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Global Automotive Lighting Market Size, Share, Trends and Report 2024-2032

06-21-2024 03:34 PM CET | Tourism, Cars, Traffic

Press release from: Expert Market Research

Global Automotive Lighting Market Size, Share, Trends

According to the report by Expert Market Research (EMR), the global automotive lighting market reached a value of nearly USD 32.20 billion in 2023. Aided by increasing vehicle production and technological advancements, the market is projected to grow at a CAGR of 6.1% between 2024 and 2032 to reach a value of around USD 54.86 billion by 2032.

Automotive lighting, essential for vehicle safety and aesthetics, encompasses all lighting and signalling devices integrated into the front, rear, sides, and interior of vehicles. This market is vital for enhancing visibility for drivers and increasing the vehicle's conspicuity. The demand is driven by innovations in lighting technology, the surge in automobile production, and stringent vehicle safety regulations imposed by governments worldwide.

Recent years have seen significant innovations in automotive lighting technology. The shift from halogen lamps to more energy-efficient LED and laser lights marks a significant trend. These technologies offer greater light output, lower energy consumption, and longer lifespan than traditional lighting systems. Advanced lighting solutions, such as adaptive lighting systems, enhance safety by adjusting the beam direction in response to vehicle speed and road conditions, providing optimal visibility without blinding other drivers. This is expected to contribute towards the automotive lighting market expansion.

Additionally, the integration of aesthetics and functionality has led to the development of signature lighting that not only improves vehicle visibility but also enhances brand identity. Automakers are increasingly investing in distinctive lighting designs to differentiate their vehicles in a competitive market. This is one of the key automotive lighting market trends.

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The automotive lighting market is also propelled by the rising global automobile production, fuelled by the increasing demand for passenger vehicles in emerging economies. As urbanisation and purchasing power in these regions grow, so does the demand for vehicles, directly influencing the demand for advanced automotive lighting systems.

Sustainability trends are also reshaping the automotive lighting market. As environmental concerns become more prominent, there is a growing demand for sustainable and energy-efficient lighting solutions. This trend is supported by regulatory bodies that are increasingly focusing on reducing vehicle emissions, where energy-efficient lighting plays a crucial role. Regulations now often include stipulations about the energy consumption of automotive lighting, pushing manufacturers to innovate and adopt greener technologies. This is expected to drive the automotive lighting market expansion in the coming years.

Furthermore, stringent safety regulations across the globe mandate the installation of proper lighting systems, pushing automakers to adopt advanced lighting technologies. Regions like Europe and North America are particularly strict, requiring adaptive lighting systems that automatically adjust to various driving conditions. This is expected to fuel the automotive lighting market development.

Read Full Report with Table of Contents:
https://www.expertmarketresearch.com/reports/automotive-lighting-market

While the market outlook is positive, certain challenges could impact the market growth. The high cost of advanced lighting technologies, such as LEDs and laser lights, compared to traditional halogen lamps, could hinder their adoption, especially in cost-sensitive markets. However, ongoing research and development aimed at reducing costs and improving efficiency present significant opportunities.

Moreover, the rise of autonomous vehicles offers a new growth avenue for the automotive lighting market. These vehicles require sophisticated lighting systems that can provide not only illumination but also function as communication tools with other road users, indicating turning intentions, stops, or emergency situations through lighting signals.

The Asia Pacific dominates the automotive lighting market, driven by high vehicle production in countries like China, Japan, and India. The region's market is also bolstered by increasing consumer demand for vehicle safety and aesthetic enhancements.

Europe and North America also hold significant shares, supported by advanced technology infrastructure and stringent safety standards, which push for the adoption of sophisticated lighting systems.

As the global automotive lighting market continues to evolve, the integration of technology and regulatory compliance remains central to its growth. Innovations in lighting technology not only enhance vehicle safety and design but also open new avenues for market expansion, particularly in the context of emerging automotive technologies like autonomous driving.

Market Segmentation

The market can be divided based on technology, vehicle type, application, sales channel, and region.

Market Breakup by Technology

Halogens
Xenon/HID
LED
Others

Market Breakup by Vehicle Type

Passenger Vehicles
Commercial Vehicles
Electric Vehicles

Market Breakup by Application

Front Lighting
Headlights
Fog Lights
Daytime Running Lights (DRLs)

Interior Lighting
Dashboard
Glove Box
Reading Lights
Dome Lights

Rear Lighting
Taillights
Centre High-Mount Stop Light (CHMSL)
License Plate Lamp

Side Lighting
Sidelights
Side Rear View Mirror Indicator

Market Breakup by Sales Channel

Original Equipment Manufacturers Products (OEMs Products)
Aftermarket Products

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive lighting market. Some of the major players explored in the report by Expert Market Research are as follows:

HELLA GmbH & Co. KGaA
Valeo SA
OSRAM GmbH
Hyundai Mobis Co.,Ltd.
Marelli Automotive Lighting Reutlingen (Germany) GmbH
KOITO MANUFACTURING CO., LTD.
STANLEY ELECTRIC CO., LTD.
Koninklijke Philips N.V.
Others

Media Contact:

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Contact Person: Emily Jacks, Business Consultant
Email: sales@expertmarketresearch.com
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Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com

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Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

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