The Automotive Lighting Market Is Estimated To Record a CAGR of Around 5.74% During The Forecast Period
Market Highlights
The Global Automotive Lighting market is projected to be valued at USD 607.2Billion by 2033, recording a CAGR of around 5.74% during the forecast period. The automotive lighting market is a rapidly growing industry, with a total revenue of US$ 27.7 billion in 2017. This market is driven by exterior lighting, particularly headlamps, which generate more than two-thirds of the total market revenue.The increasing adoption of LED technology in automotive lighting is a significant trend, with the number of LEDs in modern cars expected to increase from €25/vehicle to €35/vehicle by 2023.The new generation of LEDs, the µ-LED, is expected to play a major role in this market segment.The automotive lighting market is dominated by five major players, including Japan’s Koito and Stanley, Italy’s Magneti Marelli, France’s Valeo, and Germany’s Hella.The market is expected to grow at a CAGR of 57% between 2016 and 2022, reaching US$ 35.9 billion by 2022.The largest markets for automotive lighting are North America, Europe, and South Asia, with adoption being driven by cities looking to reduce high energy and labor costs
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The COVID-19 pandemic has had a significant impact on the automotive lighting market, with the crisis slowing down supply chains, hampering business growth, and increasing panic among customer segments.Governments across different regions announced total lockdown and temporarily shutdown of industries, which adversely affected the overall production and sales.The global business outlook has changed dramatically post COVID-19 health crisis, with the overall production activities of market players declining due to operations with limited workforce capacity and inadequate health safety measures along with current demand dynamics.The automobile & transportation sector came to a halt due to the imposed lockdown across the globe, which has also created an adverse effect on the automotive industry across the globe.
Segmental Analysis
The global Automotive Lighting market has been segmented based on Technology, Sales Channel , Vehicle Type and Application
Based on the Technology, the market is segmented based on Halogen, Xenon/HID, and LED. The LED segment’s adaptive lighting technology allows for automatic adjustments to the illumination of the road ahead, it is projected to hold the biggest market share over the forecast period. When compared to traditional lighting, LED headlights are the most efficient, producing more light with less heat.
Based on Sales Channel, the market has been divided into Original Equipment Manufacturers (OEMs) and Aftermarket. OEMs cater to lighting requirements during vehicle production, while the Aftermarket sector addresses replacement and customization needs post-purchase.
Based on the Vehicle Type, the market has been divided into Passenger Car and Commercial Vehicle. The increase in demand for advance technology-based automotive lighting has resulted in the growth of the passenger car segment. The rising production of passenger automobiles is a result of the growing demand for these vehicles among consumers. The increasing use of lighting systems both inside and outside of cars is a result of the rising manufacturing of passenger cars.
Based on Application, the market has been divided into Front Light, Rear Light, Side Light, and Interior Light. Front lights segment dominated the global market in 2022. The market for front light applications has been primarily driven by rising passenger car demand and technical developments in the automotive sector.
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Regional Analysis
The Automotive Lighting market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The Asia Pacific region holds a dominant position in the Automotive Lighting market. In 2022, the Asia Pacific Automotive Lighting market held a 45.80% market share. This is due to the ease of obtaining raw materials and the significant demand for reasonably priced electrical and mechanical components from nations like China, India, and Japan. Furthermore, in the Asia-Pacific area, the Indian market was expanding at the fastest rate, while China’s automotive lighting market retained the most market share. The North America region is witnessing rapid growth and emerging as a significant market for the Automotive Lighting industry. From 2023 to 2032, the North American automotive lighting market is anticipated to develop significantly. The early acceptance of Advanced Driver Assistance System (ADAS) features and the rise in sales of electric vehicles in North America can be attributed to the swift adoption of the automotive lighting system.
