EV Lighting Market to surpass US$ 20,902 million by 2033, Says Future Market Insights, Inc.

Based on market analysis, as of 2023, Future Market Insights (FMI) anticipates that the demand for EV lighting will experience a Compound Annual Growth Rate (CAGR) of 21.7% from 2023 to 2033. If this growth rate continues, the total market valuation is expected to reach US$ 20,902 million by 2033, a substantial increase from its estimated value of US$ 2,932.8 million in 2023.

The demand for lighting systems in all vehicles including EVs is mostly driven by rising concerns about traffic safety and official lighting regulations. Other elements including rising demand for electric vehicles, growing trend of fancy EVs, and rising disposable incomes have all contributed to higher sales of EV lighting these days. Additionally, it enhances the visual appeal of the inside and external components of electric vehicles which have become essential for marketing EVs.

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Key Takeaways from the EV Lighting Market Study Report

FMI finds the net revenue generated by the EV lighting companies present in the United States was US$ 232.8 million in 2022. It transpires to be around 9.7% of the global market share and makes it the leading region for this market.
Germany follows the United States in production and sales of EV lighting and generated a revenue of US$ 204 million in the year 2022. By capturing an overall market share of 8.5%, it stands as the leading region for EV lighting manufacturers in the European Union.
Contrarily, the United Kingdom has witnessed a higher growth rate in demand for EV lighting over the past few years. As per the analysis report, it is projected to witness a growth rate of 19.8% from 2023 to 2033.
Meanwhile, China is leading the Asia Pacific market in the production and distribution of EV lighting for electric vehicles. Over the coming next ten years, the China EV lighting market is expected to grow at an annual rate of 22.7%.
Japan, on the other hand, with a robust manufacturing base, holds a substantial share of the regional and global EV lighting market. By the end of 2033, the overall valuation of the Japan EV lighting market is projected to reach US$ 272 million.
The demand for EV lighting in India is witnessed to be higher than in any other country in the Asia Pacific and beyond. The year-on-year growth rate of the sales of EV lighting in India is anticipated to remain at nearly 25.4% from 2023 to 2033.
Another emerging region in the Asia Pacific for the sales of EV sales is observed in Australia with a 1.3% market share. With the growing popularity of electric vehicles in the country, the net worth of the total EV lighting to be sold here is projected to reach US$ 146.3 million by 2033.
Based on different types of technology utilized for the production of EV lighting, the light emitting diodes (LEDs) are mostly preferred now. This market segment dominates the market by contributing 68.9% of the total demand for EV lighting and generated US$ 1,653.6 million in 2022. 

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Competitive Landscape for the EV Lighting Market

Denso Corporation, Hella GmbH, Hyundai Mobis, Koito Manufacturing, Koninklijke Philips N.V., Osram GmbH, Robert Bosch GmbH, Stanley Electric Co., Valeo, ZKW are prominent players in the global EV lighting market.

One of the top companies in the LED and EV lighting sector is Koito which is known as a trendsetter in the application of unique lights in electric vehicles. When it introduced headlamps on a Lexus car back in 2007, it had an advantage due to its tight relations with Toyota which is now the world's top seller of EVs.

In 2018, the new Audi A8's rearlight combination, HELLA GmbH & Co. introduced integrated OLEDtechnology that delivers a homogeneous look and fully programmable portions.

Key Segments

By Light Type:

Halogen
Xenon or HID
Light Emitting Diode (LED)
Others

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By Vehicle Type:

Electric Passenger Cars
Electric Commercial Vehicles
Electric Two Wheelers (E2W)
Others

By Sales Channel:

Original Equipment Manufacturers (OEM)
Aftermarket
Others

By Region:

North America
Latin America
Europe
East Asia
South Asia and Pacific
The Middle East and Africa (MEA)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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Nandini Singh Sawlani   
Future Market Insights Inc.
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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.