Global Automotive Lighting Market is expected to foresee high growth. Asia Pacific holds the largest share!
- Himanshu Patni
- December 18, 2021
- AUTOMOTIVE, NEWS
- Automotive Lighting Market, Automotive Lighting Market growth, Automotive Lighting Market share, Automotive Lighting Market size
- 0 Comments
Global Automotive Lighting Market is expected to grow at a CAGR of around 6% during the forecast period 2021-2027. Lighting is an essential component of automobiles and plays a critical role in vehicle safety. Road accidents kill over 1.35 million people each year, according to the Association for Safe International Road Travel. Furthermore, every year, 20-50 million individuals are injured or crippled as a result of traffic accidents or natural weather conditions such as rain, fog, dust, snow, and other factors. These figures demonstrate the importance of efficient illumination in automobiles in order to avoid catastrophic accidents, and this is a critical component for manual driving. Various governments are taking steps to raise awareness about the need of driving safely, and one of the major components that must be considered while driving is automotive lighting. In today’s automobiles, a wide range of lighting is available, including headlights, taillights, accessory lights, LED lights, fog lights, emergency and warning lights, off-road lights, and signal lights.
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Furthermore, lighting systems aid other drivers and pedestrians on the road in detecting the vehicle’s position, movement direction, and size. It gives the inside and external portions of the vehicle a more beautiful appearance while also increasing the vehicle’s visibility. It includes lighting and signaling equipment. These lighting systems are installed in a variety of areas across the vehicle, including the front, back, top, and interiors. Traditionally, halogen has been the most widely used lighting technology due to its low cost and ease of availability. Other significant lighting technologies include xenon and LED.
The COVID-19 epidemic has wreaked havoc on the worldwide automobile supply chain. The outbreak has impacted not only global production facilities, but also global vehicle sales. Manufacturing facilities have been shut down, and new car sales have been halted, affecting the production of automotive lighting components and, as a result, the worldwide automotive lighting market. In 2020, demand for both conventional and electric vehicles is expected to decline, which will have an influence on the automotive lighting market. Furthermore, the budget for R&D is going to be drastically reduced, which is expected to stymie the development of novel automotive lighting solutions. There has been a significant decline in the sales of global cars, the industry saw a 39% decline in sales of March 2020 as compared to March 2019. This drop is projected to have a negative influence on the automotive lighting business. Companies, on the other hand, are taking a variety of steps to combat the outbreak’s negative impacts.
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For a better understanding of the market adoption of Automotive Lighting, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia Pacific dominated the market in 2020 and is expected to grow at a higher rate during the forecasted period. The growing demand of vehicles in countries like China and India are adding to the growth of the market for Lighting in the region.
Global Automotive Lighting Market Segmentation
Market Insight, by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Insight, by Technology
Market Insight, by Application
- Rear Lighting
- Interior Lighting
Market Insight, by Sales Channel
Market Insight, by Region
- North America Automotive Lighting Market
- United States
- Rest of North America
- Europe Automotive Lighting Market
- United Kingdom
- Rest of Europe
- Asia Pacific Automotive Lighting Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automotive Lighting Market
Top Company Profiles
- Koito Manufacturing Co. Ltd.
- Hella KGaA Hueck & Co.
- Osram Licht AG
- Robert Bosch GmbH
- Stanley Electric Co. Ltd.
- Zizala Lichtsysteme GmbH
- Koninklijke Philips N.V.
- Hyundai Mobis
- DENSO Corporation