Automotive Lighting Market was valued at USD 24160 million in 2020 and it is expected to reach USD 37130 million by the end of 2027, growing at a CAGR of 4.8% during 2021-2027.
Major Factors Driving the Growth Of The Automotive Lighting Market
Growing demand for premium and luxury cars and SUVs and technological developments in adaptive lighting technology are some of the major factors driving the growth of the automotive lighting industry.
TRENDS INFLUENCING THE GROWTH OF THE AUTOMOTIVE LIGHTING MARKET
Modern lighting trends that strive to inspire and satisfy consumers while enhancing comfort and safety are available to automotive makers today. Vehicle lighting systems can convey a sensation, add flair, hint at a quality, and create an ambiance. However, whether the interior or exterior lighting is powered by LEDs, conventional light bulbs, or more sophisticated electronics, optimizing the light source for consistency and performance is crucial for manufacturers and drivers as well as other drivers, pedestrians, and other road users. Inaccurate results can result in failing standards tests, losing contracts, and giving customers a bad experience. This factor is expected to drive the growth of the Automotive Lighting market.
A major global trend is contemporary automobile lighting. Automobile drivers are increasingly drawn to the newest lighting advancements as technology in this area develops. The main goals of automotive lighting trends and research are enhanced performance, increased security, and a recognizable appearance. For the first time, headlight aesthetics could be used by automakers to mark their vehicles because of the scale of LEDs. This trend is expected to drive the growth of the Automotive Lighting market.
Furthermore, the emergence of autonomous vehicles gives headlights a new function which is acting as the car’s eyes and sensing its surroundings. To map their surroundings and follow nearby objects, autonomous vehicles need a variety of sensors, such as cameras, lidars, radars, and ultrasonic sensors. The sensors are best placed where the headlights and taillights are because they offer a 360° view of the vehicle. This will further fuel the Automotive Lighting market.
AUTOMOTIVE LIGHTING MARKET SHARE ANALYSIS:
With a sales share of over 29% in the global market, The implementation of safety regulations for automobiles and an emphasis on both pedestrian and passenger safety have made Europe a recognized main region. Regional automakers and suppliers of auto parts have been making ongoing investments in the R&D of safety technology. The European area is anticipated to have a significant impact on the global automotive lighting market as a result of the automotive industry’s rapid technological improvements.
Koito, Magneti Marelli, Valeo, Hella, Stanley Electric, HASCO, ZKW Group, Varroc, SL Corporation, Xingyu, Hyundai IHL, TYC, and DEPO are some of the major players. The top 3 businesses held 46% of the Automotive Lighting Market.
Key Companies:
- Koito
- Magneti Marelli
- Valeo
- Hella
- Stanley Electric
- HASCO
- ZKW Group
- Varroc
- SL Corporation
- Xingyu
- Hyundai IHL
- TYC
- DEPO
Detailed Report: https://reports.valuates.com/market-reports/QYRE-Auto-18B8964/global-automotive-lighting
