Automotive Lighting Market growth at a CAGR of 6.4% by 2027
[150+ Pages Report] As per the latest Research and survey report issued by Precedence Research, the global automotive lighting market was valued at around USD 19.15 billion in 2020 and is expected to register revenues worth USD 31.46 billion by the end of 2027, growing at an exceptional CAGR of approximately 6.4% between 2020 and 2027.
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Automotive Lighting Market Growth Factors:
Growing emphasis towards road safety along with stringent government norms regarding vehicle illumination are some of the most prominent factors that drives the market growth. Rising demand for adaptive and efficient lighting system to provide optimum illumination on-road significantly triggers the advancement in lighting technology. Proper vehicle lighting system can also prevent road accidents that occur due to visibility error in harsh environment.
As per World Health Organization (WHO) report, an average 1.25 million people die every year due to road accidents. In addition, insufficient visibility was accounted as the prime factor for increasing number of road accidents worldwide. In the wake of same, governments of various regions have formulated effective regulations related to the application of lighting systems in an automobile. For instance, the European Union (EU) has mandated the implementation of Daytime Running Lights (DRL) in the region owing to unfavorable weather conditions. However, high installation cost of LED lights expected to restrict the market growth.
Automotive Lighting Market Report Scope
|Market Size||USD 31.46 Billion by 2027|
|Growth Rate||CAGR of 6.4% from 2021 to 2027|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2027|
|Segments Covered||Technology, Product, Vehicle, Application, Region|
Automotive Lighting Market Report Highlights
- The Asia Pacific dominated the global automotive lighting market in 2019 and expected to exhibit the highest growth over the analysis period. This is mainly due to the high sales of passenger vehicles in the region. In addition, rising number of road accidents in the region are likely to boost the aftermarket sales of automotive lighting in the region.
- Europe anticipated witnessing steady growth in the coming years because of increasing adoption in the interior lights, reverse, brake, and signal indicators. Furthermore, environment regulations in the region mandate the deployment of LEDs for various applications.
- The front/headlamps application segment projected to register significant growth aspect during the forecast period. This is mainly because of rising advancement in the headlamps coupled with incorporation LED technology in the front view lighting sector.
- By vehicle type, electric vehicle anticipated to grow at a significant rate during the analysis period. Governments of various regions have taken significant initiatives for the adoption of electric vehicle to reduce the carbon footprint and improve the air quality are the major factors that propel the growth of the segment.
The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicle. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter.
This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably. Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.
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some of the prominent players in the automotive lighting market include:
- DENSO Corporation
- HellaKGaAHueck& Co.
- Hyundai Mobis
- Koito Manufacturing Co. Ltd.
- OsramLicht AG
- Koninklijke Philips N.V.
- Stanley Electric Co. Ltd.
- ROBERT BOSCH GmbH
- ZizalaLichtsysteme GmbH
Automotive Lighting Market Segments
By Product Sale
- Aftermarket Products
- Original Equipment Manufacturers (OEMs)
By Vehicle Type
- Commercial Vehicle
- Passenger Vehicle
- Electric Vehicle
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Rear Lighting
- Interior Lighting
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2019 to 2027. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global automotive lighting market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the automotive lighting market.
The report includes country-wise and region-wise market size for the period 2019-2027. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2027.
Why should you invest in this report?
If you are aiming to enter the global automotive lighting market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for automotive lighting are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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