Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Lighting Market: Analysis by Technology, Vehicle Type, Position, Sales Channel, and Region - Size, Trends and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive lighting market, valued at US$33.67 billion in 2022, is expected to reach US$48.80 billion by 2028. This growth is driven by various factors, including an increasing emphasis on safety and visibility, higher disposable income, improved lifestyles, and advancements in automotive technology. Road traffic accidents, causing 1.3 million fatalities annually, have prompted regulatory authorities to enforce stricter safety standards, potentially leading to mandatory upgrades in automotive lighting technology. Additionally, the rise in consumer demand for advanced safety features, aesthetics, and innovative lighting technologies in passenger vehicles has fueled market growth.
Market Segmentation Analysis
By Technology: The global automotive lighting market is divided into three segments: Halogen, LED, and Xenon. Halogen lighting, known for its affordability and widespread availability, dominated the market in 2022. However, LED lighting is the fastest-growing segment, driven by its efficiency, compact design, and the shift towards electrification and autonomous driving.
By Position: The market is further segmented into Front Lighting/Headlamps, rear lighting, interior lighting, and others. Front lighting/headlamps, essential for driver visibility and safety, held the majority of the market share in 2022. Interior lighting is the fastest-growing segment, as consumers seek more sophisticated and technologically advanced features in vehicles.
By Vehicle Type: The market is divided into passenger vehicles and commercial vehicles, with passenger vehicles leading in both market share and growth. Consumer demand for advanced safety features and innovative lighting technologies in passenger vehicles is a key driver of this trend.
By Sales Channel: The market is categorized into OEMs and Aftermarket, with OEMs dominating in 2022. OEMs prioritize safety and efficiency, offering guaranteed fitment and manufacturer-backed warranties. Collaborations between OEMs and lighting technology providers facilitate the integration of innovative lighting features.
By Region: The Asia Pacific region held the highest market share in 2022, with China being a strong market due to increased vehicle production and technological advances in automotive lighting. The Indian automotive lighting market is expected to grow rapidly, driven by demand for premium vehicles and stringent safety regulations.
Global Automotive Lighting Market Dynamics
Growth Drivers: The growth of the automotive industry, increasing vehicle production, and rising disposable income are major factors driving the demand for automotive lighting components. The industry's focus on customization, innovative payment models, and sustainability efforts, such as LED and OLED technologies, is also contributing to market growth.
Challenges: The high initial cost of LED lighting compared to traditional sources, and the shortage of raw materials like semiconductors, pose challenges to the automotive lighting market.
Trends: Personalization, pay-per-use features, and ambient lighting are significant trends in the market, enhancing the aesthetic and functional aspects of vehicles. Connectivity, digitalization, electrification, autonomous driving, and technological advancements in lighting systems are expected to further boost the market.
Impact Analysis of COVID-19 and Way Forward
The COVID-19 pandemic disrupted manufacturing operations, supply chains, and led to a decreased consumer demand for vehicles. However, as economic activities gradually resumed and the automotive sector recovered, the emphasis on safety and technological innovation is expected to drive the recovery and growth of the global automotive lighting market post-COVID-19.
Competitive Landscape and Recent Developments:
The global automotive lighting market is competitive, with Valeo and Koito leading the market. Key players in the market, such as SL Corporation, Stanley Electric Co., Ltd., LG Electronics, and Lumax Industries, are investing in strategic initiatives to maintain a competitive edge. Recent acquisitions, such as Faurecia's acquisition of Hella and Plastic Omnium's acquisition of Varroc/Osram, have positioned these companies as major players in the automotive lighting market. Plastic Omnium and Faurecia have joined Valeo as top players in the global automotive lighting market, with significant potential for growth.
