Press release
Illuminating Progress: Trends in the Automotive Lighting Market
Automotive Lighting Market
The automotive lighting market has displayed robust growth, escalating from $26.44 billion in 2023 to an anticipated $28.3 billion in 2024, showcasing a commendable Compound Annual Growth Rate (CAGR) of 7.0%. Future projections remain optimistic, foreseeing strong growth to reach $36.07 billion by 2028, maintaining a CAGR of 6.3%.
Road Safety Advocacy Driving Demand:
The emphasis on road safety is poised to be a significant contributor to the automotive lighting market's expansion. The increasing demand for safety features, coupled with adaptive lighting systems, is a response to the rising global incidence of road accidents. Addressing these concerns could potentially save half a million lives annually, as suggested by The Institute for Health Metrics and Evaluation. The pursuit of adaptive and superior lighting systems in vehicles is expected to fuel the market's growth.
Autonomous Vehicles as Catalysts:
The surging trend of autonomous vehicles is anticipated to be a key driver propelling the growth of the automotive lighting market. Autonomous vehicles, equipped with advanced sensors, cameras, and LiDAR systems, necessitate high-quality and integrated lighting for effective operation in diverse lighting conditions. Projections indicate a substantial increase in the number of autonomous vehicles on American roads, reaching 3.5 million by 2025 and 4.5 million by 2030, as reported by the Insurance Institute for Highway Safety. This growing trend is a significant contributor to the market's expansion.
Explore the Global Automotive Lighting Market with a Detailed Sample Report:
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Innovative Fog-Free Automotive Lamps:
Companies in the automotive lighting market are investing substantially in the development of fog-free lamps to address challenges related to temperature, humidity, and vibration. Hyundai Mobis, in collaboration with Initz, has successfully developed new materials that technically resolve fog issues. These innovative fog-free lamps are poised to contribute significantly to the market's growth.
Micro-LED Light Engines Revolutionizing the Market:
Major companies in the automotive lighting market are actively engaged in product innovation, introducing micro-LED light engines to cater to a broader customer base and boost revenue. A micro-LED light engine, a display technology featuring arrays of microscopic LEDs forming individual pixel elements, has been introduced by Nichia Corporation and Infineon Technologies AG. This integrated micro-LED light engine offers high-definition adaptive driving beams, showcasing the industry's commitment to cutting-edge solutions.
Regional Dynamics and Market Segmentation:
Asia-Pacific stands as the largest region in the automotive lighting market, with North America securing the second-largest share.
The automotive lighting market covered in this report is segmented -
1) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
2) By Technology: Halogen, Xenon/HID (High-intensity Discharge Lamp), LED (Light Emitting Diode)
3) By Application: Front/Headlamps, Rear Lighting, Side, Interior Lighting
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/automotive-lighting-global-market-report
Automotive Lighting Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Automotive Lighting Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive lighting market size, automotive lighting market drivers and trends, automotive lighting market major players, competitors' revenues, market positioning, and automotive lighting market growth across geographies. The automotive lighting market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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