North America, garnered the major share in 2020-

Based on region, Asia-Pacific, followed by North America, garnered the major share in 2020, holding nearly half of the global automotive lighting market. This is attributed to the growing production and sales of vehicles across the region. However, the market across LAMEA would cite the fastest CAGR of 8.4% from 2021 to 2030. This is due to the increased demand for advanced vehicles with advanced safety features such as adaptive lighting to be present in vehicles running across the region.

Key players in the industry-

Hyundai Mobis
Koninklijke Philips N.V.
ROBERT BOSCH GmbH
Valeo
ZKW
Hella KGaA Hueck & Co.
DENSO Corporation
Osram Licht AG
Koito Manufacturing Co. Ltd.
Stanley Electric Co. Ltd.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞! https://www.alliedmarketresearch.com/checkout-final/e35a99c4215b749b8398c863ad904b3b

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐋𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

India Automotive Lighting Market- https://www.alliedmarketresearch.com/india-automotive-lighting-market

Train Lighting Market- https://www.alliedmarketresearch.com/train-lighting-market

Aircraft Lighting Market- https://www.alliedmarketresearch.com/aircraft-lighting-market-A06273

Marine Lighting Market- https://www.alliedmarketresearch.com/marine-lighting-market-A08504

Automotive LED Lighting Market- https://www.alliedmarketresearch.com/automotive-led-lighting-market-A10752

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: http://www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.