Automotive Lighting Market Projected to Reach $31.45 Billion by 2030

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, growing at a CAGR of 5.1% from 2023 to 2030.

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Automotive lighting is essential for vehicle safety, illuminating the road ahead for drivers and increasing vehicle visibility for other drivers and pedestrians. Key factors driving market growth include the increasing adoption of advanced lighting technologies, stringent government regulations for better visibility and safety, and rising automobile production in emerging economies. Additionally, the high demand for adaptive lighting systems in passenger and entry-level SUVs offers significant growth opportunities. However, the high cost of LED lighting poses a challenge to market growth.

Market Segmentation and Key Findings:
• Vehicle Type: The market is segmented into 2-wheelers, passenger vehicles, and commercial vehicles. In 2023, the passenger vehicles segment is expected to hold the largest market share, driven by increased demand due to the rising middle-income population and growing adoption of advanced lighting. This segment is also projected to register the highest CAGR during the forecast period.
• Application: The market is divided into interior and exterior lighting. In 2023, the exterior lighting segment is expected to dominate the market. However, the interior lighting segment is projected to experience the highest growth rate, driven by declining LED prices and increased consumer awareness of energy efficiency.
• Lighting Technology: The market is segmented into halogen, xenon, LED, and other technologies. The LED segment is expected to hold the largest market share in 2023, attributed to its energy efficiency, weight reduction, and space-saving qualities.
• Geography: Asia-Pacific is anticipated to account for the largest market share in 2023 and is projected to register the highest CAGR. Factors driving this growth include rising vehicle production, increasing demand for autonomous and luxury vehicles, growing sales of electric cars, and technological advancements in the automotive sector.

Increasing Automobile Production in Emerging Economies to Drive Market Growth
Emerging markets, especially in the Asia-Pacific region, have significantly increased their market size in recent years and are expected to contribute substantially to the automotive industry's consistent growth. Countries like South Korea, Brazil, China, and India are experiencing impressive growth due to governmental support and urbanization. The Indian automotive industry, in particular, is witnessing rapid growth with the entry of leading companies. Consequently, the rising automobile production in these emerging economies is boosting the demand for automotive lighting.

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Key Players in the Market:
Leading companies operating in the automotive lighting market include 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).

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Scope of the Report:
• 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, Other Interior Lightings), Exterior Lighting (Headlamps, Fog Lamps, Tail Lights, Daytime Running Lights (DRLs), Other Exterior Lighting)
• Lighting Technology: Halogen, Xenon, LED, Other Lighting Technologies
• Sales Channel: OEM, Aftermarket
• Geography: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa

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This release was published on openPR.