New York, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on Automotive Interior Lighting System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product and Vehicle and Geography. Rising Sales of Luxury Vehicles Is expected to drive the Automotive Interior Lighting System Market Growth During Forecast Period. Luxury vehicle sales have been increasing steadily over last few years owing to increased wealth of consumers, improved standard of living. Majority of Americans are opting to buy luxury vehicles owing to cash rich buyers and growing wealth among consumers in the high-income brackets. Luxury vehicle providers such as Mercedes-Benz, Lexus, BMW have some of the most vibrant ambient lighting on their modern cars. Moreover, high end automakers like Bentley, Rolls-Royce uses ambient lighting to create beautiful visual effects. Increasing luxury car sales will increase the usage of interior lighting system. Thus, rising luxury vehicle sales will boost the automotive interior lighting system market growth.
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| Report Coverage | Details |
| Market Size Value in | US$ 4.86 Billion in 2021 |
| Market Size Value by | US$ 8.56 Billion by 2028 |
| Growth rate | CAGR of 8.8% from 2022 to 2028. |
| Forecast Period | 2022- 2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| No. Tables | 58 |
| Historical data available | Yes |
| Segments covered | Product Vehicle and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Purchase Options | Request customized purchase options to meet your research needs. |
Automotive Interior Lighting System Market: Competitive Landscape and Key Developments
OSRAM GmBH; Hella KGaA Hueck & Co.; SCHOTT AG; DRÄXLMAIER Group; Grupo Antolin; Texas Instruments Incorporated; General Electric; Koninklijke Philips N.V.; Robert Bosch GmbH; and Stanley Electric Co., Ltd., are among the leading players profiled in the automotive interior lighting system market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under automotive interior lighting system market are mentioned below:
- In December 2021, OSRAM GmBH announced launch of Oslon Black Flat X family for automotive front lighting. Oslon Black Flat product family is an ideal solution for high quality and time cost-optimized headlamp designs.
- In August 2022, Hella KGaA Hueck & Co. along with a joint venture with Beijing Hainachuan Automotive Parts Co., a subsidiary of BAIC Motor Group Co. has open a lighting plant in Changzhou, China to supply lightining systems to automakers in eastern China.
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Moreover, luxury vehicle sales is are also high in Asia Pacific region. For instance,
- According to the Wall Street Journal report, the share of new vehicles sold by luxury brands such as BMW, Tesla and Mercedes-Benz, hits 17.3% of total sales in June 2022. Moreover, sales of Lamborghinis, Bentleys and Ferraris were up 35.6% when compared with five years ago.
- According to the Wall Street Journal, Hanania Automotive Group usually sells 10 Lamborghinis a year but in 2021 the company sold almost 30 Lamborghinis post-pandemic. Lamborghini sales at a Florida car dealership tripled in the year 2021 compared to normal years.
- According to Economic Times, Indian buyers bought four luxury vehicles every hour in first nine months of 2022. Industry estimates that, 25,000 luxury vehicles were sold in the first nine months of 2022 in India which is an increase of 32% compared to last year. Furthermore, the industry estimates that around 17,000 luxury vehicles were sold between the month of January to June 2022 in the country, which is an increase of 55% over an year-ago in the same period.
Luxury vehicle providers such as Mercedes-Benz, Lexus, BMW have some of the most vibrant ambient lighting on their modern cars. Moreover, high end automakers like Bentley, Rolls-Royce uses ambient lighting to create beautiful visual effects. Increasing luxury car sales will increase the usage of interior lighting system. Thus, rising luxury vehicle sales will boost the automotive interior lighting system market growth.
The automotive interior lighting system market growth in Asia Pacific is mainly driven by huge growth of the automotive industry, rising vehicle sales in developed and developing economies, increasing government support to boost the EV adoption and awareness about energy-efficient lighting systems. The region comprises developing economies such as China, India, and South Korea; several Southeastern countries; and developed economies such as Australia and Japan.
Countries in Asia Pacific, such as China, India, Japan, have been evolving their technology concepts and using various technologies such as connected cars, IoT and others in the automotive industry. China is one of the world's largest automotive manufacturing country and automotive market. Auto industry in China had a strong comeback after strict lockdown and COVID-19 restrictions. Moreover, Japan-third largest car market in the world, the Japanese car market grew by 24.1%, with 394,290 units sold in September 2022. All these factors were contributing to the growth of automotive interior lighting system market growth in Asia Pacific.
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Automotive Interior Lighting System Market: Industry Overview
The automotive interior lighting system market has been segmented on the product, vehicle and geography. Based on product, the automotive interior lighting system market is bifurcated into roof console, reading lights, car body lighting, ambient lighting. Based on vehicle, the automotive interior lighting system market is bifurcated into economy, mid-priced and luxury vehicles. Based on geography, the automotive interior lighting system market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The automotive interior lighting system market in North America is projected to witness impressive growth during 2022–2028. The region comprises developed and developing economies such as US, Canada and Mexico. Increasing sales of luxury vehicles and huge presence of major vehicle manufacturers such as BMW, Audi, Mercedes Benz, Volkswagen Group and others will propel the automotive interior lighting system market growth in North America.
The Report Insights and Findings
- Market Perception: In-depth and comprehensive information on the product portfolios of the leading players in the Automotive Interior Lighting System Market.
- Competitive Analysis: An in-depth assessment of the market strategies and geographical and business segments of the Automotive Interior Lighting System Market leading players.
- Product Development: Detailed insights into upcoming R&D activities, technologies, and new product launches in the Automotive Interior Lighting System Market.
- Market Diversification: Complete information on new products, untapped geographies, recent developments and investments in the Automotive Interior Lighting System Market.
- Market Recent Development: In-depth information about emerging markets. This report analyzes the market for various segments across regions.
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Key Benefits of the Report Over Competitors
- The report provides qualitative and quantitative analysis to determine Automotive Interior Lighting System Market size, share, forecast, market trends and new opportunities.
- Porter's Five Forces analysis highlights the power of suppliers and buyers to enable stakeholders to make or run strategic business decisions and operation and determine the level of competition in the Automotive Interior Lighting System Market.
- The research highlights the most impactful factors and key investment pockets in Automotive Interior Lighting System Market.
- The major countries in each region are analyzed and their consumer, manufacturing and revenue contribution is mentioned.
- The market player positioning segment provides an understanding of the current position of the market players active in the Automotive Interior Lighting System Market
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