New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Lighting Global Market Report 2022" - https://www.reportlinker.com/p06247450/?utm_source=GNW
The global automotive lighting market is expected to grow from $11.96 billion in 2021 to $25.77 billion in 2022 at a compound annual growth rate (CAGR) of 12.2%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $39.03 billion in 2026 at a CAGR of 10.9%.
The automotive lighting market consists of sales of automotive lighting and related services.Automotive lighting and signalling devices are mounted on the front, rear, sides, and in some cases the top of a motor vehicle.
The lighting system also makes the vehicle more visible especially in low light conditions.
The main technologies of automotive lighting are Halogen, Xenon/HID (high-intensity discharge lamp), LED (light-emitting diode).A halogen is a chemical substance that reacts with the metal to form a salt.
Halogen lamps are lit by bulbs containing a halogen and an inert gas. The technologies are used in passenger vehicles and commercial vehicles for front/headlamps, rear lighting, side and interior lighting.
Asia Pacific was the largest region in the automotive lighting market in 2021.North America was the second-largest region in the automotive lighting market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
During the forecast period, a growing emphasis on road safety will contribute to the growth of automotive lighting market.The demand for safety features along with the adaptive lighting system has increased due to an increase in the number of road accidents worldwide.
According to the National Crime Records Bureau (NCRB), 2019 data, 4,37,396 road accidents were recorded across India, resulting in the death of 1,54,732 people and injuries to another 4,39,262.Vehicles with adaptive and advanced lightings can provide optimum road illumination and detect objects on the road, thereby enabling the driver to take appropriate actions.
These factors are leading to the growth in demand for adaptive and better lighting systems in vehicles and will thereby drive automotive lighting market.
During the forecast period, the rapid increase in the number of LED modules in automobile lighting brings in new requirements on system hardware for the automotive lighting market.The reduced component size to fit additional electronics in the same space to improved energy efficiency and performance within the same or lower thermal budget is posing to be a significant challenge for the manufacturers.
The main challenge arises while installing the connected supporting and flexible architectures that enable multiple configurations as well as accurate control to preserve LED light characteristics. Thus, the sudden demand for LED modules in automobile lighting is expected to restrain the market.
Companies in the automotive lighting market are investing heavily to develop fog-free lamps.This automotive lighting resolves fog issues and also fulfill requirements such temperature, humidity and vibration that were challenging earlier.
For instance, Hyundai Mobis announced that it has succeeded in developing new materials that can technically resolve fog issues.The company partnered with Initz (SK Chemical’s subsidiary) in developing new material using various additives to plastic that does not emit gases.
It also developed material that reduces the weight of the lamp by 20%. The development of fog-free lamps will contribute to the growth of the market.
In October 2019, Minda Industries, a supplier of automotive solutions to original equipment manufacturers, acquired Delvis for approximately €21 million ($23.06 million). The acquisition will enhance the technological capabilities in the existing product line in Minda Industries. Delvis is an innovative automotive lighting systems engineering and design company and worked closely with German car makers like Volkswagen, Audi, and Porsche.
The countries covered in the automotive lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247450/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
