Market Overview
According to recent research information, the global automotive lighting market Value is witnessed at USD 40.1 billion in 2019 and is estimated to reach USD 51.4 billion with a significant CAGR of 7.1% during the forecast period 2021-2027.In automotive vehicles, lighting plays an important role in providing illumination for the driver. This lighting also helps the drivers and pedestrians in various things like detecting the vehicle's position, size of the road, and direction of movement.
Moreover, this lighting adds an aesthetic look to both the interior and exterior parts of the vehicle and rises the vehicle’s conspicuity. In the recent innovations, this lighting equipment are mounted at various locations of the vehicles like the front, top, rear, and interiors.
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Market Segmentation
By the recent updates, the global automotive lighting market Value is categorized into four segments like technology, vehicle type, application, and end market.
Technology Segmentation: The automotive lighting technologies are trifurcated into Halogen, Xenon, and LED.
Vehicle Type Segmentation: The automotive lighting by vehicle type is classified into three types as Passenger car, Light Commercial Vehicle, and Heavy Commercial Vehicle.
Application Segmentation: The automotive lighting applications are front lights, rear lights, sidelights, and Interior Lights.
End Market Segmentation: By the end market, the automotive lighting is bifurcated into OEM and Aftermarket.
The automotive lighting system protects people to avoid accidents and enables a safe journey. The government also Halogen is the most used lighting technology for its low cost and easy availability. Xenon and LED are two other prominent lighting technologies. Due to the rising disposable income, changing lifestyle, and transportation requirements, the automotive lighting system is highly demandable. The growth in the urban population leads to the expansion of auto-manufacturers into new emerging markets and rises the usage of passenger vehicles which accelerates the demand for automotive lighting technology.
The automotive lighting market Value opportunities are the government’s new emission standards, rising demand for luxury cars in the urban countries, growing sales of passenger cars, rising usage of lighting in vehicles, the rising popularity of LED lights, and introducing advanced technologies.
Regional Analysis:
As per the automotive lighting market Value share and other aspects, the regional market is divided into four major regions such as Asia-Pacific, North America, Europe, and the Rest of the World. Out of these regions, Asia-Pacific holds the largest market share due to the rising sales of passenger cars, growing usage of lighting on vehicles, the rising popularity of LED lights, increasing technological innovations. Moreover, North America is holding the second leading position in the market due to the presence of big giants in automotive lighting. Apart, the growing demand for passenger cars increases the automotive lighting market Value in this region.
The prominent key players of automotive lighting are Philips Lighting NV (Netherlands), HELLA KGaA Hueck & Co (Germany), ZKW Lichtsysteme GmbH (Austria), OSRAM GmbH (Germany), General Electric (US), Magneti Marelli (Italy), Ichikoh Industries Ltd (Japan), Koito Manufacturing Co., Ltd (Japan), and others.
Industry News
Based on recent research, the automotive lighting market Value forecast states that this lighting sector is expected to reach immense growth by launching new automotive LED products. The most popular enterpriser Samsung launched an innovation of an automotive LED module for smart headlights named Pixel LED in April 2021. This module improves driving visibility, contributing to the industry statistics. The Adaptive Driving Beam (ADB) system improves visibility and enables safety at night and in poor weather conditions and increases the convenience of overall driving.
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