Automotive Lighting Market Growth & Forecast

Market Insights

The Automotive Lighting Market was estimated at USD 28.27 Billion in 2021 and is likely to grow at a CAGR of 4.95 % from 2022-2028 to reach USD 39.78 Billion in 2028.

Want to get a free sample? Register here.

What is automotive lighting?

The lighting system of an automobile incorporates lighting and signaling devices usually present in the front, rear, side, or interior of the vehicle. Automotive lights are an integral part of a motor vehicle majorly utilized in the automotive industry to enhance the visibility of the vehicle.

Drivers

• Major factors such as a surge in the production of passenger and commercial vehicles, and increasing preference towards aesthetically pleasing and technologically modern automotive lights accompanied by the growing demand from OEMs as well as aftermarket distributors.
• The rise in the disposable income of consumers mixed with growing road safety concerns related to passenger and commercial vehicles is expected to fuel the progress of the market during the forecast period.

To learn more about this report, request a free sample here.

Key Players

The following are the key players in the market-

• Koninklijke Philips N.V.
• Samsung Electronics
• General Electric Company
• Hella KGaA Hueck & Co.
• Hyundai Mobis
• Koito Manufacturing Co., Ltd.
• Magneti Marelli S.p.A.
• Osram Licht AG
• Valeo
• Varroc

Segment Analysis

Vehicle Trends

The market is segmented into PCV, LCV, HCV, and two-wheelers. PCV is expected to witness a significant growth rate in the market during the forecast period owing to the frequent launch of passenger car vehicle models along with multiple offers provided by vehicle manufacturers.

In addition, increasing investments by the premium and luxury car manufacturers to manufacture new products with enhanced features, and growing demand for passenger car sales in developed economies is further expected to drive the market growth during the forecast period. 

Technology Trends

The market is segmented as LED, halogen, and xenon. LED technology type is anticipated to register a high growth rate in the market owing to its attributes such as reduced power consumption, increased longevity, and power output, which are boosting the product demand in the market during the forecast period.

To meet the industry demand, major industry players are coming up with LED-focused products. Various efforts and investments are being made by automobile manufacturers to innovate better lighting solutions and enhance safety measures.

Application Trends

The market is segmented into interior lighting, side lighting, rear lighting, and front lighting. The interior lighting application is estimated to account for the major share of the market during the forecast period on account of the growing usage of lighting in automobile interiors to supply enhanced lighting attributes.

Interior lights sensitive to motion and surroundings are a preferred choice for customers who own expensive luxury and modern passenger cars.

In addition, the integration of interior lights in buses and other commercial vehicles in order to avail enhanced visibility experience for passengers is further expected to drive the market progress during the forecast period. 

Region Insights

Europe is estimated to be the leading region in the market owing to the factor that the region is home to major automobile manufacturers such as BMW, Mercedes, Volkswagen, and Volvo. These companies are the growth engines of the region contributing to the growing demand for automotive lighting products during the forecast period.

In order to expand their businesses, manufacturers such as Philips, Osram, and Samsung are likely to maintain long-term settlements with the manufacturers in the European region and this is further expected to fuel the market progress over the forecast period. North America and Asia-Pacific are also expected to offer substantial opportunities during the forecast period.

To know which region offers the best opportunities,Register here. 

Segmentation

The report provides detailed insights, to enable informed business decision-making and progrss strategy formulation based on the opportunities present in the market.

By Vehicle Type:

• PCV 
• LCV
• HCV
• Two-wheelers

By Technology Type:

• LED 
• Halogen 
• Xenon

By Application Type:

• Interior Lighting 
• Side Lighting 
• Rear Lighting 
• Front Lighting/Headlamps 

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Want to know the most attractive market segment? Register here

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

The following are the key features:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation by any one of the technology types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.