According to Fact.MR, the sales of automotive lighting exceeded US$ 25 Bn by the end of 2021. Demand for automotive lighting has witnessed substantial growth in the last few years due to an increase in the number of on-road vehicles and rise in global vehicle production.
In addition, demand for front lights and their components remaining high are driving the sales of automotive lighting. Thus, the automotive lighting industry is projected to expand at over 6% CAGR by garnering a revenue of US$ 45 Bn from 2021 to 2031.
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This newly published and insightful report sheds light on Market Insights of Automotive Lighting, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Automotive Lighting Market.
The global automotive lighting market is projected to grow at 5% and will be valued at US$ 65 Bn by the end of the forecast period (2020-2030). However, the COVID-19 crisis has impacted the growth trajectory as the demand for automotives has fallen sharply. In the wake of disruption of supply chains and the shutdown of manufacturing plants, the automotive lighting market growth has been profoundly affected.
At the same time, some of the world’s leading manufacturers of automotive lighting are confident that the post-pandemic era will herald an uptick in the sales of automotive lighting. Based on these trends, Fact.MR forecasts that the automotive lighting market will experience a V-shaped recovery curve in the long term forecast period.
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Key Segments Covered
- Front Headlights
- Fog Lights
- Rear Lights
- Side Lights
- Interior Lights
- Vehicle Type
- Automotive Lighting for Passenger Cars
- Automotive Lighting for Light Commercial Vehicles (LCVs)
- Automotive Lighting for Heavy Commercial Vehicles (HCVs)
- Automotive Lighting for Electric Vehicles
- Automotive Lighting for Two Wheelers
- Light Source
- Halogen Automotive Lighting
- Xenon Automotive Lighting
- LED Automotive Lighting
- Sales Channel
- Automotive Lighting through OEMs
- Automotive Lighting through Aftermarket
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The market is moderately competitive in nature, with the presence of a large number of players operating in the space. Introducing latest technologies in the market is a key expansion strategy, as are collaborations with OEMs and maintaining long-term relations with them for future business prospects.
- In December 2020, OSRAM Licht AG introduced the Ostune E1608 and E3030 automotive interior lighting, offering a wide color temperature range from 2700 to 6500 K, which are highly energy-efficient
- Likewise, in September 2021, HELLA KGaA introduced a new Modular Lightbar equipped with advanced LED technology for municipal vehicles. This light helps ensure optimum signalling effects as well as homogeneous illumination of the working area
Key Takeaways from the Market Study
- By vehicle type, passenger vehicles are expected to hold 50% of market share for automotive lighting.
- By light source, halogen and xenon are expected to possess 40% of market share for automotive lighting.
- China is expected to be the most lucrative market, expected to capture 60% of global market demand
- 2/5th of the global market demand for automotive lighting to be fuelled by the U.S
- India to be an opportunistic market, expected to account for nearly 3 out of 5 sales
“As governments look to promote automotive performance efficiency, attributed to elevated concerns regarding increasing carbon emissions is prompting automotive manufacturers to install efficient lighting systems, widening growth prospects,” opines a Fact.MR analyst.
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More Valuable Insights on Automotive Lighting Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Automotive Lighting, Sales and Demand of Automotive Lighting, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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