Fort Collins, Colorado, Sept. 21, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Automotive Lighting Market Size, Growth, Share, Statistics Report, By Technology (Halogen & HID), By Vehicle Type (Passenger Vehicle & Commercial Vehicle), By Application (Head, Side, Tail, Fog, DRL, Dashboard), By Region, and Segment Forecasts, 2023-2032.”
According to DataHorizzon Research, The automotive lighting market size was valued at USD 28.9 Billion in 2022 and is expected to reach USD 54.7 Billion by 2032 at a CAGR of 6.7%. The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry with actionable market insights.
The increase in automobile manufacturing globally has resulted in the growth of spare parts such as lighting, seatbelts, music systems, and ambient lighting. With the increasing demand for automobiles, there is a high need for aftermarket and sales for automotive lighting. Lighting equipment such as LED and halogens are in high demand, and with a wider availability of LEDs, road visibility is improved while ensuring the safety of passengers.
The Government regulation regarding road safety has ensured the sales of automotive lighting to grow forward. With the BS6 norms applied in India, vehicle manufacturers must adhere to these norms. This has helped the market for automotive lighting to grow positively. Vehicles are now equipped with ADAS, crash detection sensors, and blind spot detection. The introduction of LEDs and DRLs in vehicles has driven the market for automotive lighting, as LED and HIDs have a better focus than traditional lamps. Additionally, DRL, termed Daylight Running lamps, proves to be very beneficial in cases of heavy fog. This enables the riders and pedestrians with visibility to passersby around them.
The demand for premium vehicles has triggered a huge need for advanced safety features in cars. However, apart from the standard government mandates, manufacturers prefer adding more features to the car to improve its look and feel. Ultimately, these rich features, such as lane departure warning, forward collision warning system, and others, enable the premiumization of the vehicle. With the ongoing trend of electric vehicles available at premium costs, the lighting and electrical equipment have gained huge traction for these vehicles.
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Report Snapshot:
| Report Title | Automotive Lighting Market |
| Market Size in 2022 | USD 28.9 Billion |
| Market Size by 2032 | USD 54.7 Billion |
| CAGR from 2023 to 2032 | 6.7% |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Technology | Halogen & HID |
| By Vehicle Type | Passenger Vehicle & Commercial Vehicle |
| By Application | Head, Side, Tail, Fog, DRL, Dashboard, Glove box |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Philips, Osram, Bosch, Hyundai Mobis, General Electric, FORD MOTORS Corp, Valeo, Stanley Electric, Denso Corporation etc. |
Segmentation Overview:
The global automotive lighting market has been segmented as technology, vehicle type, application, and region. Halogens are the fastest-growing segment of technology. These accessories are readily available and are useful in extreme climate conditions such as dense fog and heavy rainfall. Moreover, high-end cars are major consumers of halogen lighting owing to the high-capacity batteries and aesthetic features. The commercial vehicles segment is steadily growing, attributed to the high demand for business and leisure purpose.
Asia Pacific automotive lighting market growth is anticipated to increase due to the heavy presence of automotive industries and aftermarket sales and services. Spending on automotive spare parts and accessories has been trending in the market against the backdrop of car customization. Europe is another significant market owing to the broader alternatives in the automotive lighting industry. The significance of OEM and the product launch are some of the major highlights of the regional industry.
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Automotive Lighting Market Report Highlights:
- The global automotive lighting market is poised to grow to USD 54.7 billion at a CAGR of 6.7% by 2032.
- The growing sales significantly drive the automotive lighting market growth. Moreover, the broader availability of spare parts and lighting accessories shapes the industry's growth.
- LED is the leading technological segment owing to the power optimization solutions and longer life.
- Based on vehicle type, the commercial vehicle segment is projected to witness a sharp growth attributed to the rise in transportation and logistics business growth.
- Some of the prominent players in the automotive lighting market report include Philips, Osram, Bosch, Hyundai Mobis, General Electric, Ford Motor Corp, Valeo, Stanley Electric, and Denso Corporation.
Key Developments in the Industry:
- In 2023, Diodes Incorporated launched a single-ended primary inductance converter (SEPIC) for several automotive LED applications. The AL8853AQ complies with auto industry norms and offers optimal solutions for applications such as headlamps, head-up displays, and backlight displays.
- In 2023, JHM Consolidation Bhd partnered with Jiangsu Dekai Auto Parts Ltd, a Chinese automotive lighting manufacturer, to sell automotive lighting parts and equipment in Southeast Asian countries and Malaysia. JHM will sign a memorandum of understanding (MoU) with Jiangsu Dekai to continually expand and achieve a significant market share.
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Automotive Lighting Market Report Segmentation:
Automotive Lighting Market, By Technology (2023-2032)
- Halogen
- HID
Automotive Lighting Market, By Vehicle Type (2023-2032)
- Passenger Vehicle & Commercial Vehicle
- Building & Construction
- Heavy Industries
- Consumer Goods & Others
Automotive Lighting Market, By Application (2023-2032)
- Head
- Side
- Tail
- Fog
Automotive Lighting Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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