Redding, Calif., March 13, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled, Automotive lighting market by vehicle type (2-wheeler, passenger car, commercial vehicle), application (Interior exterior (Headlights, fog lights, rear lights)), Lighting Technology (Halogen, Xenon, LED) and Geography – Global Forecast at 2030, The automotive lighting market is projected to reach $31.45 billion by 2030, with a CAGR of 5.1% from 2023 to 2030.
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Vehicles have lighting devices mounted or integrated at the front, rear, sides and, in some cases, the top. Automotive lighting illuminates the road ahead of the driver and increases the visibility of the vehicle, allowing other drivers and pedestrians to see its presence, location, size, direction of travel and the driver’s intentions. Some of the major factors driving the growth of this market include the growing adoption of advanced lighting in vehicles, stringent government regulations on lighting for better visibility and safety, and the rise of automotive manufacturing in emerging economies. Additionally, the high demand for adaptive lighting systems in passenger and entry-level SUVs is expected to provide significant opportunities for this market to grow. However, the high cost of LEDs is holding back the growth of this market to some extent.
The automotive lighting market is segmented by vehicle type (2-wheelers, passenger cars, commercial vehicles (trucks, vans, buses, special vehicles, heavy equipment, other commercial vehicles)), application (interior lighting (ambient lighting, feet, roof and other interior lights), exterior lighting (headlights, fog lights, taillights, daytime running lights (DRL) and other exterior lights), lighting technology (halogen, xenon, LED and other lighting technologies), sales (OEM, aftermarket) and geography.The study also assesses industry competitors and analyzes the market on a regional and country level.
Rising automobile production in emerging economies is expected to drive the growth of the automotive lighting market
During the last decade, the automotive market in developed countries has remained stable and maintained a steady production rate. Conversely, several emerging markets, particularly in the Asia-Pacific region, have doubled in market size in recent years. Emerging markets are expected to contribute significantly to the continued growth of the modern automotive industry as the automotive industry is focusing on moving into emerging markets from mature markets.
Some countries with a large demographic base are in the process of urbanizing, and a significant degree of industrialization has largely supported the growth of the automotive market in recent years. The automotive industry in South Korea, Brazil, China and India is currently experiencing impressive growth as governments have played a significant role in the evolution of this industry. South Korea entered the automotive industry relatively late, but the country has made the most significant progress and is now exporting cars to more developed markets.
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The Indian automotive industry is also experiencing a revolution with rapid growth and the entry of a large number of leading companies in this market. Emerging economy countries are building momentous manufacturing capabilities and have the potential to become significant players in the global automotive industry. Therefore, automotive production in emerging economies is continuously increasing which drives up the demand for automotive lighting.
According to the type of vehicle, the automotive lighting market is segmented into 2-wheelers, passenger vehicles and commercial vehicles. In 2023, the passenger vehicle segment is expected to account for the largest share of the global automotive lighting market. Increased demand for passenger cars due to increasing population of middle income group, increasing adoption of advanced lighting in passenger cars and increasing production of passenger cars across the globe are major factors attributed to the large market share of this segment. According to the Organization Internationale des Constructeurs d’Automobiles (OICA), 57,054,295 passenger cars were produced globally in 2021. Moreover, consumers are also inclined towards these vehicles due to the availability of budget options in these vehicles. This segment is also expected to experience the highest CAGR during the forecast period.
Based on the application, the automotive lighting market is divided into indoor lighting and outdoor lighting. In 2023, the exterior lighting segment is expected to account for the largest share of the global automotive lighting market. However, the indoor lighting segment is expected to register the highest CAGR during the forecast period. Falling LED prices and growing awareness of energy efficiency are attracting more and more consumers to ambient lighting. Several automotive light manufacturers offer advanced interior lighting, which is expected to drive growth in the segment. For example, in December 2020, OSRAM GmbH (Germany) launched its Ostune E1608 and E3030 car interior lights, with a wide color temperature range from 2700 to 6500K, which are highly energy-efficient.
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Based on lighting technology, the automotive lighting market is segmented into halogen, xenon, LED and other lighting technologies. In 2023, the LED segment is expected to account for the largest share of the global automotive lighting market. LEDs are increasingly used in automotive applications due to their energy efficiency, weight reduction and space-saving qualities. Intelligent LED applications such as low beam, adaptive high beam, dynamic signaling and rear lighting make driving safer. Vehicle manufacturers are showing great interest in integrating LED lights into vehicles, as these lights consume less energy and have a longer life than halogen and HID lights.
Based on geography, The automotive lighting market is segmented into North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. In 2023, Asia-Pacific is expected to account for the largest share of the automotive lighting market. This segment is also expected to experience the highest CAGR during the forecast period. Rising vehicle production, growing demand for autonomous and luxury vehicles, growing sales of electric cars, stringent government regulations for automotive lighting, and technological development in the automotive industry are driving the growth of the market.
Some of the major players operating in the automotive lighting market are KOITO MANUFACTURING CO., LTD (Japan), Stanley Co., Inc. (United States), Valeo (France), Marelli Holdings Co., Ltd. (Italy) , HELLA GmbH & Co. KGaA (Germany), Tungsram (Hungary), Lumax Industries (India), OSRAM GmbH (Germany), Koninklijke Philips NV (Netherlands), ZIZALA Lichtsysteme GmbH (Austria), Robert Bosch GmbH (Germany), ICHIKOH INDUSTRIES, LTD .(Japan), Continental AG (Germany), Hyundai Mobis (South Korea) and Varroc Group (India).
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Purpose of the report:
Automotive Lighting Market, by Vehicle Type
- 2 wheels
- Passenger vehicles
- Commercial vehicles
- Truck
- Semi Trucks
- Vans
- pickup truck
- Vans
- Bus
- Passenger bus
- Coaches and campers
- Special vehicles
- Heavy equipment
- Construction equipment
- Mining equipment
- Agriculture equipment
- Other commercial vehicles
- Truck
Automotive Lighting Market, by Application
- Interior lighting
- Ambient lighting
- Footwell lights
- Roof lights
- Other interior lighting
- Outdoor lighting
- Lighthouses
- Fog lights
- Rear lights
- Daytime Running Lights (DRL)
- Other external lights
Automotive lighting market, by lighting technology
- Halogen
- Xenon
- DRIVEN
- Other lighting technologies
Automotive lighting market, by sales channel
Automotive Lighting Market, by Geography
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Holland
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- Israel
- United Arab Emirates
- Rest of the Middle East and Africa
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Related report:
Smart Lighting Market: Global Opportunity Analysis and Industry Forecast (2022-2029)
https://www.meticulousresearch.com/product/smart-lighting-market-5362
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