The global automotive lighting market reached USD 33.04 Billion in 2022 and is predicted to touch USD 56.17 Billion by 2032, with a CAGR of 5.50% during the forecast period 2023 to 2032.
Lighting is a crucial element in an automobile that is used for providing illumination to the driver. Further, lighting also help pedestrians and other drivers on road to detect the position of the vehicle along with size and direct of the movement. It provides aesthetic look to both exterior and interior part of the vehicle and at the same time enhances the conspicuity. Automotive lighting comprises of signaling and lighting devices. They are mounted on the different parts and locations of the vehicle such as top, rear, front, and interiors. Conventionally, halogen technology was significantly used for the automotive lighting due to its easy availability and low cost. However, Xenon and LED were the most prominent lighting technology used in the automotive sector.
Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1079
Growing emphasis towards road safety along with stringent government norms regarding vehicle illumination are some of the most prominent factors that drives the market growth. Rising demand for adaptive and efficient lighting system to provide optimum illumination on-road significantly triggers the advancement in lighting technology. Proper vehicle lighting system can also prevent road accidents that occur due to visibility error in harsh environment. As per World Health Organization (WHO) report, an average 1.25 million people die every year due to road accidents. In addition, insufficient visibility was accounted as the prime factor for increasing number of road accidents worldwide. In the wake of same, governments of various regions have formulated effective regulations related to the application of lighting systems in an automobile. For instance, the European Union (EU) has mandated the implementation of Daytime Running Lights (DRL) in the region owing to unfavorable weather conditions. However, high installation cost of LED lights expected to restrict the market growth.
Read More: Third-party Logistics Market Expected To Top $2.43 Trillion By 2032
Report Highlights
Regional Snapshots
The Asia Pacific is the most attractive region in the global automotive lighting market that accounted for maximum revenue share of around 40% in 2019 and also exhibits the rapid growth over the analysis period. The significant growth of the region is mainly due to increasing demand for passenger vehicles in the region. High disposable income along with prominent growth in Gross Domestic Product (GDP) of various Asian countries offers significant growth prospect for the passenger cars in the Asia Pacific region, thereby propelling the growth of automotive lights in the region. China, India, Taiwan, and Japan are the major manufacturing hubs for automotive sector, thus propel the growth of automotive lights production in the region.
Key Players & Strategies
The global automotive lighting market is highly consolidated and competitive in nature. The major market share is occupied by the major market players including Hella, Stanley Electrics, Hyundai Mobis, Valeo, ZizalaLichtsysteme, Philips, and General Electrics. These industry participants believe significantly in joint venture, product launch, and regional expansion. For instance, Koito Manufacturing Co., Ltd. introduced its new manufacturing facility for automotive lights in China as Hubei Koito Automotive Lamp Co. Ltd. Further, they invest significantly in the research and development of advanced and effective lighting solution. Further, a market trend to invent a cost-effective LED solution and many other related solutions influence the market players to invest prominently in research & development activities.
Some of the key players operating in the market are HellaKGaAHueck& Co., DENSO Corporation, Koito Manufacturing Co. Ltd., Hyundai Mobis, Valeo, OsramLicht AG, Koninklijke Philips N.V., Stanley Electric Co. Ltd., ROBERT BOSCH GmbH, and ZizalaLichtsysteme GmbH among others.
Market Segmentation
By Technology
By Product Sale
By Vehicle Type
By Application
By Regional Outlook
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
The global automotive seat market size is calculated at USD 94.13 billion in 2024 and…
The global pit bike market size reached USD 2.14 billion in 2023 and is projected…
The global go kart market size is calculated at USD 154.66 billion in 2024 and…
The global industrial electric vehicle market size is calculated at USD 26.04 billion in 2024…
The U.S. automotive retrofit electric vehicle powertrain market size reached USD 64.62 billion in 2023…
The global industrial vehicle market size reached USD 41.72 billion in 2023 and is projected…