Westford,USA, Jan. 04, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest report, the global automotive lighting market is on the cusp of a notable upswing in demand, projected to manifest during the forecast period. This surge can be primarily attributed to a concurrent increase in production and sales within the industry. A key driving force behind this trend is the relentless advancement of technology, which has become a pivotal factor in shaping the commercial vehicle landscape.
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Browse in-depth TOC on the "Automotive Lighting Market"
- Pages - 157
- Tables - 59
- Figures – 75
Vehicle manufacturers have increasingly displayed a keen interest in the integration of LED lights within vehicles, driven by compelling advantages over traditional halogen and HID lights. One of the primary attractions lies in LED lights' remarkable energy efficiency, consuming significantly less power while delivering superior performance in the automotive lighting market.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 28.9 Billion |
| 2030 Value Projection | USD 37.25 Billion |
| CAGR | 4.10% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in Global Automotive Lighting Market
- Koito Manufacturing Co., Ltd.
- Valeo SA
- Hella KGaA Hueck & Co.
- Osram Licht AG
- Stanley Electric Co., Ltd.
- Magneti Marelli S.p.A.
- General Electric Company
- Koninklijke Philips N.V.
- ZKW Group GmbH
- Ichikoh Industries Ltd.
- Lumileds Holding B.V.
- TYC Brother Industrial Co., Ltd.
- Varroc Group
- Hyundai Mobis Co., Ltd.
- Samvardhana Motherson Group
- North American Lighting, Inc.
- Federal-Mogul LLC
- Valeo North America, Inc.
- SL Corporation
- Guangzhou LEDOauto Lighting Co., Ltd.
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Exterior Lighting Segment is Expected to Rise Significantly due to Pivotal Role in Enhancing Road Safety
Exterior lighting has asserted its dominance within the automotive lighting market, primarily due to its pivotal role in enhancing road safety. Headlights and taillights, integral components of exterior lighting systems, play a mission-critical role in ensuring effective visual experience to drivers , especially in low light conditions and adverse weather.
The market in North America has established its preeminence in the global automotive lighting market, primarily attributed to the region's robust adoption of cutting-edge technologies and stringent government regulations on vehicle safety.
Interior Lighting Segment is Expected to Dominate Market due to Pivotal Role in Assisting Users
The automotive lighting market has witnessed a remarkable surge in the interior lighting segment, establishing itself as the fastest-growing application area. This exponential growth can be attributed to the escalating consumer demand for enhanced vehicle comfort and convenience features. Interior lighting, including ambient lighting, reading lights, and mood lighting, has emerged as a crucial component in transforming the in-car experience in the automotive lighting market.
Regional market in Asia-Pacific has emerged as the fastest-growing hub within the global automotive lighting market, riding on the remarkable expansion of the automotive industry in countries such as China, India, and Japan. APAC's automotive sector has experienced unprecedented growth, propelled by surging demand for both passenger and commercial vehicles.
A comprehensive analysis of major players in the automotive lighting market has been conducted recently. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Automotive Lighting Market
- In 2023, the renowned Japanese automotive lighting manufacturer Koito Manufacturing made an exciting announcement regarding introducing its latest LED automotive lighting system. Koito Manufacturing, known for its innovation and high-quality lighting solutions, signaled its commitment to advancing automotive lighting technology with this launch, catering to the evolving demands of the global market.In 2023, the American automotive lighting giant Magna International unveiled a significant strategic move by acquiring the automotive lighting business of the prominent German company Hella. This acquisition marks a pivotal development in the automotive lighting industry, as it combines the strengths and expertise of two industry leaders.
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Key Questions Answered in the Global Automotive Lighting Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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