Vehicles Lighting Market to Rise at 4.45% CAGR during Forecast Period 2023-2030, Data By Contrive Datum Insights

Farmington, Feb. 19, 2023 (GLOBE NEWSWIRE) -- The global Vehicles Lighting market was valued at 1954.35 Million USD in 2022 and will grow with a CAGR of 4.45% from 2023 to 2030. Lighting in a car is important because it lights up the path of the car so the driver can see the road clearly. Along with helping the driver see where they are going, lighting systems let other drivers and pedestrians know how big the vehicle is, where it is, and what direction it is going. It makes both the inside and outside of the vehicle look better and makes the vehicle easier to see. The lighting system is made up of devices that light up and send out signals. This lighting equipment is put in different parts of the car, like the front, back, top, and inside. In 2018, HELLA GmbH & Co. made the new Audi A8's rear combination lamps with built-in OLED technology. This technology makes everything look the same and gives each segment its own control.

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Halogen has been the most popular lighting technology for a long time because it is cheap and easy to find. Xenon and LED are also popular lighting technologies. It also makes both the inside and outside of your vehicle look better. People are buying more lighting equipment because they are worried about road safety and because the government has rules about lighting. Other things, like more money in people's pockets, better living conditions, and more people needing to get around, also contribute to the rise in vehicle production, which in turn drives the growth of the automotive lighting market.

Vehicles Lighting Market Recent Developments:

• January 2020 – A joint development agreement for LiDAR solutions has been signed between Marelli and XenomatiX.
• September 2019 - Osram launched the world's first hybrid LED called "Eviyos" specially designed for automotive headlights. Eviyos can provide HD projection to display warnings or symbols to other vehicles on the road.
• November 2020 - Global automotive supplier HELLA has developed a new series of compact work lights. The new work lights can be positioned flush against the vehicle wall and improve visibility to the work area around the vehicle.

Regional Outlook:

Europe is expected to be the biggest player in the market. Because of government rules, the market is leaving the area. Since 2011, the European Union has made it mandatory for all drivers in Europe to use daytime running lights (DRLs) when it's cloudy. This region is expected to continue to lead the market because major key players have been quick to adopt new lighting solutions for cars.
Asia-Pacific has the second largest share of the market. This is because countries like Japan, China, and India have a lot of raw materials and a huge demand for cheap electrical and mechanical parts.
Market growth is expected to be very strong in North America. High use of automotive lighting systems in North America has led to more sales of electric cars and early use of features from Advanced Driver Assistance Systems (ADAS). In 2020, North America had 23.8% of the market.

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Scope of Report:

Market Drivers:

Increases in disposable income, better lifestyles, and changes in consumer tastes have all helped sales of luxury cars around the world. Many driver assistance features are not required by law or regulation. These include Blind Spot Detection (BSD), Lane Departure Warning (LDW), Adaptive Cruise Control (ACC), and Forward Collision Warning System (FCWS). But some high-end car companies are adding these features to stay on top of the market. This creates healthy competition between car companies. The E, F, SUV-D, and SUV-E car segments now have a lot of high-end features. Electric vehicles are becoming the focus of both new products and research and development at companies that make high-end cars. Ford, Stellantis, and Volkswagen, which are all big automakers, have said that they want to make all of their cars electric by the end of the next decade.

Market Restraints:

Due to a lack of microchips around the world, the auto industry lost more than $200 billion in 2021. So far in 2021, 11 million less cars have been made than in 2020. Plants that make things were not in use. Some of the world's biggest automakers, like Ford, have closed down factories so they can focus on making trucks, which are much more profitable. As shortages of semiconductor chips continue, companies that need them are already rethinking their long-term plans for buying them. Major automakers have already said they will cut production by a lot, which will lower their expected sales by billions of dollars in fiscal 2021.

Market Opportunity:

Matrix LED, OLED, and laser lighting are all new technologies that could be used to make better car lights. OLED is a new type of solid-state lighting that can spread light over a wide area. It is a niche technology that is still being researched and developed. OLEDs are likely to start showing up in high-end cars soon. But it will be 10 to 15 years before this technology has a big share of the market. Laser lights can be used to make bright headlights that use little power.

Challenges:

Tungsten, molybdenum, glass, niobium, tantalum, phosphorus, and mixtures of inert gases are some of the raw materials used to make lighting systems like xenon, halogen, and LED. A mix of different materials and gases is needed to make light sources that use less electricity, give off bright light, and last longer. As the use of carbon in car parts has become less common, rare earth metals and technical metals have become more important. For example, LEDs use phosphors, which are rare earth metals, in very small amounts. LED lights save between 80 and 90% of energy because they last 5–40 times longer than regular bulbs.

Vehicles Lighting Market Key Segments Covered:

Top Market Players:
Koito (Japan), Valeo (France), Hella (Germany), Magneti Marelli (Italy), ZKW Group (Austria), Lumax Industries (India), Varroc (USA), TYC (China), Xingyu (China), And Others.

By Type:

• Xenon Lights
• Halogen Lights
• LED
• Other

By Application:

• Front Light
• Rear Combination Light
• Fog Lights
• Interior Lighting
• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World

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