ROCKVILLE, Md., Feb. 17, 2022 (GLOBE NEWSWIRE) -- Fact.MR’s report states the sales for automotive lighting are expected to surpass US$ 45 Bn by registering a positive CAGR of 6% through the forecast period 2021-2031. Increasing demand for LED lights along with halogen lights is propelling the demand for automotive lighting.
Historically, from 2016 to 2020, the sales of automotive lighting exceeded the sales of US$ 20 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, sales of vehicles observed a decline in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted. This, in turn, is expected to upsurge the sales of automotive lighting.
Manufacturers of automotive lighting are focusing on improving the efficiency of lights. In addition, these lights consume lesser energy. Due to the factors mentioned above, the demand for automotive lighting has increased over time. As of 2021, the expected valuation for the market is US$ 25 Bn.
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What is the Commercial Potential of Automotive Lighting?
Apart from vehicles, lighting is used in industrial & commercial applications. Industrial lighting is mainly found in factories, chemical plants, and manufacturing plants, while commercial lighting is found in homes, offices, restaurants, schools, and any other commercial centres.
Lighting technology has made advancements in all segments over the years. Manufacturers are trying to improve the efficiency of lighting solutions for automotive as well as industrial use. Halogen, LED, and xenon headlight technologies are driving market expansion across regions. The potential for the lighting market is not only limited to automotive but across many different sectors.
What is the Scope for LED Automotive Lighting?
LED lights are highly energy efficient, compared to halogen or other headlights. LED lighting technology is used in many luxury and high-end vehicles, but nowadays, manufacturers have slowly started to use LED lighting solutions across vehicle types due to constant development in lighting technology.
In addition, they draw less energy from the vehicle which in turn increases energy efficiency, thus enabling automobile users to economize on costs. Thus, LED lights are expected to possess 40% of market share for automotive lighting.
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Key Segments Covered in the Automotive Lighting Industry Survey
- Application
- Front Headlights
- Fog Lights
- Rear Lights
- Side Lights
- Interior Lights
- Vehicle Type
- Automotive Lighting for Passenger Cars
- Automotive Lighting for Light Commercial Vehicles (LCVs)
- Automotive Lighting for Heavy Commercial Vehicles (HCVs)
- Automotive Lighting for Electric Vehicles
- Automotive Lighting for Two Wheelers
- Light Source
- Halogen Automotive Lighting
- Xenon Automotive Lighting
- LED Automotive Lighting
- Sales Channel
- Automotive Lighting through OEMs
- Automotive Lighting through Aftermarket
Competitive Landscape
The market is moderately competitive in nature, with the presence of a large number of players operating in the space. Introducing latest technologies in the market is a key expansion strategy, as are collaborations with OEMs and maintaining long-term relations with them for future business prospects.
- In December 2020, OSRAM Licht AG introduced the Ostune E1608 and E3030 automotive interior lighting, offering a wide color temperature range from 2700 to 6500 K, which are highly energy-efficient
- Likewise, in September 2021, HELLA KGaA introduced a new Modular Lightbar equipped with advanced LED technology for municipal vehicles. This light helps ensure optimum signalling effects as well as homogeneous illumination of the working area
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Key players in the Automotive Lighting Market
- Osram Licht AG
- Hella Kgaa
- Infineon Technologies AG
- LG Electronics
- Valeo SA
- Marelli Magnetti
- Hyundai Mobis
- Varroc
- Koito Manufacturing Co Ltd
- Robert Bosch GmbH
Key Takeaways from the Market Study
- By vehicle type, passenger vehicles are expected to hold 50% of market share for automotive lighting.
- By light source, halogen and xenon are expected to possess 40% of market share for automotive lighting.
- China is expected to be the most lucrative market, expected to capture 60% of global market demand
- 2/5th of the global market demand for automotive lighting to be fuelled by the U.S
- India to be an opportunistic market, expected to account for nearly 3 out of 5 sales
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