Automotive Lighting Market to cross $45 Bn by 2027; Global Market Insights Inc.
Some of the major automotive lighting market players are OSRAM GmbH, Koito Co, Ltd, HELLA KGaA Hueck & Co, Hyundai Mobis Co., Ltd, Magnetti Marelli S.p.A, Stanley Electric Co.Ltd, ZKW Group, Varroc Lighting Solutions, Valeo, and Seoul Semiconductor among others.
Selbyville, Delaware, July 12, 2021 (GLOBE NEWSWIRE) -- Global Market Insights Inc. has recently added a new report on the automotive lighting market which estimates the market valuation for automotive lighting will cross US$ 45 billion by 2027. The market is projected to witness a steady growth rate owing to rising demand for vehicles and advancement in the automotive lighting systems. The automotive lighting is used in the vehicles for providing illumination to the driver to reduce the accidents and provide a clear view of the environment. The lights also allow other drivers to spot and locate the vehicle’s moment, position, direction and size.
The automotive lighting market was negatively impacted due to the spread of COVID-19 across the globe during the last quarter of 2019 and first three quarters of 2020. The implementation strict lockdowns to avoid spread of the virus, which had led towards the temporary shutdown of the manufacturing units affecting the market negatively. However, the market is expected to gain momentum during 2022 due rise in the production and sales of the vehicles.
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The automotive lighting market based on technology, is segmented as xenon, LED, and halogen. The xenon segment held around 20% market share in 2020 owing to high brightness and enhanced durability which is driving the market. The capability of these lights to produce a light similar to daylight is also contributing towards the market growth. However, some of the factors challenging the xenon lights growth includes thigh power consumption and gets dimmer over the times as compared to LED light systems.
The North American automotive lighting market is expected to show a significant growth rate over the forecast timeline due to rising production and demand for automobiles. As per International Energy Agency (IEA) in 2019 over 17.0 million units of cars were sold which is contributing towards market growth. Additionally, the implementation of stringent regulations associated with the road safety in the U.S. and Canada are also playing a vital role for the market growth.
Market leaders are focusing on launching new and advanced production associated with the automotive lighting solutions. For instance, in November 2019, HELLA, an automotive lighting manufacturer launched the high-resolution lighting system named “Digital Light SSL HD” for enhancing the safety and comfort in road traffic.
Some major findings in the automotive lighting market report include:
Growing government regulations associated with the automotive lighting and to reduce road accidents is increasing the demand for automotive lighting.
Advancement and demand for new technologies, including sensors and OLED in vehicle lights which are integrated into driver assistance systems, for enhancing the driving experience.
Rising demand for smart and luxury cars across the globe is one of the major factors propelling the market growth. The consumers are focusing on the high-end cars with advanced features such as smart and mood-sensitive lighting features which is driving the market.
The companies across the globe are focusing to develop new and advanced features in lighting to enhance market position and expand their product portfolio.
Key players operating in the automotive lighting market include OSRAM GmbH, Koito Co, Ltd, HELLA KGaA Hueck & Co, Hyundai Mobis Co., Ltd, Magnetti Marelli S.p.A, Stanley Electric Co.Ltd, ZKW Group, Varroc Lighting Solutions, Valeo, and Seoul Semiconductor
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Partial chapters of report table of contents (TOC):
Chapter 4. Competitive landscape
4.1. Introduction
4.2. Company market share analysis. 2019
4.3. Key player analysis
Chapter 5. Automotive Lighting Market, By Technology
5.1. Key trends by technology
5.2. LED
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Halogen
5.3.1. Market estimates and forecast, 2015 – 2026
5.4. Xenon
5.4.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Automotive Lighting Market, By Vehicle Type
6.1. Key trends by vehicle type
6.2. Passenger cars
6.2.1. Market estimates and forecast, 2015 – 2026
6.3. Commercial vehicles
6.3.1. Market estimates and forecast, 2015 – 2026
6.4. Two-wheelers
6.4.1. Market estimates and forecast, 2015 – 2026
Chapter 7. Automotive Lighting Market, By Application
7.1. Key trends by application
7.2. Front lighting/headlamps
7.2.1. Market estimates and forecast, 2015 – 2026
7.3. Rear lighting
7.3.1. Market estimates and forecast, 2015 – 2026
7.4. Interior lighting
7.4.1. Market estimates and forecast, 2015 – 2026
7.5. Side lighting
7.5.1. Market estimates and forecast, 2015 – 2026
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