The global automotive lighting market size reached US$ 28.41 Billion in 2021 and is expected to reach US$ 42.87 Billion by 2027, CAGR of 6.70% during 2022-2027.
SHERIDAN, WYOMING, USA, April 13, 2022 /EINPresswire.com/ — Automotive lighting comprises the light-emitting systems mounted or installed at the front, rear, sides, and interior of a vehicle. It includes headlights, daytime running lights, fog lights, taillights, signal lights, brake lights, hazard lights, and driving lamps. It assists in illuminating the roads, traffic signs, and obstacles ahead for the driver. It also enhances the vehicle’s visibility, allowing other drivers and pedestrians to recognize its presence, position, direction, and size. As a result, automotive lighting is widely used in passenger and commercial vehicles to improve the overall aesthetics and ensure a safe driving experience.
Base Year: 2021
Forecast Year: 2022-2027
The global automotive lighting market reached a value of US$ 28.41 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 42.87 Billion by 2027 exhibiting a CAGR of 6.70% during 2022-2027.
Automotive Lighting Market Trends and Drivers:
The global automotive lighting market is primarily driven by the growing safety concerns and the surging sales of automobiles. Additionally, governments of different countries are taking initiatives to encourage the usage of automotive lighting to improve road safety.
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Along with this, the widespread adoption of electric vehicles (EVs) due to the rising environmental concerns and air pollution levels has escalated the demand for automotive lighting. Furthermore, the development of innovative lighting technologies, such as micro-and smart LEDs, laser-based lighting, smart functional surfaces, guiding materials for 3D light patterns, and area backlighting with hidden-until-lit effects, has accelerated the product adoption rate.
Other factors, including the increasing popularity of cabin and interior lighting, escalating demand for high-end vehicles, elevating incomes, technological advancements, and product innovations, are also anticipated to propel the market growth.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Lighting Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Continental AG, General Electric Company, HELLA GmbH & Co. KGaA, Hyundai Mobis, Koito Manufacturing Co. Ltd., Koninklijke Philips N.V., LG Electronics Inc., Lumax Industries Limited, Magneti Marelli S.p.A., Osram Licht AG (ams AG), Robert Bosch GmbH, Samsung Electronics Co. Ltd., Stanley Electric Co. Ltd. and Valeo.
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The report has segmented the market on the basis of region, technology, vehicle type, sales channel and application.
Breakup by Technology:
Breakup by Vehicle Type:
• Passenger Vehicle
• Commercial Vehicle
Breakup by Sales Channel:
• Original Equipment Manufacturers
Breakup by Application:
• Front Lighting/Headlamps
• Rear Lighting
• Side Lighting
• Interior Lighting
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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This news story originally appeared at Automotive - Reality Syndicate Viewers on 16 April 2022