Automotive Lighting Market Overview
According
to recent research information, the global automotive lighting market is witnessed at USD 40.1 billion in 2019
and is estimated to reach USD 46.48 billion with a significant CAGR of 6.18%
during the forecast period 2024-2032.
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 also rises the vehicle’s
conspicuity. In the recent innovations, these lighting equipment are mounted at
various locations of the vehicles like the front, top, rear, and interiors.
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 also rises the usage of passenger vehicles which
accelerates the demand for automotive lighting technology.
The
automotive lighting market 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.
Automotive Lighting Market Segmentation
By
the recent updates, the global automotive lighting market 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.
Automotive Lighting Market Regional Analysis:
As
per the automotive lighting market 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 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.
Automotive Lighting Industry News
Based
on recent research, the automotive lighting market 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 PixCell 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 also increases the convenience of
overall driving.
Read
more report:
Off-road
Electric Vehicles Market
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