Global Automotive Lighting Market
Global Automotive Lighting Market was valued at US$ 30.21 Bn in 2019 and is expected to reach US$ 48.16 Bn by 2027, at a CAGR of 6.0% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Global Automotive Lighting Market Dynamics
Increasing automobile production to address the increasing consumer demand is the major factor driving the automotive lighting market. Modern automobiles arrange technically advanced systems like driving assistance and lighting control systems. The development and integration of LED and laser technology into modern vehicles are creating growth opportunities for the industry. The introduction of government regulations, like ECE regulations, by the European Commission on the manufacturing of automotive & general lighting products to control the environmental impact and low chemical use, promotes the consumption of modern lighting technology.
Segment Analysis of the Automotive Lighting Market
The automotive lighting market size is witnessing a steady growth with rising demand for automotive vehicles. Automotive vehicles including passenger cars and commercial vehicles need energy-efficient and cost-effective lighting systems to support a safe driving experience. The growing population, increasing automotive production, and the increasing issues of vehicle safety prompted by the government regulations are driving the growth of the automotive lighting market.
Interior lighting application in the automotive lighting market is expected to grow at a 7.5% CAGR from 2018 to 2026. The interior lighting solutions in the automotive lighting market are gaining pull because of the implementation of improved lighting systems in the high-end and recent passenger cars that offer ambient and mood lighting features. Previously, these systems were deployed in luxury cars only, on the other hand, because of the high demand, the solutions are being applied in passenger cars & commercial vehicles. The lighting solutions are used for providing driver safety and ensuring clear visibility.
Several economies have come out with strict lighting regulations, which need a specific brightness or temperature of the headlamps. Automobiles in developed regions have already come up with a higher standard of lighting, but in order to save on expenses, they often do not meet the regulations. This will affect the developing markets to grow at a higher rate.
Regional Analysis of the Automotive Lighting Market
Various countries in the Asia Pacific and Europe, like China, India, Italy, and France, are facing the problem of heavy traffic as well as fog formation because of the large number of four-wheelers and heavy vehicles on the road. Growing traffic congestion has also considerably increased the commute time, which is a noticeable concern for the working-class population. The governments of different countries have adopted various solutions to deal with this situation, like limiting maximum driving speed. One actual solution to this problem of growing traffic is the higher adoption of small-size and compact two-wheelers. So, the increasing demand for two-wheelers in the global market will, in turn, fuel the growth of the automotive lighting market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding Automotive Connectors Market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders prioritizing the efforts and investment in the near future to the emerging segment in the Automotive Connectors Market.
Scope of the Global Automotive Lighting Market: Inquire before buying
Global Automotive Lighting Market, by Technology:
• LED
• Halogen
• Xenon
Global Automotive Lighting Market, by Vehicle type:
• Passenger Cars
• Commercial Vehicles
• Two Wheelers
Global Automotive Lighting Market, by Application:
• Front Lighting/Headlamps
• Rear Lighting
• Interior
Global Automotive Lighting Market, by Region:
• North America
• Asia Pacific
• Europe
• Middle East & Africa
• South America
Key Players in the Global Automotive Lighting Market :
• Magneti Marelli S.p.A.
• Osram Group
• Valeo
• Hyundai MOBIS
• HELLA GmbH & Co. KGaA
• General Electric
• Varroc
• Koninklijke Philips N.V.
• Samsung Electronics Co. Ltd.
• Koito Manufacturing Co., Ltd
• Stanley Electric
• Volkswagen Group
• Mercedes-Benz
• Ford
• Toyota
• TATA
• Mahindra and Mahindra.
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