Automotive Lighting Market Expected to Reach $31.45 Billion by 2030
Meticulous Research has published a new market research report titled, “Automotive Lighting Market by Vehicle Type (2-Wheelers, Passenger Vehicles, Commercial Vehicles), Application (Interior, Exterior (Headlamps, Fog Lamps, Tail Lights)), Lighting Technology (Halogen, Xenon, LED), and Geography - Global Forecasts to 2030.” The report projects that the global automotive lighting market will reach $31.45 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030.
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Automotive lighting systems, which include lighting devices mounted on or integrated into the front, rear, sides, and sometimes the top of vehicles, are crucial for illuminating the road ahead and increasing vehicle visibility. These systems allow other drivers and pedestrians to discern a vehicle's presence, position, size, direction of travel, and the driver's intentions. Major factors driving market growth include the increasing adoption of advanced lighting technologies, stringent government regulations for better visibility and safety, and rising automobile production in emerging economies. However, the high cost of LED lighting is a restraining factor.
Market Segmentation: The automotive lighting market is segmented by vehicle type, application, lighting technology, sales channel, and geography.
- Vehicle Type: 2-wheelers, passenger vehicles, and commercial vehicles (trucks, vans, buses, specialty vehicles, heavy equipment, and other commercial vehicles).
- Application: Interior lighting (ambient lighting, footwell lights, roof lights, and other interior lighting) and exterior lighting (headlamps, fog lamps, tail lights, daytime running lights (DRLs), and other exterior lighting).
- Lighting Technology: Halogen, xenon, LED, and other lighting technologies.
- Sales Channel: OEM and aftermarket.
- Geography: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
Key Market Insights:
1. Increasing Automobile Production in Emerging Economies: Emerging markets, particularly in the Asia-Pacific region, have significantly increased their market size in recent years. The automotive industry in countries such as South Korea, Brazil, China, and India is experiencing impressive growth, driven by urbanization, industrialization, and supportive government policies.
2. Segment Insights:
- By Vehicle Type: In 2023, the passenger vehicles segment is expected to hold the largest share of the global automotive lighting market. This is attributed to the rising middle-income population, growing adoption of advanced lighting in passenger cars, and increasing production of passenger cars worldwide.
- By Application: The exterior lighting segment is anticipated to account for the largest share in 2023, while the interior lighting segment is projected to register the highest CAGR during the forecast period, driven by declining LED prices and increasing consumer awareness of energy efficiency.
- By Lighting Technology: The LED segment is expected to dominate in 2023 due to LEDs' energy efficiency, weight reduction, space-saving qualities, and advanced applications such as adaptive driving beams and dynamic signaling.
3. Geographical Insights: The Asia-Pacific region is projected to hold the largest market share and the highest CAGR during the forecast period, fueled by rising vehicle production, increasing demand for autonomous and luxury vehicles, growing electric car sales, strict government regulations, and technological advancements.
Key Market Players: The report identifies major players in the automotive lighting market, including KOITO MANUFACTURING CO., LTD (Japan), Stanley Co., Inc. (U.S.), Valeo (France), Marelli Holdings Co., Ltd. (Italy), HELLA GmbH & Co. KGaA (Germany), Tungsram (Hungary), Lumax Industries (India), OSRAM GmbH (Germany), Koninklijke Philips N.V. (Netherlands), ZIZALA Lichtsysteme GmbH (Austria), Robert Bosch GmbH (Germany), ICHIKOH INDUSTRIES, LTD. (Japan), Continental AG (Germany), Hyundai Mobis (South Korea), and Varroc Group (India).
For More Information: To gain more insights into the market, including a detailed table of contents and figures: https://www.meticulousresearch.com/product/automotive-lighting-market-5472
Quick Buy – Automotive Lighting Market Research Report: https://www.meticulousresearch.com/Checkout/34942869
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