The automotive lighting market was valued at US$ 19.15 billion and expected to surpass around US$ 31.46 Billion by 2027, with a CAGR of 6.4% from 2020 to 2027.
OTTAWA, May 10, 2021 (GLOBE NEWSWIRE) -- Precedence Research, Recently Announced New Report on “Automotive Lighting Market (By Technology: Xenon/HID, Halogen, and LED; By Product Sale: Aftermarket Products and Original Equipment Manufacturers (OEMs); By Vehicle Type: ICE and Electric Vehicle, BEV, and PHEV); By Application: Rear Lighting, Front/Headlamps, Side, and Interior Lighting) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
Lighting is a crucial element in an automobile that is used for providing illumination to the driver. Further, lighting also help pedestrians and other drivers on road to detect the position of the vehicle along with size and direct of the movement. It provides aesthetic look to both exterior and interior part of the vehicle and at the same time enhances the conspicuity. Automotive lighting comprises of signaling and lighting devices. They are mounted on the different parts and locations of the vehicle such as top, rear, front, and interiors. Conventionally, halogen technology was significantly used for the automotive lighting due to its easy availability and low cost. However, Xenon and LED were the most prominent lighting technology used in the automotive sector.
Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1079
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.
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.
Get Customization on this Research Report@ https://www.precedenceresearch.com/customization/1079
Regional Snapshots
The Asia Pacific is the most attractive region in the global automotive lighting market that accounted for maximum revenue share of around 40% in 2019 and also exhibits the rapid growth over the analysis period. The significant growth of the region is mainly due to increasing demand for passenger vehicles in the region. High disposable income along with prominent growth in Gross Domestic Product (GDP) of various Asian countries offers significant growth prospect for the passenger cars in the Asia Pacific region, thereby propelling the growth of automotive lights in the region. China, India, Taiwan, and Japan are the major manufacturing hubs for automotive sector, thus propel the growth of automotive lights production in the region.
Key Players & Strategies
The global automotive lighting market is highly consolidated and competitive in nature. The major market share is occupied by the major market players including Hella, Stanley Electrics, Hyundai Mobis, Valeo, ZizalaLichtsysteme, Philips, and General Electrics. These industry participants believe significantly in joint venture, product launch, and regional expansion. For instance, Koito Manufacturing Co., Ltd. introduced its new manufacturing facility for automotive lights in China as Hubei Koito Automotive Lamp Co. Ltd. Further, they invest significantly in the research and development of advanced and effective lighting solution. Further, a market trend to invent a cost-effective LED solution and many other related solutions influence the market players to invest prominently in research & development activities.
Some of the key players operating in the market are HellaKGaAHueck& Co., DENSO Corporation, Koito Manufacturing Co. Ltd., Hyundai Mobis, Valeo, OsramLicht AG, Koninklijke Philips N.V., Stanley Electric Co. Ltd., ROBERT BOSCH GmbH, and ZizalaLichtsysteme GmbH among others.
Market Segmentation
By Technology
- LED
- Halogen
- Xenon/HID
By Product Sale
- Aftermarket Products
- Original Equipment Manufacturers (OEMs)
By Vehicle Type
- ICE
- Commercial Vehicle
- Passenger Vehicle
- Electric Vehicle
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Application
- Front/Headlamps
- Side
- Rear Lighting
- Interior Lighting
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1079
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R