Pune, India, Feb. 07, 2022 (GLOBE NEWSWIRE) -- According to the report, Automotive Lighting Market size is projected to grow from USD 30.19 billion in 2021 to USD 57.01 billion in 2028 at a CAGR of 9.5% in 2021-2028. The global automotive lighting market is set to gain traction from government regulations related to automotive lighting on commercial vehicles.
Automotive lighting is placed in the back, inside, and front of a vehicle to offer visibility to drivers during the night. Increasing road fatalities and accidents lead to the adoption of lights in vehicles. As per the information provided by the World Health Organization (WHO), approximately 1.25 million road fatalities are reported every year because of foggy weather, dust, and heavy rains. The lights help drivers to navigate through darker environments efficiently and detect pedestrian movement, unfavorable road tracks, and potholes. Further, the incorporation of technologically advanced small, lightweight, and efficient automotive components is likely to fuel product sales. The incorporation of OLED, matrix LED and laser lighting technology is likely to fuel the product's adoption. For example, 'Nichia' partnered with 'Infineon Technologies for the development of high-definition illumination systems made from 16,000 micro LED matrix lights. These factors are likely to boost the market growth in the upcoming years.
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Incorporation of Regulations on Lighting to Boost Market Growth
The imposition of stringent norms is pushing developed countries to adopt and manufacture high-quality automotive lighting. It is extremely essential when used on congested highways as it improves vision and reduces the chances of accidents. The European Union has mandated the adoption of daytime running lights (DRLs) on all upcoming and new vehicles to boost road safety in 2011. DRLs boost the visibility of the car for pedestrians. As per the data provided by the US Department of Transportation's National Highway Traffic Safety Administration (NHTSA) the adoption of DRLs has reduced road fatalities by nearly 13.8 percent. Furthermore, the adoption of advanced matrix LED, laser, and OLED lights by vehicle manufacturers boost road visibility, which, in turn, may enhance automotive lighting sales. These factors are likely to drive the automotive lighting market growth.
However, LED lights' higher installation costs and higher voltage sensitivity are likely to impede industry growth.
Declining Automotive Sales to Impede Market Progress
This market is expected to be negatively affected during the COVID-19 pandemic because of the decline in automotive sales. The sudden spike in COVID-19 infections has provoked governments to impose stringent norms. The halt on transport and travel is impeding automotive sales, which, in turn, may lower automotive lights' adoption. Further, the lack of raw materials required for the light's production is likely to impede the product's adoption. However, the adoption of part-time shifts, reduced capacities, and production machinery may enable manufacturers to boost their brand image. These factors are likely to elevate market progress during the pandemic.
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Segments:
Based on application, the market is segmented into interior lighting, side lighting, rear lighting, and front lighting. As per technology, it is classified into xenon, halogen, and LED. By vehicle type, it is bifurcated into commercial vehicles and passenger vehicles. Geographically, it is clubbed into Europe, North America, Asia-Pacific, and the Rest of the World.
Premature Adoption of Advanced Technology to Foster Market Growth in Europe
Europe is expected to dominate the automotive lighting market share because of the early adoption of advanced lighting technology by several major players. The market in Europe stood at USD 14.19 billion in 2020 and is expected to grow rapidly during the upcoming years. Further, European Union's regulations regarding the mandatory adoption of DRLs are likely to boost automotive lighting demand. These factors are likely to fuel market growth.
Asia-Pacific is the second-largest shareholder in the market because of the rising demand for mechanical and cost-effective electrical components. In addition, easy raw material availability and adoption of advanced lighting may boost the market growth.
In North America, increasing electric vehicle sales and early Advanced Driver Assistance System (ADAS) adoption are likely to boost automotive lighting sales. In addition, customer's rising demand for advanced safety and lighting solutions in automotive are likely to foster market progress.
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Prominent Companies Launch Innovative Products to Boost their Market Position
The prominent companies operating in the market launch innovative products to attract consumers and boost their market position. For example, Lumileds announced an innovative LED X-treme Ultinon headlight in April 2021. The headlight will produce uniform beam patterns and reduce glare. This launch can enable the company to attract consumers and boost its market position. Further, the adoption of research and development may enable companies to incorporate innovation and features to boost product quality and improve brand image. In addition, the adoption of technologically advanced production techniques enables companies to reduce production and labor costs, boost operational efficiency, and satisfy organizational efficiency.
List of Key Players Present in the Market:
- Hyundai Mobis (Seoul, South Korea)
- Continental AG (Hanover, Germany)
- Koninklijke Philips (Amsterdam, Netherlands)
- Robert Bosch GmbH (Gerlingen, Germany)
- Varroc Group (Aurangabad, India)
- Valeo (Paris, France)
- Hella GmbH (Lippstadt, Germany)
- Denso (Aichi, Japan)
- Lear Corporation (Michigan, U.S.)
- OSRAM (Munich, Germany)
- Magneti Marelli (Corbetta, Italy)
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Global Automotive Lighting Market Segmentation:
By Application:
- Front
- Side
- Rear
- Interior
By Technology Type:
- LED
- Halogen
- Xenon
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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