New York, US, Feb. 24, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Lighting Market Research Report: Information by Technology, Vehicle Type, Application, End Market - Forecast till 2027”, During the forecast 2023 – 2030, the worldwide automotive lighting market is anticipated to grow at a CAGR of 7.1% from an estimated USD 40.1 billion in 2019 to USD 51.4 billion by 2027.
Automotive Lighting Market Research Insights
The shift in government rules and consumer attitudes towards improved car safety has been very beneficial for the worldwide market for automotive lighting. The automobile market was able to return to its pre-crisis yearly growth rate by 2014 despite difficulties brought on by the 2008 global economic slump. Due to a number of factors, including an increase in the demand for passenger cars, an increase in the urban population, the growth of international automakers into new emerging countries, and an increase in middle-class households' disposable income.
Key Players
Following are the leading companies in the global automotive lighting market:
- Magneti Marelli (Italian)
- Philips Lighting NV (Germany)
- Ichikoh Industries Ltd (Asia)
- HELLA KGaA Hueck & Co (Europe)
- KOITO MANUFACTURING CO. LTD (Japan)
- ZKW Lichtsysteme GmbH (Hungary)
- Peterson Manufacturing Company (United states of america)
- OSRAM GmbH (Europe)
- Stanley Electric Co. Ltd (Asia)
- General Electric
- Among Others.
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The market for automotive lighting worldwide is anticipated to expand significantly during the next few years. Asia-Pacific led the global market for automotive lightings in 2018, followed by Europe and North America. Due to rising passenger car sales, rising lighting usage on vehicles, rising LED light popularity, and technological advancements, Asia-Pacific is a significant revenue generator for the global automotive lighting market. China, Japan, and India are considered to be the prominent countries in this region
The automotive lighting industry's second-largest market, North America, is anticipated to expand significantly over the next several years. Due to the presence of industry titans, North America is one of the main manufacturers of automotive lighting. The North American market has also been boosted by the expanding demand for passenger automobiles, which has increased demand for automotive lighting.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2027: USD 51.4 billion |
| CAGR during 2022-2030 | 7.1% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Rising sales of passenger cars, increasing usage of lighting on vehicles, increasing popularity of LED lights, and technological advancements New emission standards regulated by the government Increase in the demand for luxury cars across the urban countries |
| Key Market Drivers | Growing demand for passenger vehicles, growing urban population, expansion of global auto-manufacturers into new emerging markets, and rising disposable income of the middle-class population. |
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Automotive Lighting Market Segmentation
The technology, vehicle type, application, end market, and regional segments have been used to divide the worldwide automotive lighting market.
Halogen, xenon, and LED lighting systems make up the three technological segments of the worldwide automotive lighting industry. Halogen was among these kinds to lead the worldwide market in 2018 and is anticipated to continue to do so during the forecast period. As it has been used extensively in cars since the 1960s, halogen technology is regarded as a conventional technology that has fueled the expansion of the global automotive lighting market. While the LED market has been identified as the one with the greatest rate of growth, this is mostly because luxury automobile manufacturers like Toyota, Honda, Audi, BMW, and others have begun incorporating LED lighting into their models.
The market is divided into three categories based on the kind of vehicle: passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars have the biggest market share among these vehicle categories, followed by light commercial vehicles and heavy commercial vehicles. The growing demand for passenger cars among a sizable population, rising per capita income in emerging nations, and the expansion of global auto manufacturers into new emerging markets are the main factors driving the market for automotive lighting.
The front lights, rear lights, side lights, and interior lights make up the front, rear, side, and interior lighting segments of the worldwide vehicle lighting industry. The front lighting segment led the market in 2018 and is anticipated to continue dominating over the forecast period.
The market for front light applications has been primarily driven by rising passenger car demand and technical developments in the automotive sector.
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The worldwide automotive lighting industry is divided into OEMs and aftermarket segments depending on the end market. Over the projection period, the OEM segment is anticipated to have a commanding position. The majority of automobile manufacturers buy automotive lights straight from the OEMs, who then construct them for the car makers. Thus, OEM has had the biggest market share during the course of the projection.
Automotive Lighting Market Regional Analysis
The worldwide automotive lighting market is divided into four geographic segments: North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).
Due to the new government-regulated emission requirements, Europe is anticipated to experience a major increase in the worldwide automotive lighting industry. The biggest market in Europe has been in Germany, which is followed by the UK and France. Germany is mostly recognised for its auto industry. The German automotive lighting industry has been driven by the presence of various giants, which in turn fuels the expansion of this sector in Europe.
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South America, the Middle East, and Africa make up the rest of the world (RoW). The involvement of automakers in these areas and a rise in metropolitan countries' desire for luxury vehicles both contribute to the market's expansion in the RoW region.
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