The Global Automotive Lighting market was estimated to be USD 25,896.34 million in 2019 and is anticipated to grow at a CAGR of 7.8% from 2020 to 2027. Lighting in automotive plays a vital role in providing the driver with illumination. For instance, automotive lighting helps pedestrians to identify the position of the vehicle and location to avoid the accident. Lighting also provides an appealing look for both the outer and inner parts of the vehicle. For the past many years, auxiliary lights fitted with halogen and xenon have been used in the front of the vehicle headlamps. In the current automotive industry, LED lights are widely used due to their high performance and long life.
The growth factors of automotive lighting market include growing concern for road safety, an increase in government regulation, and an increase in disposable income have led to the growth of the market during the forecast period. Besides, an increase in the demand of the vehicle coupled with the advancement in the technology has led to the growth of the market during the forecast period.
Growing concern for the road safety
In recent times, there has been an increase in road safety concerns due to distracted driver pose and road traffic injuries. The increase in demand for adaptive lighting systems along with advance lighting technology has been used to limit road accidents worldwide. The advanced lighting technology such as the adaptive front light system automatically adjusts the beam of the headlamp to lighten up the road at a wide range to make it easier for the driver to focus on the road. The advance lighting technology will hence result in the growth of the automotive lighting market. According to The Royal Society for the Prevention of Accidents (RoSPA), driving at night hours especially 7 pm and 8 am contributes only a quarter of all the travel by the car, yet it contributes to 40% of the fatal accident. The pedestrian and the roads with limited visibility result in the increasing number of accidents. Hence, the limited number of street lights will increase the demand for the automotive lighting market to reduce fatal accidents.
Key Insight in the report:
The Global Automotive Lighting market report covers Executive Summary, Market Dynamics, Trend Analysis, Market Size and Forecast, Competitive Intelligence, Market Positioning, Application Benchmarking, and Opportunity Analysis.
The report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Model
- Financial Data
- Financial – Existing
- Financial – Funding
- Application Segment Analysis and specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Automotive Lighting Market is analyzed across below-mentioned different segments:
|Original Equipment Manufacturers (OEMs)
Based on technology, the LED market is anticipated to account for the largest market share
The LED segment is anticipated to account for the largest market share during the forecast period due to its adaptive lighting technology which includes automatic adjustment of the illuminating the road ahead. The LED headlights are most efficient as compared to conventional lighting resulting in more light with less heat production. The LED lights convert about 80% of light and 20% of heat which is wasted as compared to conventional light which possesses 20% of light and 80% of heated wasted. Hence, most of the vehicles now are equipped with LED light which will hence result in the growth of the market during the forecast period.
Based on Vehicle Type, Passenger car accounts for the largest market share during the forecast period
The increase in demand for advance technology-based automotive lighting has resulted in the growth of the passenger car segment. The growing consumer demand for passenger cars has resulted in the increased production of the vehicles. The increased production of passenger car s has resulted in the growing deployment of the lighting system in the interior & exterior of the vehicles. These vehicle types contribute to the highest consumption of LED-based lighting systems across the globe. This type of lighting system has various benefits such as high performance, flexibility in design, and longer lighting life. Hence, these enhanced benefits will result in the growth of the passenger car segment during the forecast period.
Automotive Lighting Market is also analyzed across below-mentioned regions/countries
The Asia Pacific region dominated the automotive lighting market in 2019 and is expected to grow at a CAGR of 7.5% during the forecast period. The region is expected to grow at a rapid pace due to the presence of prominent key manufacturers in emerging economies such as India, China, and Japan. In the Asia Pacific, the presence of major automotive lighting manufacturers such as Osram Continental GmbH, Koito Manufacturing Co., Ltd., Hella GmbH & Co. among others has led to the growth of the automotive lighting market.
The U.S. is anticipated to grow at a CAGR of 4.3% during the forecast period. According to the National Highway Traffic Safety Administration (NHTSA) approximately 25% of vehicle travel is at night. However, about 52% of the driver fatalities and 71% of the pedestrian accidents occur during night driving when there is low visibility. Hence, the limited visibility of light will increase the demand for the automotive lighting market in the U.S.
The some of the key players in of Automotive Lighting Market include:
- Koninklijke Philips N.V.
- Valeo S.A.
- Osram GmbH
- Hella KGaA Hueck & Co.
- Magneti Marelli S.p.A
- DENSO Corporation
- Hyundai Mobis
- Stanley Electric Co. Ltd.
- Koito Manufacturing Co. Ltd.
- ROBERT BOSCH GmbH
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Historic market size for year 2018, market estimates for 2019 and forecast from 2020 to 2027
- Vendor market share analysis at each Sales Channel level
- Competitor analysis with a detailed insight into its Sales Channel segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including Sales Channel launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.