The global automotive lighting market accounted for USD 23.0 billion in 2019. Lighting market projected to register growth at a CAGR of 5.1% during forecast period.
COVID-19 has impacted automotive sector significantly. The production and assembly plants were temporarily shut the supply of finished products and raw materials were affected immensely due to travel restriction and lockdown imposed by governments around the world. the export and imports were also immensely affected due to international border closers and limited operation of flights. The vehicles sales have been hit and experienced a major decline due corona virus outbreak. This has impacted lightning components production around the world. The innovation in lightning components has been hampered due to low budget allocation. Companies are trying their best to uplift the market situation.
For more details, visit: Global Automotive Lighting Market By Technology (LED, Xenon, Others), By Vehicle Type (Passenger Car, Commercial Vehicle), By Application (Interior Lighting, Rear Lighting, Others), By Region–Forecast & Opportunities to 2026
The government has setup certain set of rules and regulation for lighting due to rising accidents cases across the world. Vehicle lightning is very important for drivers and pedestrian to ensure road safety. This drives growth in lightning market in automotive sector during forecast period.
On the basis of technology, the automotive lighting market is segmented into LED, xenon and halogen. The LED technology projected to register growth at highest CAGR during forecast period. LED lights are majorly used in premium vehicles. LEDs consumed less power and they have more adaptive features. The impact on opposite side’s driver is less with LED headlights. The adoption of LED lights is increasing immensely in by manufacturers around the world. This is likely to drive growth in LED market.
On the basis of vehicle type, the automotive lighting market is segmented into passenger vehicle, light commercial vehicle and high commercial vehicle. The passenger vehicle market is estimated to register growth at highest CAGR during the forecast period. Sales of passenger vehicles have been increasing around the world. The production of this segment is also increasing this drives growth in passenger vehicle market.
On the basis of application, the automotive lighting is segmented into interior lighting, rear lighting, side lighting and headlamps. The interior lighting segment is expected to witness highest growth during forecast period. It is expected to reach a value of USD 5.0 billion by 2026. Consumer’s demand for interior lighting is increasing around the world. The light sensitive to movement and surroundings are highly in demand by the consumer who drives modern passenger vehicle and luxury cars.
Asia-Pacific region is expected to register growth at highest CAGR during the forecast period. The adoption and sales of vehicles is increasing especially passenger vehicles in this region. Japan and China have highest production of vehicles and the sales are also highest in these countries. The rapid technological advancement in various countries in Asia-Pacific in lighting leads to adoption of advanced lighting systems in vehicles. This is driving growth in this region during forecast period.
The key market players in automotive lighting market are Hella, Valeo, Osram, Continental AG, Philips, Bosch, Hyundai, Ichikoh Industries, Koito Manufacturing, Stanley Electric, Magneti Holdings, Zizala Lichtsysteme GMBH, NXP Semiconductors, Aptiv Plc, Grupo Antolin, Federal-Mogul Corporation, Lear Corporation, Gentex Corporation and Flex-N-Gate. The major players are focusing on new product launches and investing more on R&D sector to bring innovation in lighting market in automobiles.
- What are the expected industry trends over the next three to five years?
- Which of the automotive lighting technology is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?