Automotive Lighting Market| Future Growth Prospect and Trends to 2025Posted by swapnil on March 4th, 2022 Automotive Lighting Market size is estimated to be $ 27.0 billion in 2020 to $ 34.9 billion in 2025, at a CAGR of 5.3%. Rising disposable income has resulted in an increase in consumer spending capability to purchase premium vehicles, which, in turn, is expected to drive the growth of the market. Government initiatives for implementing adaptive lighting to increase the driver’s safety is another key factor anticipated to fuel market growth. Driver: Lighting regulations for better visibility & safety Strict lighting regulations in developed nations of Europe and North America have driven the automotive lighting market. Vehicle lighting plays a crucial role, especially when driving on roads with heavy traffic. Road accidents are a major concern for governments across the world. According to the World Health Organization (WHO), 1.3 million people die each year due to road traffic collisions. Road traffic crashes cost most countries 3% of their gross domestic product. Therefore, it is important to better the driving conditions, which can be achieved partially by improving the lighting system. In 2011, with an aim to increase road safety, the European Union mandated daytime running lights (DRLs) on all new types of motor vehicles. The function of DRL is not to help the driver to see the road but to help other road-users to see the vehicle. According to the National Highway Traffic Safety Administration (NHTSA) of the US Department of Transportation, DRL has reduced fatal road accidents by approximately 13.8%. Regulatory legislation like this is expected to influence the automotive lighting industry. The key players Automotive Lighting Market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan), and Zizala (Austria). Asia Pacific is likely to be the largest market during the forecast period The introduction of products like interior cabin lights that contain sterilization features in vehicles may also encourage vehicle sales, further driving the automotive lighting market. Asia Pacific is anticipated to be the largest market in the global automotive lighting market due to rapid consumer adoption and high sales of automobiles. China and Japan garnered the largest shares within the market due to the high production & sales of vehicles domestically. Additionally, manufacturers in these countries focus on technological advancements, including lighting, thus, driving the demand for automotive lighting. The rise in the consumer per capita income and high sales of SUVs in emerging economies such as India will drive the market further. There has been a high demand for advanced lighting due to the increase in premium car sales. Increasing adoption of the advanced lighting in the lower and mid-segment cars is expected to open new opportunities for the growth of the automotive lighting market in this region during the forecast period. Passenger Car segment expected to be the largest segment for the automotive lighting market Passenger cars are expected to be the largest segment for the Automotive Lighting Market on account of the rapid adoption of advanced lighting systems. Moreover, increasing sales of premium vehicles with pre-installed adaptive headlights, adaptive taillights, and ambient lights are expected to augment the growth of the segment further. Additionally, visual appeal is considered as a premium feature, and lighting is one of the vital parameters that add value to the visual appeal of the vehicle. Historically, vehicle production declined from 2017 to 2019, which also impacted the Automotive Lighting Market. Due to the COVID-19 pandemic, the production & sale of vehicles have witnessed a major decline and are expected to see a 20% decline in 2020 (MarketsandMarkets analysis). Thus, the Automotive Lighting Market could register a further decline in 2020. The LED technology is expected to be the fastest-growing segment The LED technology is expected to grow at the fastest rate as this offers a better package in terms of adaptive technology. Moreover, LED consumes less power in comparison to other technologies such as halogen and xenon. LED headlights also offer better visibility to the driver and reduce the illumination effect on the eyes of the driver in the opposite direction. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1133 Recent Developments:
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