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Automotive Lighting Market to be Worth $31.45 Billion by 2030

02-20-2024 02:31 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Meticulous Research

/ PR Agency: Meticulous Research
Automotive lighting Marke

Automotive lighting Marke

According to a new market research report titled, 'Automotive Lighting Market by Vehicle Type (2-Wheelers, Passenger Vehicles, Commercial Vehicles), Application (Interior, Exterior (Headlamps, Fog Lamps, Tail lights)), Lighting Technology (Halogen, Xenon, LED), and Geography - Global Forecasts to 2030,' the automotive lighting market is projected to reach $31.45 billion by 2030, at a CAGR of 5.1% from 2023 to 2030.
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Vehicles have lighting devices mounted to or integrated into their front, rear, sides, and, in some cases, top. Automotive lighting illuminates the road ahead for the driver and increases the vehicle's visibility, allowing other drivers and pedestrians to see its presence, position, size, direction of travel, and its driver's intentions. Some of the major factors driving the growth of this market include increasing adoption of advanced lighting in vehicles, stringent government regulations on lighting for better visibility and safety and increasing automobile production in emerging economies. In addition, the high demand for adaptive lighting systems in passenger and entry-level SUVs is expected to offer significant opportunities for the growth of this market. However, the high cost of LED restrains the growth of this market to a certain extent.

The automotive lighting market is segmented by vehicle type (2-wheelers, passenger vehicles, commercial vehicles (trucks, vans, buses, specialty vehicles, heavy equipment, other commercial vehicles)), application (interior lighting (ambient lighting, footwell lights, roof lights, and other interior lightings), exterior lighting (headlamps, fog lamps, tail lights, Daytime Running Lights (DRLs), and other exterior lighting)), lighting technology (halogen, xenon, LED, and other lighting technologies), sales channel (OEM, aftermarket), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Increasing Automobile Production in Emerging Economies is Expected to Drive Automotive Lighting Market Growth

During the last decade, the automotive market in developed countries has remained stable and maintained a consistent production rate. In contrast, several emerging markets, especially in the Asia-Pacific region, have doubled their market size in the last few years. Emerging markets are expected to contribute significantly to the modern-day automotive industry's consistent growth, as the automotive industry is focusing on shifting towards emerging markets from mature markets.

Some countries with a large population base are in the process of urbanization, and a significant degree of industrialization has largely sustained the growth of the automotive market in recent years. The automotive industry in South Korea, Brazil, China, and India is currently experiencing impressive growth as governments have played a significant role in the evolution of this industry. South Korea is a relatively late entrant to the automobile industry, but the country has made the most significant progress and is now exporting cars to the most developed markets.

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The Indian automotive industry is also experiencing a revolution with rapid growth and the entry of a large number of leading companies in this market. Countries across emerging economies are building momentous manufacturing capabilities and have the potential to become significant players in the world automobile industry. Thus, automobile production in emerging economies is continuously increasing, which is surging the demand for automotive lighting.

Based on vehicle type, the automotive lighting market is segmented into 2-wheelers, passenger vehicles, and commercial vehicles. In 2023, the passenger vehicles segment is expected to account for the largest share of the global automotive lighting market. The increase in demand for passenger vehicles due to the surge in the middle-income group population, growing adoption of advanced lighting in passenger cars and rising production of passenger cars worldwide are the major factors attributed to the large market share of this segment. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), there were 57,054,295 passenger cars produced globally in 2021. In addition, consumers are also inclined toward these vehicles due to the availability of economic options in these vehicles. This segment is also projected to register the highest CAGR during the forecast period.

Based on application, the automotive lighting market is segmented into interior lighting and exterior lighting. In 2023, the exterior lighting segment is expected to account for the largest share of the global automotive lighting market. However, the interior lighting segment is projected to register the highest CAGR during the forecast period. The declining prices of LEDs and increasing awareness about energy efficiency are attracting more consumers toward ambient lighting. Several automotive light manufacturers offer advanced interior lighting, which is expected to drive segment growth. For instance, in December 2020, OSRAM GmbH (Germany) launched its Ostune E1608 and E3030 automotive interior lightings, with a wide color temperature range from 2700 to 6500 K, which are highly energy-efficient.

Quick Buy - Automotive Lighting Market Research Report: https://www.meticulousresearch.com/Checkout/34942869

Based on lighting technology, the automotive lighting market is segmented into halogen, xenon, LED, and other lighting technologies. In 2023, the LED segment is expected to account for the largest share of the global automotive lighting market. LEDs are increasingly being used in automotive applications due to energy efficiency, weight reduction and space-saving qualities. Intelligent LED applications such as glare-free high beams, adaptive driving beams, dynamic signaling and rear lighting make driving safer. Vehicle manufacturers are showing great interest in integrating LED lights in vehicles, as these lights consume less power and have a longer life when compared to halogen and HID lights.

Based on geography, the automotive lighting market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the automotive lighting market. This segment is also projected to register the highest CAGR during the forecast period. Rising vehicle production, increasing demand for autonomous & luxury vehicles, growing sales of electric cars, strict government regulations for automotive lighting, and technological development in the automotive sector are driving the market growth.

Some of the key players operating in the automotive lighting market are KOITO MANUFACTURING CO., LTD (Japan), Stanley Co., Inc. (U.S.), Valeo (France), Marelli Holdings Co., Ltd. (Italy), HELLA GmbH & Co. KGaA (Germany), Tungsram (Hungary), Lumax Industries (India), OSRAM GmbH (Germany), Koninklijke Philips N.V. (Netherlands), ZIZALA Lichtsysteme GmbH (Austria), Robert Bosch GmbH (Germany), ICHIKOH INDUSTRIES, LTD. (Japan), Continental AG (Germany), Hyundai Mobis (South Korea), and Varroc Group (India).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/automotive-lighting-market-5472

Scope of the report:

Automotive Lighting Market, by Vehicle Type
2-Wheelers
Passenger Vehicles
Commercial Vehicles
Trucks
Semi Trucks
Box Trucks
Pickup Trucks
Vans
Cargo Vans
Passenger Vans
Buses
Passenger Buses
Motor Coaches and RVs
Speciality Vehicles
Heavy Equipment
Construction Equipment
Mining Equipment
Agriculture Equipment
Other Commercial Vehicles

Automotive lighting Market, by Application
Interior Lighting
Ambient Lighting
Footwell Lights
Roof Lights
Other Interior Lightings
Exterior Lighting
Headlamps
Fog Lamps
Tail lights
Daytime Running Lights (DRLs)
Other Exterior Lightings

Automotive lighting Market, by Lighting Technology
Halogen
Xenon
LED
Other Lighting Technologies

Automotive lighting Market, by Sales Channel
OEM
Aftermarket

Automotive lighting Market, by Geography
North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Denmark
Netherlands
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Israel
UAE
Rest of Middle East & Africa

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