Automotive Lighting Market Foresees Big Future Ahead!

The Global Automotive Lighting Market is projected to grow from USD 18.4 billion in 2019 to USD 23.3 billion by 2027, at a CAGR of 3.0% during the forecast period. An increase in premium and SUV sales and advancements in lighting technology are some of the major factors driving the growth of the lighting market for automotive.

The key players automotive lighting market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan) and Zizala (Austria).

LED light technology is estimated to grow at the fastest CAGR during the forecast period

Premium vehicles are installed typically with LED lights due to their numerous benefits such as low power consumption, more adaptive features, and high aesthetic value. Moreover, LED headlights have less impact on the driver who is on the opposite side in comparison to xenon lights, and hence, this technology is accepted widely in the market. An increasing number of newly manufactured vehicles installed with LED lighting systems is expected to drive the growth of the segment.

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Automotive lighting for the passenger car segment is estimated to be the largest market

The penetration of advanced lighting in the passenger vehicle segment is higher in comparison to other vehicles, including LCVs, buses, and trucks. The rising sales of passenger vehicles, coupled with the willingness of consumers to pay more for cars, are expected to drive the market in this segment. The global passenger vehicle production is expected to increase from 59.8 million units in 2018 to 61.4 million units in 2019. The year-on-year production growth is likely to propel the growth of the segment over the forecast period.

The Asia Pacific is likely to be the largest market during the forecast period

The Asia Pacific is anticipated to be the largest market in the global market due to rapid consumer adoption and high sales of automobiles. China and Japan garnered the largest shares within the market due to the high production & sales of vehicles, domestically. Additionally, manufacturers in these countries focus on technological advancements, including lighting, thus, driving the demand for automotive lighting. The rise in the consumer per capita income and high sales of SUVs in emerging economies such as India will drive the market further.

There has been a high demand for advanced lighting due to the increase in premium car sales. Increasing adoption of the advanced lighting in the lower and mid-segment cars is expected to open new opportunities for the growth of the market in this region during the forecast period.

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Key Questions addressed by the report:

• What is the scenario of the automotive lighting market in different regions (Europe/North America /Asia Pacific/Brazil/Russia)?
• Which of the adaptive lighting applications (On/Off, bending/curve, high beam assist, headlight leveling, rear adaptive, ambient light) will fare ahead of the others?
• What are the key market trends impacting the growth of the automotive lighting market?
• Which of the technologies (halogen, LED, xenon) is likely to be implemented the most during the next eight years?
• What opportunities and threats are faced by the automotive lighting market vendors?
• What are the key factors driving the global automotive lighting industry?
• What are the key challenges for the seamless growth of the automotive lighting market?
• What strategic initiatives are being implemented by the key players for business growth?
• What are the M&A activities that have transpired in the last five years in this market, and what impact have they had on the industry?