New York, April 06, 2023 (GLOBE NEWSWIRE) -- The updated Global Automotive Lighting Market as per Reports Insights research report showed a robust growth, with a valuation of USD 21.9 Billion in 2022. The market is expected to further expand, projected to reach over USD 32.08 Billion by 2030, at a compound annual growth rate (CAGR) of 4.89%. The increasing demand for advanced lighting technologies, such as LED and OLED, in vehicles for improved visibility, safety, and aesthetics, is driving the market's growth. Additionally, the rising focus on energy-efficient lighting solutions and stringent regulations for vehicle safety and emissions are also contributing to the market's positive outlook. The automotive lighting market is expected to witness significant growth opportunities in the coming years with increasing automotive production, technological advancements, and growing consumer awareness about road safety.
Automotive lighting is used in vehicles to improve the visibility and help to detect the road obstacles, other vehicles, and pedestrians. The automotive lighting system have wide application in various components of the vehicle including front, rear, side, and interior lighting to provide better vision to the driver. Additionally, development of adaptive lighting technology is driving the growth of automotive lighting market.
The increasing demand for premium cars and luxury vehicles is boosting the growth of automotive lighting market. Moreover, rising safety concern due to increasing incidences of road accidents resulting to grow the demand of automotive lighting system.
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Furthermore, leading manufacturers are focusing on advancements of technologies such as introduction of matrix LED technology to offer better visibility is driving the growth of automotive lighting market. Additionally, the manufacturers are providing efficient, compact sized, and lightweight lighting system resulting to rise the growth of automotive lighting market. The improved lifestyle and changing preferences are promoting the demand of automotive lighting technology. Thus, rising adoption of advanced technologies including Blind Spot Detection (BSD) and Forward Collision Warning system (FCWS) is propelling the growth of automotive lighting market.
Automotive Lighting Market Growth Drivers:
- Technological advancements such as LED lighting, Halogen, and others are driving the growth of the automotive lighting market. Advanced technologies have revolutionized the automotive lighting industry by providing advanced lighting solutions that offer superior performance and efficiency compared to traditional lighting technologies.
Restraint
- Voltage fluctuations are a significant factor limiting the growth of automotive lighting, especially for advanced lighting systems such as OLED lighting. Voltage fluctuations caused by several factors, including changes in the electrical system or fluctuations in the engine's RPM results in fainting or dimming of light, thus reducing the overall performance and visibility of the lighting system.
Opportunity
- The integration of advanced automotive lighting technologies with advanced safety features such as adaptive headlights, automatic high-beam control, and pedestrian detection systems is projected to create future opportunities. The features use sensors and cameras to detect obstacles and adjust the lighting system, accordingly, providing enhanced visibility and safety for drivers. For instance, adaptive headlights use sensors to detect the movement of the vehicle and the position of oncoming traffic, hence, adjusts the direction of the headlights to provide optimal visibility to the drivers.
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| Report Attributes | Report Details |
| Market Size By 2030 | USD 32.08 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 4.89% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Continental AG, Valeo, Varroc Group, Hyundai Mobis, Nichia Corporation, Hella GmbH, Magneti Marelli, Osram, Philips, Koito, ZKW |
| By Type | LED, Halogen, and Xenon |
| By Vehicle Type | Passenger cars and Commercial vehicles |
| By Application | Rear, Front, Side, and Interior |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
Key Market Highlights
- The Global Automotive Lighting Market size is estimated to exceed USD 32.08 billion by 2030 and grow at a CAGR of 4.89% during the forecast period (2023-2030).
- Globally, Automotive Lighting are divided based on the Type into LED, Halogen, and Xenon.
- In the context of Vehicle Type, the market is separated Passenger cars and Commercial vehicles.
- On the basis of Application, the market is categorized into Rear, Front, Side, and Interior.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- Europe and Asia Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Automotive Lighting.
Global Automotive Lighting Market Segmentation Details:
Based on IP Type, the LED segment accounted major market share for the year 2022 due to rising preference for LED light to provide better visibility to the driver. Additionally, manufacturers are focusing on improvement of LED lights in order to replace halogen bulbs. Also LED lights offer excellent power output as compared to halogen bulb resulting to rise the demand of LED lights in automotive lighting market.
Based on Vehicle Type, passenger cars segment is expected to grow during the forecast period due to improvement of lifestyle and rising demand of luxury vehicles. The premium cars offers high convenience to the user resulting to propel the demand of luxury cars. Additionally, rising use and increasing manufacturing of cars as compared to commercial vehicles is driving the growth of passenger cars in automotive lighting market.
Based on Application, the front segment accounted largest market share in the year 2022 due to rising developments in headlights. Additionally, increasing adoption of LED lights for headlight manufacturing is driving the growth of front segment in automotive lighting market.
Based on Region, Europe holds major market share of automotive lighting market due to implementation of safety standards for vehicles by considering safety of passengers and pedestrians. Additionally, rapid technological developments are driving the growth of automotive lighting market in Europe. Moreover, presence of major market players including Hella, ZKW, Osram, and Others is boosting the growth of automotive lighting market in Europe.
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Recent Developments
- In May 2022, Hella launched Slim Light System, a next generation ambient vehicle lighting, featured with slim design and lightweight. The product is a combination of lighting solution and sensor technology, offering smart lighting system to increase vehicle comfort and safety.
List of Major Global Automotive Lighting Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
-
- Continental AG
- Valeo
- Varroc Group
- Hyundai Mobis
- Nichia Corporation
- Hella GmbH
- Magneti Marelli
- Osram
- Philips
- Koito
- ZKW
Global Automotive Lighting Market Segmentation:
- By Type
- LED
- Halogen
- Xenon
- By Vehicle Type
- Passenger cars
- Commercial vehicles
- By Application
- Rear
- Front
- Side
- Interior
Key Questions Covered in the Automotive Lighting Market Report
What specific segmentation details are covered in the Automotive Lighting market report, and how do dominating segment is impacting the market growth?
What specific segmentation details are covered in the Automotive Lighting market report, and how do fastest segment is anticipated to impacting the market growth?
What specific segmentation details are covered in the Automotive Lighting market report, and how do each dominating segment is influencing the demand globally?
Which segments, By Type/By Vehicle Type/By Application is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
Competitive analysis on key market players gaining the market shares?
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