Automotive Lighting Market Size [2023
Automotive Lighting Market to Reach USD 67.39 Billion by 2030; Rising Focus on Vehicle Safety Surges Demand for Advanced Lighting Solutions
Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The global automotive lighting market size was USD 33.64 billion in 2022. The market is projected to grow from USD 36.51 billion in 2023 to USD 67.39 billion by 2030, exhibiting a CAGR of 9.2% during the forecast period.
Car lights play a crucial role in assisting drivers in detecting uneven road surfaces, monitoring other vehicle movements, identifying pedestrians, and recognizing potential road hazards. The growing emphasis on road safety and the importance of maintaining and upgrading vehicle lighting systems are driving consumer demand for high-quality lights. Fortune Business Insights presents this information in their report titled "Global Automotive Lighting Market, 2023–2030."
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Report Highlights:
Report Coverage
Details
Forecast Period
2023-2030
Forecast Period 2023 to 2030 CAGR
9.2%
2030 Value Projection
USD 67.39 Billion
Base Year
2022
Market Size in 2022
USD 33.64 Billion
Historical Data for
2019-2021
No. of Pages
235
Market Drivers & Restraints-
Advancements in LED Technology Drive Market GrowthLED technology has gained significant traction in the automotive lighting sector. This can be attributed to the numerous benefits offered by LEDs, including energy efficiency, extended lifespan, quicker response times, and versatile design options. For instance, Ford, introduced a smart lighting system in April 2021 that utilizes LED technology to illuminate approaching corners, enhancing obstacle detection capabilities.
On the contrary, challenges for heat management and the high price of LED may limit the automotive lighting market growth.
COVID-19 Impact-
Supply Chain Disruptions Negatively Affected Market GrowthThe global automotive supply chain experienced significant fluctuations in growth due to the COVID-19 pandemic. The outbreak disrupted manufacturing facilities globally and led to a decline in vehicle sales. The shutdown of manufacturing facilities and the halt in new car sales had a direct impact on the production of vehicle lighting components.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-lighting-market-101978
Segments-
Passenger Vehicles Segment Poised to Dominate Due to Technological Advancements in Lighting
Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The passenger vehicles segment is projected to have a significant presence in the market throughout the forecast period. This dominance is attributed to the rising sales of passenger vehicles and advancements in lighting technology, which are expected to drive market growth.Enhanced Front Lighting Systems and LED Technology to Boost Segmental Growth
By application, the market is segmented into rear lighting, front lighting, side lighting, and interior lighting. The adoption of innovative technologies, including laser lighting, in headlights is expected to lead to the front lighting segment’s dominance. There is a growing demand for advanced front lighting systems that provide clear visibility for drivers at night, leading to an increased demand for LED lighting solutions.
LED Segment Set to Dominate the Market with Energy Efficiency and Advanced FeaturesBased on technology, the market is classified into halogen, LED, and xenon. During the projected period, the LED segment is expected to hold the largest market share. This is attributed to the energy-efficient nature and superior power output of LED lights compared to halogen bulbs.
Geographically the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights-
Asia Pacific Drives Market Growth with Increasing Vehicle Production
Asia Pacific holds the largest automotive lighting market share due to the increased production of vehicles in the region. The rising demand for both passenger and commercial vehicles is a key factor contributing to the growth of the market. Europe is anticipated to grow steadily due to early adoption of innovative lighting solutions.
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Report Coverage-
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market. • Comprehensive insights into regional developments. • List of major industry players. • Key strategies adopted by the market players. • Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Competitive Landscape-
Magneti Marelli Dominates the Market due to Collaboration and Partnerships
Magneti Marelli solidifies its global market position through strategic partnerships and collaborations with major automotive lighting companies, resulting in the development of high-end automotive components.
List of Key Players Covered in Automotive Lighting Market Report-
Robert Bosch GmbH (Germany)
Hella KGaA Hueck & Co. (Germany)
OSRAM Licht AG (Germany)
Valeo (France)
Koito (Japan)
Marelli Corporation (Italy)
Continental AG (Germany)
Hyundai Mobis (South Korea)
Koninklijke Philips (Netherlands)
Varroc Engineering Limited (India)
Stanley Electric Co., Ltd. (Japan)
Automotive Lighting Market Segmentation-
By Vehicle Type
Passenger Vehicles
Commercial Vehicles
By Technology
LED
Halogen
Xenon
By Position
Rear Lighting
Front Lighting
Side Lighting
Interior Lighting
Notable Industry Development:
June 2022 - Koito announced to strengthen its partnership with Cepton by expanding collaboration efforts. The partnership will focus on developing innovative automotive solutions.
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Table of Content:-
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Market Trends
Key Insights
Key Industry Developments - Mergers, Partnerships, and Collaborations
Latest Technological Advancements
Porters Five Forces Analysis
Impact of COVID-19
Global Automotive Lighting Market Analysis, Insights and Forecast, 2019-2030
Key Findings / Definition
Market Analysis, Insights and Forecast - By Vehicle Type
Passenger Cars
Commercial Vehicles
Market Analysis, Insights and Forecast - By Technology
LED
Halogen
Xenon
Market Analysis, Insights and Forecast - By Position
Rear Lighting
Front Lighting
Side Lighting
Interior Lighting
Market Analysis, Insights and Forecast - By Region
North America
Europe
Asia Pacific
Rest of the World
North America Automotive Lighting Market Analysis, Insights and Forecast, 2019-2030
Market Analysis, Insights and Forecast - By Vehicle Type
Passenger Cars
Commercial Vehicles
Market Analysis, Insights and Forecast - By Technology
LED
Halogen
Xenon
Market Analysis, Insights and Forecast - By Position
Rear Lighting
Front Lighting
Side Lighting
Interior Lighting
Toc Continued……
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Request a Free sample of Research ReportReport Highlights:Report CoverageDetailsMarket Drivers & Restraints-Advancements in LED Technology Drive Market GrowthCOVID-19 Impact-Supply Chain Disruptions Negatively Affected Market GrowthTo get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:Segments-Passenger Vehicles Segment Poised to Dominate Due to Technological Advancements in LightingEnhanced Front Lighting Systems and LED Technology to Boost Segmental GrowthLED Segment Set to Dominate the Market with Energy Efficiency and Advanced FeaturesRegional Insights-Asia Pacific Drives Market Growth with Increasing Vehicle ProductionBuy now this ReportReport Coverage-Competitive Landscape-MagnetiMarelli Dominates the Market due to Collaboration and PartnershipsList of Key Players Covered in Automotive Lighting Market Report-Automotive Lighting Market Segmentation-By Vehicle TypeBy TechnologyBy PositionNotable Industry Development:June 2022 -Have Any Query? Ask Our ExpertsTable of Content:-Toc Continued……Ask For CustomizationAbout Us:Contact Us: