EV Lighting Market Size to Reach Valuation of US$ 20,902 million by 2030 | Denso Corporation, HellaKGaAHueck & Co. , Hyundai Mobis are top Providers | MarketDigits

The EV lighting market is poised to experience remarkable growth compared to other automotive lighting systems, with a projected Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. According to the EV lighting market analysis report, it is expected to grow from US$ 2,932.8 million in 2023 to US$ 20,902 million by 2030.Recently, the EV lighting market has gained prominence, especially with the adoption of specific types of lighting in the production of high-end or luxury electric vehicles. Prominent EV manufacturers like BYTON, NIO, and WEY have incorporated all-LED lighting in their SUV category electric vehicles. As the introduction of such electric vehicles continues to rise, the demand for EV lighting is expected to strengthen further.

The sales of electric two-wheelers have seen significant growth in the emerging economies of the Asia Pacific region, contributing to the increased demand for EV lighting. Energy efficiency is a critical aspect in the E2W (Electric Two-Wheeler) category, and LEDs provide excellent value in this regard. Additionally, the use of more appealing and attractive lighting options to target the younger generation is likely to drive the trends in EV lighting.

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Key Players Profiled in the Report
Denso Corporation
HellaKGaAHueck& Co.
Hyundai Mobis
Koito Manufacturing Co. Ltd.
Koninklijke Philips N.V.
Osram GmbH
Robert Bosch GmbH
Stanley Electric Co, Ltd
Valeo Lighting Systems
ZKW Group

Factors Driving the Growth of the Global EV Lighting Market
Modern commercial electric vehicles frequently incorporate advanced inventions like High-Intensity Discharge (HID) lights to enhance visibility on the road and address safety concerns. However, traditional xenon lights have limited penetration in electric commercial trucks, necessitating the use of efficient EV lighting systems.

The international demand for EV lighting is expected to rise with the introduction of high-end commercial EV truck models equipped with cutting-edge lighting systems. For example, Volvo launched the FH line of heavy trucks in 2020, featuring adjustable LED headlights. Moreover, large commercial trucks are now equipped with an 'intelligent lighting system,' showcasing the increasing adoption of advanced headlights in commercial EVs.

Growth Trends for Different Types of EV Lights
While most electric vehicles available in the market are battery-operated, there is a growing prominence of hybrid EVs in recent times. Historically, halogen lights have been widely used due to their low cost and accessibility, while xenon and LED lights have been considered more expensive options.

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Key Segments
By Light Type:
Halogen
Xenon or HID
Light Emitting Diode (LED)
Others

By Vehicle Type:
Electric Passenger Cars
Electric Commercial Vehicles
Electric Two Wheelers (E2W)
Others

By Sales Channel:
Original Equipment Manufacturers (OEM)
Aftermarket
Others

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This release was published on openPR.