Pune India, Jan. 24, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automotive lighting market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the automotive lighting market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as sales channel, vehicle type, technology, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global automotive lighting market are Varroc Group, Lear Corporation, Hyundai Mobis, Magneti Marelli, Denso, Hella GmbH, Robert Bosch GmbH, Continental AG, Koninklijke Philips, OSRAM, Valeo among others. To achieve a substantial market share in the worldwide automotive lighting market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
An automotive lighting system consists of headlights and signals that are integrated into the front and rear sides of a car. Pedestrians and other drivers can detect the direction of the vehicle and its size using automotive lighting in vehicles. In addition to adding aesthetic appeal to the interior and exterior of a vehicle, automobile lighting is also important from the perspective of safety for both users and other road users. As the safety concerns on the roads increase, the automotive lighting market is likely to continue to grow. In addition to implementing regulations regarding lighting for safety concerns, the government has also made new regulations which are expected to fuel the growth of the market. The market is also growing due to an increase in passenger and commercial vehicle production. In the future, there are huge opportunities for the market to grow as innovations in lighting systems improve vision in poor air quality and the environment. Technology development will lead to new opportunities for this market, as people are ready to opt for new kinds of lighting in their vehicles as it evolves. There are some factors which are hampering the growth of the market such as the high cost of automotive lighting and consumers avoid to use such lighting systems for light commercial vehicles. A major challenge for light commercial vehicle users is that automotive lighting is not used because they travel a longer distance and this lighting system costs more, so they avoid spending money on it.
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Scope of Automotive Lighting Market Report:
|Market Share Unit||USD Billion|
|Segments Covered||Sales Channel, Vehicle Type, Technology, Application, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Varroc Group, Lear Corporation, Hyundai Mobis, Magneti Marelli, Denso, Hella GmbH, Robert Bosch GmbH, Continental AG, Koninklijke Philips, OSRAM, Valeo among others.|
OEM is expected to be the fastest-growing segment in 2022.
The sales chanel segment includes aftersales and OEM. The OEM segment is expected to witness the highest growth rate during the forecast period. Consumer demand for cars with stunning aesthetics and enhanced aerodynamics is growing, which is encouraging OEMs to develop cutting-edge automotive lighting systems that are highly functional and can be creatively employed in both the interior and exterior appearance of the car. In response to the surge in demand for improved gas mileage and safety without sacrificing vehicle performance, market participants are developing and designing automotive lights equipped with safety sensors to improve the appearance, functionality, and safety of the car.
Passenger cars is expected to be the fastest-growing segment in 2022.
The vehicle type segment includes two wheelers, passenger cars, electric vehicles, heavy commercial vehicles and light commercial vehicles. The passenger cars segment is expected to witness the highest growth rate during the forecast period. Automotive lighting is utilised in the interior design of passenger vehicles due of its versatility. Thus, increased customer demand for uniquely designed interior, exterior, and lighting systems for passenger automobiles will fuel the growth of the automotive lighting market. The market will also profit from an increase in passenger vehicle registrations worldwide.
Halogen is expected to be the fastest-growing segment in 2022.
The technology segment includes halogen, LED and xenon. The halogen segment is expected to witness the highest growth rate during the forecast period. Several factors drive the growth of the segment, including easy availability and low replacement & purchasing costs. It is easy for consumers to buy them at a low cost and in different sizes, making them a preferred choice. However, excessive heat loss caused by light radiation limits the use of halogen bulbs.
Front/Headlamps are expected to be the fastest-growing segment in 2022.
The application segment includes interior lighting, front/headlamp and rear lighting. The front/headlamps segment is expected to witness the highest growth rate during the forecast period. As a result of the increasing advancement in headlamps as well as the incorporation of LED technology in front view lighting, the front/headlamps application segment is expected to grow significantly over the forecast period, largely attributed to the rapid development of headlamps.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive lighting market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. Since the production and sales of automobiles have increased, as well as the adoption of lighting in automobiles, Asia-Pacific is expected to hold the largest market share and continue to hold the largest market share throughout the forecast period.
Germany’s automotive lighting market size was valued at USD 3.39 billion in 2022 and is expected to reach USD 7.1 billion by 2030, at a CAGR of 9.7% from 2023 to 2030.
Safety and driver assistance systems have improved significantly in the country, resulting in a significant increase in the adoption of automotive lighting.
China’s automotive lighting market size was valued at USD 4.5 billion in 2022 and is expected to reach USD 9.6 billion by 2030, at a CAGR of 10% from 2023 to 2030.
In terms of motor vehicle lighting installations, China dominates the market, which boosts the demand for this industry.
India’s automotive lighting market size was valued at USD 3.4 billion in 2022 and is expected to reach USD 7.23 billion by 2030, at a CAGR of 9.9% from 2023 to 2030.
A strong automotive sector in the country, as well as an increasing number of western automakers expanding into the country, are expected to drive the automotive lighting market in the country.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand for automotive lighting especially during poor weather conditions.
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