According to a market report, published by Sheer Analytics and Insights, the global automotive lighting system market was valued at $33.2 billion in 2021 and it is expected to reach $64.3 billion at a CAGR of 6% between 2022 and 2032. Automotive lightings have a lot of features. A single font sidelight can change the overall perception of the entire car. It gives the car a character and a better look, whether it is BMW or DRLs. There are different types of headlights such as halogen headlights, xenon or HID lights, L.E.D headlamps, and laser lights, among others. These types of automotive lighting are increasing in demand; thus it is driving the growth of the market across various regions. Many car manufacturing companies are focusing on integrating LED lights in vehicles because these types of lights consume less power and have a longer life than traditional lighting. Therefore, LED lights are increasing in demand more than halogen and HID lights, as these lights are high-quality-emitting diodes and better than other lighting technologies. However, in the last couple of years, the market of car selling was down due to the complete lockdown of the COVID-19 pandemic. Therefore, the global automotive lighting system market was disrupted for a while. After the COVID-19 situation, the overall market growth is gradually increasing and it is expected to witness significant growth during the forecast period from 2022 to 2032.
Lighting in vehicles plays an essential role while driving on a busy or crowded road. Even road accidents are a major concern for governments of various well-known nations. Thus, strict lighting regulation acts are developing in regions such as Europe, North America, Asia-Pacific, and others. In Europe, the established Union has approved daytime running lights, or DRL which are integrated into all new motor vehicles. The major function of the DRL is not only to help the driver to see the road but also to help the other transport users to see the DRL integrated vehicles. This way road accident might be decreased. Hence, the increasing demand for automotive lighting systems is anticipated to have the largest growth throughout the upcoming years. In Asia-Pacific, countries such as India, China and Japan have witnessed significant growth on account of increased automotive sales and economic growth. The market has been triggered by governmental support. Some major factors such as emerging government regulations, growing automobile sales, and growing emphasis on road safety are driving the automotive lighting systems market across the Asia-Pacific region.
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In modern days, technologies are becoming advanced; hence it is supporting the automotive lighting system to become more powerful rather than traditional lighting. Some key manufacturing companies such as Hella GmbH, Hyundai Mobis, and Continental AG are developing innovative and advanced automotive lighting systems and increasing their supplies. These types of lighting systems have functions such as communication with pedestrians to ensure safety according to customer requirements. The fluctuating costs of raw materials and high expenditure on R&D activities for the development of automotive lighting systems are actually challenging the manufacturing industries to have growth. However, the upcoming interior lighting development such as cabin lights are becoming popular; hence it is expected to drive the market growth during the forecast period.
According to the study, key players dominating the global automotive lighting system market are Koito Manufacturing Company (Japan), Valeo Group Company (France), KKR and Co Inc Capital Market Company (U.S), Stanley Electric Company (Japan), Groupe PSA Automotive Manufacturer Company (France), Lumax Industries Limited Company (India), AMS Company (Austria), Tungsram Lighting Company (Hungary), Philips Multinational Conglomerate Company (Netherlands), LG Corporation Multinational Conglomerate Company (South Korea), Marelli Holdings Co Ltd Company (Japan), SL Corporation Company (South Korea), Lumileds Holding B.V (Netherlands), Varroc Engineering and Other Electronic Component manufacturing Company (India), Fiem Industries Ltd Auto Parts Company (India), General Electric Multinational Conglomerate Company (U.S), Hyundai Motor Group Company (South Korea), Texas Instruments Semiconductor Manufacturing Company (U.S), Hueck Folien Holding GmbH and Co. KG Company (Germany), Denso Automotive Manufacturer Company (Japan), Robert Bosch Stiftung GmbH Company (Germany), Savant Systems Home Automation Company (U.S), Daktronics Commercial Company (U.S), Samsung Group Multinational Conglomerate Company (South Korea), Toshiba Multinational Conglomerate Company (Japan), Zumtobel Group Lighting Company (Austria), Barco Technology Company (Belgium), among others.
The Global Automotive Lighting System Market Has Been Segmented Into:
The Global Automotive Lighting System Market – By Lighting Product Type:
The Global Automotive Lighting System Market – By Vehicle Type:
The Global Automotive Lighting System Market – By Application Type:
The Global Automotive Lighting System Market – By Regions:
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