Automotive Lighting Market Size to Reach USD 65.59 Billion in 2032 | Emergen Research

Vancouver, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The worldwide market for automotive lighting achieved a scale of USD 35.40 Billion in 2022. Based on the latest assessment from Emergen Research, it is anticipated to sustain a Compound Annual Growth Rate (CAGR) of 6.30% in terms of revenue throughout the projected duration. The expansion in revenue within the automotive lighting market can be attributed to several factors. These include the swift expansion of the automotive industry, the rapid increase in the sales of high-end and luxury vehicles owing to the surge in disposable income, favorable regulations established by governments, and an elevated request for intelligent lighting systems within the automotive sector.

Companies operating within the automotive lighting sector have been making noteworthy progress in recent times. This, in combination with the continuous advancement of pioneering innovations and technologies for vehicle lighting in the automotive industry, holds vital importance for both safety and practicality. Manufacturers consistently devise fresh and innovative lighting solutions to enhance the overall driving experience.

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One example of this innovation is the exploration of lighting systems that incorporate diverse colors or patterns to indicate whether a vehicle is in autonomous mode or preparing to make a turn. This type of illumination has the potential to enhance the visibility of autonomous vehicles and reduce the likelihood of collisions. Furthermore, there is a growing demand for lighting systems that can establish communication with other drivers and pedestrians, a trend driven by the increasing autonomy of vehicles.

The trajectory of vehicle lighting is being molded by a spectrum of inventive trends and technologies. These encompass LED and HID headlights, adaptive headlights, OLEDs, laser headlights, LED underglow lights, and autonomous driving technology. The ongoing development of these technologically advanced products is projected to significantly bolster the revenue growth of the automotive lighting market.

Nonetheless, the existing legal landscape presents a considerable hurdle for Original Equipment Manufacturers (OEMs) aiming to integrate novel headlamp technology. Navigating this landscape demands legal adaptations to accommodate progressive designs, including innovations like adaptive headlights. Failure to make these adjustments could potentially impede the positive trajectory of revenue growth within the worldwide automotive lighting market.

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Scope of Research

Major Companies and Competitive Landscape

The global automotive lighting market is fairly fragmented, with a number of large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major companies included in the global automotive lighting market report are:

• KOITO MANUFACTURING CO., LTD
• STANLEY ELECTRIC CO., LTD.
• Valeo.
• Marelli Holdings Co., Ltd
• FORVIA
• TUNGSRAM OPERATIONS KFT
• MOBIS INDIA LIMITED
• Ford Motor Company
• Koninklijke Philips N.V.
• Zizala Lichtsysteme.

Strategic Development

• On 18 October 2021, REHAU and OSRAM Continental launch a joint development initiative. The goal of the development cooperation between OSRAM Continental and REHAU is to further the integration of external components with light to provide automobile manufacturers with cutting-edge product solutions for more design flexibility and usefulness.
• On 4 May 2021, LG Innotek introduced the Nexlide-E exterior car lighting platform, which combines LEDs and optical film to provide consistent illumination as well as shape and size possibilities. The manufacturer anticipates that the technology will serve in both rear- and forward-facing roles, provide brighter performance, and provide versatility, including the capacity of one Solid-State Lighting (SSL) module to fulfill numerous tasks.

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Some Key Highlights From the Report

• Interior lighting segment accounted for significantly large revenue share in 2022. Innovative lighting has been developed for wellness and customization in passenger vehicles. Increasing preference of car owners for customizing interior lighting in their personal vehicle (ambient lighting) is becoming a highly selling point, as technology progresses from assisted driving to autonomous driving. The lighting in the passenger cabin is a crucial element serving both, functional and aesthetic purposes. Lighting options are available in wide range by automotive manufacturers that are also working to personalize it so that it can remember preferences and turn on when necessary, hence driving the growth of this segment.   
• LED segment accounted for largest revenue share in 2022. One of the most important developments in automotive lighting is the switch from conventional halogen headlights to LED (Light Emitting Diode) headlights. Although LED headlights have been available for a while, their increased use is owing to their greater performance and economy. LED headlights are more energy-efficient, brighter, and more durable than conventional halogen headlights. They also provide additional design freedom, enabling manufacturers to produce more complex and dynamic lighting arrangements.
• Market in Asia Pacific accounted for largest revenue share in 2022 due to rapid consumer acceptance and robust auto sales, Asia Pacific is expected to be the largest market for automotive lighting globally. China and Japan are key contributors to this sector due to their enormous domestic automotive production and sales rates. Additionally, those nations' producers pay close attention to technology developments, which include lighting, which has increased demand for high-tech lighting systems for vehicles. Market development is further aided by rising consumer per capita income and brisk SUV sales in developing nations like India. Segment-specific specialization in the automobile sector is on the rise as each of these nations carves out its niche. Thailand excels in passenger vehicles and pick-up trucks, China in parts, and India in two-wheelers and small cars.   

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Emergen Research has segmented the global Automotive Lighting market on the basis of vehicle Type, application, technology, and region:

• Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
  • Passenger Cars
  • Commercial Vehicles
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Interior Lighting
    1. Ambient Lighting
    2. Footwell Lights
    3. Roof Lights
    4. Boot Lights
  • Exterior Lighting
    1. Headlamps
    2. Fog Lamps
    3. Taillights
    4. Daytime Running Lights (DRLs)
    5. Puddle Lamps
    6. High Mounted Stop Lamp
• Technology Outlook (Revenue, USD Billion; 2019-2032)
  • Halogen
  • Xenon

• • LED

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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