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Automotive Lighting Market Trends, Top Companies, Share, Growth And Forecast 2033
Automotive Lighting Market Trends
As per the report, the automotive lighting market size has grown strongly in recent years. It will grow from $26.44 billion in 2023 to $28.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The automotive lighting market size is expected to see strong growth in the next few years. It will grow to $36.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
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Increased Emphasis On Road Safety Fuels Demand For Advanced Automotive Lighting
During the forecast period, a growing emphasis on road safety will contribute to the growth of the automotive lighting market. The demand for safety features along with the adaptive lighting system has increased due to an increase in the number of road accidents worldwide. For instance, in June 2022, according to The Institute for Health Metrics and Evaluation, a US-based foundation, improving measures for road safety could save half a million lives every year. Wearing helmets, following traffic rules such as speed limits, avoiding drunk-and driving could save 3.47k and 5.40k lives every year. These factors are leading to the growth in demand for adaptive and better lighting systems in vehicles and will thereby drive growth of the automotive lighting market.
Innovative Developments In Fog-Free Automotive Lamps
Companies in the automotive lighting market are investing heavily to develop fog-free lamps. This automotive lighting resolves fog issues and also fulfils requirements such as temperature, humidity, and vibration that were challenging earlier. For instance, Hyundai Mobis announced that it has succeeded in developing new materials that can technically resolve fog issues. The company partnered with Initz (SK Chemical's subsidiary) in developing new material using various additives to plastic that does not emit gases. It also developed a material that reduces the weight of the lamp by 20%. The development of fog-free lamps will contribute to the growth of the market.
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
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Major companies operating in the automotive lighting market include HELLA GmbH & Co. KGaA, Koito Manufacturing Co. Ltd., Osram Licht AG, Koninklijke Philips N.V., Magnetti Marelli, Grupo Antolin, Flex Automotive GmbH, Lumax Industries Limited, Valeo Lighting Systems, Bosch Lighting Technology, Seima, Visteon Coporation, ICHIKOH INDUSTRIES LTD., STANLEY ELECTRIC CO. LTD., Peterson Manufacturing Company, Hyundai Mobis, Varroc Group, Denso Corporation, ZKW Group, General Electric Co, Lumax Industries Ltd., Continental AG, Marelli Automotive Lighting, Varroc Lighting Systems, Flex-N-Gate Corporation, Magna International Inc, SL Corporation, TYC Brother Industrial Co. Ltd., Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Guangzhou Ledoauto Company Ltd, Phoenix Lamps Division of Suprajit Engineering Ltd, Automotive Lighting Reutlingen GmbH
Contents of the report:
1. Executive Summary
2. Automotive Lighting Market Report Structure
3. Automotive Lighting Market Trends And Strategies
4. Automotive Lighting Market - Macro Economic Scenario
5. Automotive Lighting Market Size And Growth
…..
27. Automotive Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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