Automotive Lighting Market reaching a value of about US$ 39.77 Bn by 2026 end
Global Automotive Lighting Market: Snapshot
According to the latest market intelligence studies, the global automotive lighting market is set to record an impressive growth rate of 6.55 % over the forecast period of 2022 to 2026. The studies also indicate that the global automotive lighting market will surpass the initial evaluation, taken in 2021, of US$ 26.49 billion.
The global automotive lighting market is anticipated to hit the evaluation mark of US$ 39.77 billion at the end of the forecast period i.e. 2021 to 2026.
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The products and solutions offered by the manufacturers and players in the global automotive lighting market are used in both commercial automotive vehicles as well as in passenger automotive vehicles.
These products are made using various technologies, such as xenon, halogen, and LED, among others. Some of the key applications for the solutions and equipment offered by the players in the global automotive lighting market include exterior lighting as well as interior lighting.
The manufacturers and players working in the landscape of the global automotive lighting market are focused on delivering new products through undergoing intense research and development activities to develop new lighting products that feature new age technologies.
To achieve this, several players and manufacturers in the global automotive lighting market are partnering and collaborating with one another to make use of their combined resources. LED technologies have gathered considerable interest in the global automotive lighting market in the recent past.
Their low power consuming and bright output providing nature attracts the attention of both conusmers as well as original equipment manufacturers of OEMs in the global automotive lighting market.
Furthermore, the LED solutions in the global automotive lighting market offer enhanced durability as well as strength, which has led to dramatic adoption of LED technologies to be integrated in the products in the global automotive lighting market in recent years.
The automotive lighting market has been projected to grow at a noticeable speed in the foreseeable years. The growth impetuses in the automotive lighting market are commonly attributed to the increasing importance of lighting in automotive vehicles as they are helpful for drivers to get clear visibility while driving on the road.
The systems from the automotive lighting market are also helpful for pedestrians along with pedestrians on the highways or roads in order to detect the position, size, and direction of the movement. In addition to this, the system adds to the aesthetic looks of not only the exterior but also the interior parts of the vehicles. The system from the automotive lighting market is used to increase the conspicuity of different vehicles. So, on the basis of these features, the automotive lighting market is predicted to grow at a noticeable speed in the following years.
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The equipment from the automotive lighting market is placed at various locations in the vehicles, for example, interiors, top, rear, and front. These lighting systems include signaling and lighting devices.
The automotive lighting market is predicted to grow at a significant speed owing to the rising emphasis on road safety and increasing production of the automobile at a rapid pace. In addition to this, there has been a noteworthy increase in the implementation of the government regulations that drives expansion avenues in the automotive lighting market in the foreseeable years.
On the flip side, the LEDs available in the automotive lighting market are comparatively costly. Along with this, the fluctuation in the prices of raw materials is also estimated to curtail the growth impetuses in the automotive lighting market. But, increasing demand for vehicles across the world in developing nations along with rising demand for advanced technology among vehicles have also been predicted to create novel development avenues in the automotive lighting market in the foreseeable years.
With the rising demand for vehicles on a global scale, the global market for automotive vehicles has been ascending at an exceptional pace. As a result, the demand for automotive lighting will propel the demand for automotive lighting, a crucial aspect of vehicles. Automotive lighting is being developed to provide cost-effective yet efficient lighting systems in order to ensure safety of the passengers while driving.
Moreover, a number of manufacturers have been reducing energy consumption by incorporating energy efficient technologies, in alignment with environment-friendly efforts. The expanding automotive industries in several regions, growing global population, and the rising disposable incomes of people are encouraging the growth of the global automotive lighting market. In addition to these factors, the government regulatory policies worldwide pertaining to the safety of passengers has also been triggering demand.
In addition, advent of innovative technologies recently is expected to aid the expansion of the global automotive lighting market. For instance, in February 2017, Covestro, one of the leading polycarbonate producers in the world, has collaborated with Hella KGA Hueck & Co., a German automotive lighting company, to introduce a transparent PC-based film that is coated with polyurethane, producing a 3D effect. Polyurethane coating enables the imprinting of different images, which is not only meant to enhance the appearance but also safety.
On the other hand, the high costs of HID and LED lighting systems might prevent further expansion of the market due to the presence of several price conscious consumers, particularly in the emerging economies. Another key restraint that might challenge the growth of the market is the vast volume of investment required for conducting research and development activities. However, the effect of these factors can be counterbalanced by the growing need for latest lighting solutions featuring stylish, aesthetic designs and advanced technologies.
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Global Automotive Lighting Market: Overview
Automotive lighting plays an important role in the enhancing several aspects related to the safety, visibility, and aesthetics of a vehicle. Central to vehicle of any variety, commercial, private, big or small, the field of automotive lighting has evolved significantly in terms of improved visibility, design, technology, and energy consumption in the past few years. The recent developments in the LED lighting field have significantly helped the automotive industry achieve significant success in lowering down the energy consumed by lighting units.
This report on the global automotive lighting market presents an overview of many more developments to have influenced the market and its growth in the past few years. A detailed overview of the present state of the market and verifiable predictions about the future growth prospects of the market and its key elements are also included in the report. The report also presents a thorough analysis of factors such as growth drivers, trends, restraints, regulatory framework, and competitive landscape, which are expected to have a significant influence on the future state of the market.
Global Automotive Lighting Market: Segmentation
The report segments the global automotive lighting market on the basis of criteria such as technology, position, vehicle type, and geography. On the basis of position of the automotive lighting, the market is segmented into front, rear, side, and interior. The front lighting unit commonly comprises fog lamp and head lamp units. The head lamp unit further includes low and high beam units, daytime running lamp (DRL) unit, and indicator. Tail lamp unit includes the position lamp, stop lamp, and indicators. Interior lighting, used to enhance the visibility in car interiors, is used to improve the aesthetic appeal of the vehicle.
In terms of lighting technology commonly used in automobiles, the report analyzes the market on the basis Xenon/HID, Halogen, and LED (light emitting diode). In terms of vehicle type, the market is segmented into passenger cars, light and commercial vehicles, and two wheelers. In terms of geography, the market has been analyzed for regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Global Automotive Lighting Market: Drivers and Restraints
The rising global demand for automobiles is the foremost factor driving the overall global demand for automotive lighting market. The vast rise in an affluent consumer base across emerging economies such as India, China, and Brazil has, especially, fuelled the passenger vehicles market in these regions, thus positively impacting the overall development of the automotive lighting market. The rising numbers of vehicle production units in these countries are also leveraging the demand for automotive lighting units.
In the next few years as well, the market for automotive lighting is expected to earn a massive chunk of its revenue owing to demand and supply across these emerging economies, with developed markets such as North America and Europe witnessing moderate growth owing to stagnancy.
Global Automotive Lighting Market: Companies Mentioned in the Report
In the highly competitive automotive lighting market, a large number of small and large players compete in terms of product features, material, aesthetics, and cost. Some of the key vendors in the market are Stanley Electric Co. Ltd, Zizala Lichtsysteme GMBH, Varroc Lighting Systems, Changzhou Xingyu Automotive Lighting Systems Co. Ltd, Wipac Limited, TYC Brother Industrial Co. Ltd, Osram GMBH, Koito Manufacturing Co. Ltd, General Electric, Hella Kgaa Hueck & Co., and Ichikoh Industries Ltd.
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Published Tue, 17 May 2022 01:36:37 -0500
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