Automotive Lighting Market Size | Share | Trend | Global Industry Growth Prospects to 2027
Author : Ajit B | Published On : 09 Jun 2021
Automotive Lighting Market Overview:
The global automotive lighting market is garnering substantial traction. The market growth attributes to reformed government regulations and increasing demand for enhanced safety in automobiles. Besides, rising trends of growing sales of passenger vehicles and the disposable income of middle-income groups drive the market demand. Moreover, the spurting demand from the OEM and aftermarket sectors escalates market sales.
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According to Market Research Future (MRFR), the global automotive lighting market valuation is expected to reach over USD 32,800.0 MN by 2025, growing at 6.0% CAGR during the review period (2019 – 2025). Growing urban population and expansion of global auto-manufacturers into new emerging markets positively influence market growth. Also, changing consumer demands accelerate the development of the market, driving the aftermarket industry.
Additionally, the augmenting demand for the highest quality and reliable lighting solutions influence the growth of the market. Efficient lighting is the most essential aspect of automobiles; therefore, they are much in demand. Longer-lasting and energy-efficient lighting systems have an enormous impact on the automotive industry's economy. Over the last decade, automobiles' production and sales have spurted worldwide, which in turn, substantiates the demand in the market.
The automotive industry is increasingly focusing on ensuring minimal inconvenience to drivers by facilitating optimized operational techniques. This adds up significant growth prospects to the market. Rising R & D investments to develop automotive lighting systems and upgrade the performance and efficiency of existing lighting systems push market growth. Moreover, rapid advances in lighting technologies such as halogen, xenon, and LED, influence the growth of the market.
LEDs would be the predominant light source in car headlights/ front lights as their compactness and energy efficiency are significant advantages over conventional technologies. Also, LEDs make it easy to achieve the brightness values in rear lights, sidelights, and interior lights required by today's customers.
Global Automotive Lighting Market Segments
The report is segmented into five dynamics;
By Technology : Halogen, Xenon, LED, and others.
By Vehicle Type: Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles.
By Application : Front Lights, Rear Lights, Side Lights, and Interior Lights.
By End-Market : OEM and Aftermarket.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Automotive Lighting Market Growth andRegional Analysis
Europe dominates the global automotive lighting market. The largest market share attributes to new emission standards regulated by the government. Besides, the presence of several notable players drives the automotive lighting market in the region. Moreover, high growth in production and sales of automobiles in the region fosters the development of the regional market.
Germany accounts for the significant share in the regional market, followed by the UK and France, owing to its leading automakers and smart technologies. The European automotive lighting market is projected to retain its dominance throughout the estimated period.
North America stands second in the global automotive lighting market. Automotive vehicle manufacturers' participation drives the market growth, and increasing demand for luxury cars across the region boosts the regional market growth. Additionally, advantages of LED lighting, such as energy efficiency and contribution to reducing greenhouse gas emissions, increase regional Automotive Lighting market size.
Moreover, the emergence of high-quality automotive lighting systems that can improve traffic safety influences the growth of the regional market. The North America automotive lighting market is expected to witness significant growth during the assessment period.
The Asia Pacific automotive lighting market has emerged as a profitable market, globally. Factors such as the rising automotive industry and demand for luxury cars spur regional market growth. China, Japan, and India are the major markets for automotive lighting systems. The APAC automotive lighting market is anticipated to register a substantial CAGR during the coming years.
Global Automotive Lighting Market – Competitive Analysis
The automotive lighting market appears to be highly competitive due to the presence of several small and large-scale players. These players incorporate strategic initiatives such as innovations in products and manufacturing techniques, mergers & acquisitions, and brand reinforcement to churn the market competition and maintain their positions in the market.
Players leading the global automotive lighting market include Philips Lighting NV (Netherlands), Magneti Marelli (Italy), Ichikoh Industries Ltd (Japan), Koito Manufacturing Co., Ltd (Japan), HELLA KGaAHueck& Co (Germany), ZKW Lichtsysteme GmbH (Austria), OSRAM GmbH (Germany), Peterson Manufacturing Company (US), Stanley Electric Co. Ltd (Japan) and General Electric (US), among others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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