Automotive Lighting Market:
Growth opportunities in the automotive lighting market look promising over the next six years. This is mainly due to the increasing number of accidents across the globe and continuous research and development in proving the lighting systems for better visibility and car looks.
Automotive Lighting Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
World Health Organisation asserts that more than 1.25 million people die because of less lightening on roads, bad weather conditions, and heavy fog and dust. The augmenting accidents have raised the demand for advanced lighting solutions, including HID, xenon, and matrix LED systems. Moreover, lightning is an essential element in the car and plays a significant role in providing enhanced visibility to the driver. The ongoing research and innovations by leading players to invade these lightening systems with improved visibility and looks for the car will further strengthen the market size. AUDI AG, in 2020, introduced a digital matrix LED headlight for the latest Audi e-Tron Sportback to make driving more safe and secure. Moreover, the growing trend of smart LED and DRL systems has pushed to offer sport and a modern look by launching a new laser light technology. For example, Osram SMARTRIX in 2017 united with Varroc Lighting Systems to design a matrix and laser light for the new Range Rover and Range Rover Sport. However, the excessive cost concerned with the LED is likely to curb the market growth.
Vehicle Type Segment Drivers
On the basis of vehicle type, passenger cars are expected to expand at a faster CAGR over the forecast period. This is owing to the increasing inclination among consumers for SUV Vehicles. Expanding disposable income has resulted in fuelling the number of passenger vehicles, propelling the market size.
Regional Drivers
Based on regional coverage, Asia-Pacific is projected to witness a higher CAGR in the market over the forecast period. 2020 The Indian automotive industry, during the period of 2016- 2020, experienced a growth rate of 1.29%, with US$ 24.62 billion car sales in 2020, respectively. Also, the Foreign Direct Investment in the automobile sector amounted to be US$ 24.62 billion in 2020, which indicates the strong potential of growth of this sector in India.
Automotive Lighting Market’s leading Manufacturers:
- Seoul Semiconductor Co., Ltd.
- Koninklijke Philips N.V.
- Namyung Lighting
- Koito Manufacturing Co., Ltd.
- KGaA
- General Electric Company
- Samsung Electronics Co., Ltd.
- OSRAM Group
- Magneti Marelli S.p.A.
- Hyundai MOBIS
- General Electric Company
Automotive Lighting Market Segmentation:
Segmentation by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
Segmentation by Packaging Type:
- Front Lighting
- Rear Lighting
- Side Lighting
- Interior Lighting
Segmentation by Distribution Channel:
- LED
- Halogen
- Xenon
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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