Key Topics Covered
1. Executive Summary
2. Introduction
2.1 Automotive Lighting: An Overview
2.1.1 Definition of Automotive Lighting
2.1.2 Types of Automotive Lighting
2.2 Automotive Lighting Segmentation: An Overview
2.2.1 Automotive Lighting Segmentation
3. Global Market Analysis
3.1 Global Automotive Lighting Market: An Analysis
3.1.1 Global Automotive Lighting Market: An Overview
3.1.2 Global Automotive Lighting Market by Value
3.1.3 Global Automotive Lighting Market by Technology (LED, Halogen, Xenon)
3.1.4 Global Automotive Lighting Market by Position (Front Lighting, Rear Lighting, Interior Lighting and Others)
3.1.5 Global Automotive Lighting Market by Vehicle Type (Passenger vehicle and Commercial vehicle)
3.1.6 Global Automotive Lighting Market by Sales Channel (OEMs and Aftermarket)
3.1.7 Global Automotive Lighting Market by Region (North America, Asia Pacific, Europe, Latin America and Middle East and Africa)
3.2 Global Automotive Lighting Market: Technology Analysis
3.2.1 Global Automotive Lighting Market by Technology: An Overview
3.2.2 Global Halogen Automotive Lighting Market by Value
3.2.3 Global LED Automotive Lighting Market by Value
3.2.4 Global Xenon Automotive Lighting Market by Value
3.3 Global Automotive Lighting Market: Position Analysis
3.3.1 Global Automotive Lighting Market by Position: An Overview
3.3.2 Global Front Automotive Lighting/Headlamps Market by Value
3.3.3 Global Rear Automotive Lighting Market by Value
3.3.4 Global Interior Automotive Lighting Market by Value
3.3.5 Global Others Automotive Lighting Market by Value
3.4 Global Automotive Lighting Market: Vehicle Type Analysis
3.4.1 Global Automotive Lighting Market by Vehicle Type: An Overview
3.4.2 Global Passenger Vehicle Automotive Lighting Market by Value
3.4.3 Global Commercial Vehicle Automotive Lighting Market by Value
3.5 Global Automotive Lighting Market: Sales Channel Analysis
3.5.1 Global Automotive Lighting Market by Sales Channel: An Overview
3.5.2 Global OEMs Automotive Lighting Market by Value
3.5.3 Global Aftermarket Automotive Lighting Market by Value
4. Regional Market Analysis
4.1 Asia Pacific Automotive Lighting Market: An Analysis
4.2 North America Automotive Lighting Market: An Analysis
4.3 Europe Automotive Lighting Market: An Analysis
4.4 Latin America Automotive Lighting Market: An Analysis
4.5 Middle East and Africa Automotive Lighting Market: An Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on Automotive Lighting Market
5.2 Post COVID-19 Impact on Automotive Lighting Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Rising Disposable Income
6.1.2 Increasing Sales and Production of Vehicles
6.1.3 Increasing Number of Road Accidents
6.1.4 Favorable Government Regulations
6.1.5 Replacement Exposure
6.2 Challenges
6.2.1 Shortage of semiconductor
6.2.2 High Cost of LED Lighting
6.3 Market Trends
6.3.1 Flexible OLEDs in Vehicle Lighting
6.3.2 Laser Lights for Headlights
6.3.3 uAFS LED Headlights
6.3.4 Interior Lighting
6.3.5 Electrification
6.3.6 Autonomous Driving
6.3.7 Adaptive Lighting System
6.3.8 Connectivity and Digitalization
6.3.9 Personalization
7. Competitive Landscape
7.1 Global Automotive Lighting Market: Competitive Landscape
7.2 Global Automotive Lighting Players by Market Share
8. Company Profiles
8.1 Koito Manufacturing Co. Ltd.
8.2 Valeo S.A.
8.3 Forvia
8.4 Stanley Electric Co. Ltd.
8.5 SL Corporation
8.6 LG Electronics (ZKW)
8.7 Plastic Omnium
8.8 Lumax Industries Ltd.
8.9 Koninklijke Philips N.V.
8.10 Marelli Holdings Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qhnq7q
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