Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The global automotive lighting market size was USD 33.64 billion in 2022. The market is projected to grow from USD 36.51 billion in 2023 to USD 67.39 billion by 2030, exhibiting a CAGR of 9.2% during the forecast period.
Car lights play a crucial role in assisting drivers in detecting uneven road surfaces, monitoring other vehicle movements, identifying pedestrians, and recognizing potential road hazards. The growing emphasis on road safety and the importance of maintaining and upgrading vehicle lighting systems are driving consumer demand for high-quality lights. Fortune Business Insights presents this information in their report titled "Global Automotive Lighting Market, 2023–2030."
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 9.2% | |
| 2030 Value Projection | USD 67.39 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 33.64 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 235 | |
Market Drivers & Restraints-
Advancements in LED Technology Drive Market Growth
LED technology has gained significant traction in the automotive lighting sector. This can be attributed to the numerous benefits offered by LEDs, including energy efficiency, extended lifespan, quicker response times, and versatile design options. For instance, Ford, introduced a smart lighting system in April 2021 that utilizes LED technology to illuminate approaching corners, enhancing obstacle detection capabilities.
On the contrary, challenges for heat management and the high price of LED may limit the automotive lighting market growth.
COVID-19 Impact-
Supply Chain Disruptions Negatively Affected Market Growth
The global automotive supply chain experienced significant fluctuations in growth due to the COVID-19 pandemic. The outbreak disrupted manufacturing facilities globally and led to a decline in vehicle sales. The shutdown of manufacturing facilities and the halt in new car sales had a direct impact on the production of vehicle lighting components.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-lighting-market-101978
Segments-
Passenger Vehicles Segment Poised to Dominate Due to Technological Advancements in Lighting
Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The passenger vehicles segment is projected to have a significant presence in the market throughout the forecast period. This dominance is attributed to the rising sales of passenger vehicles and advancements in lighting technology, which are expected to drive market growth.
Enhanced Front Lighting Systems and LED Technology to Boost Segmental Growth
By application, the market is segmented into rear lighting, front lighting, side lighting, and interior lighting. The adoption of innovative technologies, including laser lighting, in headlights is expected to lead to the front lighting segment’s dominance. There is a growing demand for advanced front lighting systems that provide clear visibility for drivers at night, leading to an increased demand for LED lighting solutions.
LED Segment Set to Dominate the Market with Energy Efficiency and Advanced Features
Based on technology, the market is classified into halogen, LED, and xenon. During the projected period, the LED segment is expected to hold the largest market share. This is attributed to the energy-efficient nature and superior power output of LED lights compared to halogen bulbs.
Geographically the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights-
Asia Pacific Drives Market Growth with Increasing Vehicle Production
Asia Pacific holds the largest automotive lighting market share due to the increased production of vehicles in the region. The rising demand for both passenger and commercial vehicles is a key factor contributing to the growth of the market. Europe is anticipated to grow steadily due to early adoption of innovative lighting solutions.
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Report Coverage-
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Competitive Landscape-
Magneti Marelli Dominates the Market due to Collaboration and Partnerships
Magneti Marelli solidifies its global market position through strategic partnerships and collaborations with major automotive lighting companies, resulting in the development of high-end automotive components.
List of Key Players Covered in Automotive Lighting Market Report-
- Robert Bosch GmbH (Germany)
- Hella KGaA Hueck & Co. (Germany)
- OSRAM Licht AG (Germany)
- Valeo (France)
- Koito (Japan)
- Marelli Corporation (Italy)
- Continental AG (Germany)
- Hyundai Mobis (South Korea)
- Koninklijke Philips (Netherlands)
- Varroc Engineering Limited (India)
- Stanley Electric Co., Ltd. (Japan)
Automotive Lighting Market Segmentation-
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Technology
- LED
- Halogen
- Xenon
By Position
- Rear Lighting
- Front Lighting
- Side Lighting
- Interior Lighting
Notable Industry Development:
June 2022 - Koito announced to strengthen its partnership with Cepton by expanding collaboration efforts. The partnership will focus on developing innovative automotive solutions.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments - Mergers, Partnerships, and Collaborations
- Latest Technological Advancements
- Porters Five Forces Analysis
- Impact of COVID-19
- Global Automotive Lighting Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast - By Technology
- LED
- Halogen
- Xenon
- Market Analysis, Insights and Forecast - By Position
- Rear Lighting
- Front Lighting
- Side Lighting
- Interior Lighting
- Market Analysis, Insights and Forecast - By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast - By Vehicle Type
- North America Automotive Lighting Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast - By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Market Analysis, Insights and Forecast - By Technology
- LED
- Halogen
- Xenon
- Market Analysis, Insights and Forecast - By Position
- Rear Lighting
- Front Lighting
- Side Lighting
- Interior Lighting
- Market Analysis, Insights and Forecast - By Vehicle Type
Toc Continued……
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