Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Next-Generation Automotive Lighting Market - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific (APAC) next-generation automotive lighting market (excluding China) is projected to reach $6.76 billion by 2031 from $1.81 billion in 2022, growing at a CAGR of 15.77% during the forecast period 2022-2031. The APAC region is anticipated to experience significant growth in the next-generation automotive lighting market due to advancements in automotive lighting systems technology and the rising demand for luxury vehicles in the region. 
Key Trends
- Flexible Organic Light-Emitting Diode (OLED)
- Micro AFS LED Headlights
- Human-Centric Lighting
- Integration of LiDAR in Headlamps of Vehicles
- Laser Light for Headlights
Business Dynamics
- Business Drivers
- Increase in Demand for Luxury Cars
- Growing Popularity of Autonomous Vehicles
- Stringent Safety Regulations for Lighting Systems
- Business Restraints
- Higher Cost Concerns with Next-Generation Automotive Lighting
- Increase in Costs of Raw Materials Since LED Revolution
- Business Strategies
- Product Development
- Market Development
- Corporate Strategies
- Mergers and Acquisitions
- Partnerships, Joint Ventures, Collaborations, and Alliances
- Business Opportunities
- Development of Advanced Adaptive Driving Beam (AADB)
- Advent of New Services for Automotive Lighting
Market Introduction
APAC next-generation automotive lighting market is expanding due to a number of factors, such as rising passenger car sales and production, an increase in the number of autonomous vehicles on the road, and the introduction of cutting-edge technologies.
Furthermore, it is projected that the adoption of next-generation automotive lighting systems will be fueled by growing concerns about safety as well as increased awareness of autonomous vehicles and advanced lighting systems worldwide. Nevertheless, increased cost concerns and rising raw material costs since the LED revolution are currently impeding the market's growth.
Market Segmentation
Segmentation 1: by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Segmentation 2: by End Market
- OEM
- Aftermarket
Segmentation 3: by Product Type
- Adaptive Lighting
- Ambient Lighting
- Communicable Lighting
- Flexible Lighting
Segmentation 4: by Technology Type
- Halogen
- Xenon
- LED
- Laser
Segmentation 5: by Country
- Japan
- India
- South Korea
- Rest-of-Asia-Pacific and Japan
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration. Some of the prominent names established in this market are:
- KOITO Manufacturing Co. Ltd.
- Hyundai Mobis Co. Ltd.
- Varroc Group
- LG Innotek Co. Ltd.
- Stanley Electric Co. Ltd.
Key Questions Answered in the Report
- What are the major market drivers, challenges, and opportunities in the Asia-Pacific next-generation automotive lighting market?
- Which product segment and application areas are estimated to witness the maximum demand growth in the next-generation automotive lighting market during 2021-2031?
- Who are the key players currently dominating the next-generation automotive lighting market space? What are the business and corporate strategies adopted by manufacturers involved in the next generation automotive lighting market?
Key Attributes
| Report Attribute | Details |
| No. of Pages | 109 |
| Forecast Period | 2022-2031 |
| Estimated Market Value (USD) in 2022 | $1.81 Billion |
| Forecasted Market Value (USD) by 2031 | $6.76 Billion |
| Compound Annual Growth Rate | 15.7% |
| Regions Covered | Asia Pacific |
For more information about this report visit https://www.researchandmarkets.com/r/qup10y
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