New York, NY, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Automotive Lighting Market By Type (Halogen, Xenon, LED, Others), and By Application (Commercial Vehicle, Passenger Vehicle): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026”.
According to the [195+ Pages PDF] research report, the global Automotive Lighting Market was estimated at USD 27 billion in 2019 and is expected to reach USD 35 billion by 2026. The global Automotive Lighting Market is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.
Global Automotive Lighting Market Growing On the Back of Rising Advancements in Lighting Technologies in Automobiles, Specifically in LED Lights.
The light which provides better visibility in extreme conditions of weather and also during the night time is termed as automotive lighting. It helps the driver of the vehicle to identify any obstacles or to identify the rough conditions of the road. The vehicle has various types of signaling components and lighting which improves the visibility of vehicles and it also gives a stylish look to our vehicles as these components are equipped at the rear side or front of vehicles.
Browse through 34 Tables & 102 Figures spread over 225+ Pages and in-depth TOC on “Global Automotive Lighting Market: By Types, Size, Share, Industry Applications, Segments, Analysis, and Forecast, 2019 – 2026”.
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As per the latest figures of the World Health Organization, around 40-50 million people get injured in road accidents and also around 1.30 million people die because of road accidents which are caused by the natural conditions of weather such as rain, fog, snow, dust, others. This has fueled the growth of the automotive lighting market as it has good visibility in these weather conditions. The government in several regions has imposed strict regulations on the manufacturers for producing superior light with components, low battery consumption, and also good illumination.
Industry experts and analysts predict that market growth would be around 5.5% in terms of CAGR value. The government has imposed various strict norms regarding safety because in the night time the drivers use high beam light or bright light for better visibility which can cause a danger for the vehicle which is coming from the opposite end, and due to this reason the government bodies have imposed regulations on the manufacturer of automotive lighting to produce much more efficient lighting which cannot cause discomfort to other vehicles and which in turn helps to reduce the road accidents. However, the high cost of LED lights can hamper the growth of the automotive lighting market to a larger extent.
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Top Market Players
Some of the key players operating in the automotive lighting market include Robert bosch GmbH, Stanley electric co. ltd., Hyundai mobis, gentex corporation, koninklijke Philips N.V., lumax industries, varroc group, koiko manufacturing co. ltd., valeo, North American lighting inc., continental AG, OSRAM GmbH, hella GmbH, lear corporation, denso corporation among others. The players are focusing on joint ventures and are expanding their business globally. For Instance, Valeo has recently acquired 10.5% of the stake in a technology-based startup called Aledia, which is focused on the development of LED technology for automotive lighting. Also, a company named ZKW has started the production of the first laser-beam headlamps, for the BMW i8.
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Key Segments Analysis: Global Automotive Lighting Market
Based on type segmentation, the global automotive lighting market can be segmented into halogen, xenon, LED, and others. Among these LED segmented is expected to dominate the market over the forecast period as LED has lower power consumption property as compared to halogen bulbs and also manufacturers have invested in the research and development activities to develop advanced LED lights which can also replace the halogen bulbs in future. Further, based on the application the market is bifurcated into commercial vehicles, and passenger vehicles. Passenger vehicles will dominate the market in the forecast period due to the increase in production and sales of passenger vehicles globally and also the advanced lighting penetration is much higher in passenger vehicles as compared to other vehicles such as trucks, buses.
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Key Drivers and Restraints: Global Automotive Lighting Market
The growth of the global automotive lighting market is mainly attributed to the increasing demand for lighting for better visibility and safety. Moreover, stringent government regulation, high demand for adaptive lighting, and rising production of new electric cars are amongst the major driving factors for the growth of the automotive lighting market in the near future. Furthermore, rising disposal income paired with continuous new product launches by the market participants is predicted to flourish the growth of the automotive lighting market in the near future. However, the high cost of LED lights is predicted to have an adverse impact on the growth of the global automotive lighting market. Even so, advancement in technologies is estimated to offers new growth opportunities for the market participants in the coming years.
Rising production of new electric cars paired with stringent government regulation is the major driving factor for the growth of the automotive lighting market in the analysis period. Moreover, ongoing development in product offerings by key manufacturers coupled with surging demand for better visibility and safety is predicted to support the growth of the global automotive lighting market. Furthermore, the implementation of rules and regulations by different countries, rising disposable income is also a major factor expected to propel the market demand in years to come. On the contrary, the high cost of LED lights is predicted to limit the growth of the global automotive lighting market. Even so, advancement in technologies is estimated to offers new alluring opportunities for the automotive lighting market in the forecast period.
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Regional Analysis: Global Automotive Lighting Market
In terms of geography, the market for automotive lighting is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is expected to have a higher market share over the forecast period due to the fast adoption of consumers and high sale for automobiles in this region. Also, China and Japan have recorded the largest sales of vehicles.
This report segments the global automotive lighting market as follows:
Global Automotive Lighting Market: Type Segment Analysis
- Halogen
- Xenon
- LED
- Others
Global Automotive Lighting Market: By Applications Segment Analysis
- Passenger Vehicle
- Commercial Vehicle
Key Insights from Primary Research
- As per the primary research, the automotive lighting market is likely to grow at a rate of 6%.
- In terms of revenue, the U.S. automotive lighting market was valued at USD 3,300 Million in 2019 and is expected to reach USD 4800 Million by the end of 2026.
- Continuous launching of new advanced products by manufacturers will be the key strategy to sustain the competition
- Valeo, Hella, Koito, and Hyundai IHL are some of the key players to watch
- The Asia Pacific is expected to be the most lucrative market for the manufacturers as well as for investors
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