The surging technological advancements in the lighting technology and other major driving factors is expected to favor the rise in the global automotive lighting market
Reports and Insights has published a new report titled, “Automotive Lighting Market: Opportunity Analysis and Future Assessment 2022-2030”
Global Automotive Lighting Market, By Light Type (Halogen, Xenon/HID, LED), By Adaptive Lighting (Front Adaptive lighting (On/Off Function, Bending/Cornering, High Beam Assist, Headlight Leveling), Rear Adaptive Lighting, Ambient Lighting), By Vehicle Type (Passenger Car (Compact Cars, Mid, Luxury, SUVs), Electric Vehicles (Battery Electric, Plug-in Hybrid Electric, Hybrid Electric), Light Commercial Vehicle (LCV), Bus, Truck), By Application (Exterior Lighting (Headlights, Fog Lights, Daytime Running Lights (DRL), Taillights, Sidelights, Center High-Mount Stop Light (CHMSL)), Interior Lighting (Dashboard, Glovebox, Reading Lights, Dome Lights)), By Sales Channel (OEM, Aftermarket) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The global automotive lighting market in 2022 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2030 with a significant CAGR of xx%.
Since the innovation of the automobile, lighting has been one of the most significant sub-systems of all ground vehicles. Automotive lighting is crucial to passenger comfort, safety, and vehicle design and styling. One of the most vital components of automotive vehicles is lighting which primarily helps in illuminating the vehicle path, thereby enabling the driver to achieve a clear picture and view of the road.
Other than that, along with accomplishing the need for illuminating the vehicle’s path of the driver, the lighting system further assists pedestrians as well as other vehicle drivers on the road to identify the vehicle’s position, size, and direction of movement.
Moreover, the automotive lighting further adds aesthetic looks to both the interior and exterior sections of the vehicle and, all the same, elevates the conspicuity of the vehicle. Basically, the lighting system consists of lighting and signaling devices. This lighting apparatus is located at various locations in the vehicle, for instance front, top, rear, and interiors. Owing to all such factors, the technology employed in automotive lighting has swiftly augmented to make the lighting more safer, value added, as well as pleasing to customers. In order to support that, HELLA GmbH & Co., in 2018, innovated an integrated OLED technology for the rear combination lamps of the new Audi A8, which provides a homogenous appearance and individually controllable segments. Attributing to which, the global automotive lighting market is projected to witness significant growth over the coming years.
Other than that, factors such as surge in emphasis towards road safety, rise in implementation of government regulations, along with increasing automobile production all around the world is further expected to nurture the growth of the automotive lighting market in the following years. Having said that, the high cost of LEDs as well as volatile prices of raw materials are likely to hold back the market growth in the near future.
Reports and Insights Study identifies some of the key participating players in the automotive lighting market globally are DENSO Corporation, Hella KGaA Hueck & Co., Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Osram Licht AG, ROBERT BOSCH GmbH, Stanley Electric Co., Ltd., Valeo, ZKW, among others.
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