Automotive Lighting Market is expected to display a steady growth by 2027 | CAGR: ~11% | UnivDatos Market Insights
NOIDA, India, Aug. 8, 2022 -- According to a new report published by UnivDatos Markets Insights the Automotive Lighting Market is expected to grow at a CAGR of around 11% from 2021-2027. The analysis has been segmented into Vehicle Type (Passenger Car and Commercial Vehicle); Technology (Halogen, Xenon, LED and Other); Application (Front/Headlamps, Rear Lighting, Side, and Interior Lighting); Sales Channel (OEMs and Aftersales); Region/Country.
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The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Lighting Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Automotive Lighting Market at the regional & country levels.
As per our analysis, it is predicted that global Automotive Lighting sales are expected to grow at a CAGR of about 11% during the forecasted period. The demand for automobiles with modern technologies has increased as vehicle manufacturing and sales have increased around the world. As a result, automakers are developing and installing cutting-edge components in next car models. Companies such as Hella KGAA HUECK & Co., for example, are developing and introducing new lighting systems with various functions such as connecting with pedestrians to ensure safety and suit client expectations. Automobile sales are rapidly increasing in developing countries such as Brazil, Russia, India, and China (BRIC). Furthermore, factors such as urban population growth, rising income levels, and changing lifestyles all contribute to the growth of the automotive lighting industry.
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The COVID-19 epidemic has wreaked havoc on the worldwide automobile supply chain. The outbreak has impacted not only global production facilities, but also global vehicle sales. Manufacturing facilities have been shut down, and new car sales have been halted, affecting the production of automotive lighting components and, as a result, the worldwide automotive lighting market. In 2020, demand for both conventional and electric vehicles is expected to decline, which will have an influence on the automotive lighting market. Furthermore, the budget for R&D is going to be drastically reduced, which is expected to stymie the development of novel automotive lighting solutions. There has been a significant decline in the sales of global cars, the industry saw a 39% decline in sales of March 2020 as compared to March 2019. This drop is projected to have a negative influence on the automotive lighting business. Companies, on the other hand, are taking a variety of steps to combat the outbreak's negative impacts
The global Automotive Lighting market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on vehicle type, the market is segmented into Passenger Car and Commercial Vehicle. Passenger Car is expected to growth at faster rate. Due to rising disposable income and the evolving lifestyle of the urban population, demand for passenger vehicles is rapidly expanding. The most essential component of the development in passenger cars is that people's thinking has shifted from vehicles as a luxury to vehicles as a necessity. Furthermore, the automobile rental industry's expanding economic prospects are driving passenger car takeovers. Passenger automobiles are the most common means of transportation in industrialized countries, and their use is growing in underdeveloped countries as per capita income rises.
- Based on technology, the market is segmented into Halogen, Xenon, LED and Other. During the projected period, LED is expected to increase at the fastest rate. This could be due to a shift in light control technology that is more energy efficient. LED headlights have a wide range of capabilities and versatility, making them ideal for use in a variety of vehicle lighting applications.
- Based on application, the market is segmented in Front/Headlamps, Rear Lighting, Side and Interior Lighting. During the projected period, Front/Headlamps is expected to increase at the fastest rate. The growing safety concerns while driving is one of the main factors for this growth. Automobile manufacturers are working on novel lighting technologies, with a focus on major lighting components like headlights. They are forming partnerships in order to stay ahead of the competition in the industry. Headlights are an important part of creating a safe driving environment at night. Volkswagen, for example, collaborated with Hella to produce IQ.LIGHT LED headlamps.
- Based on sales channel, the market is segmented in OEMs and Aftermarket. The automotive aftermarket consists of the replacement of halogen lights with LEDs in newly purchased vehicles and lights that are damaged. The demand for replacement of halogen lights mainly exists in developed countries.
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Automotive Lighting Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
- Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, during the projection period of 2021-2027, Asia Pacific is expected to be the largest market. Due to the presence of developing economies such as India, China, and a few other South-East Asian countries, Asia-Pacific is the fastest-growing region. In the future years, the market will be dominated by technical innovation and an emphasis on government regulations. Due to its dominant position in automotive production, Asia-Pacific has the highest adoption rate. Increased sales of new automobiles, as well as a focus on automotive lighting research and development, are likely to drive the market for automotive lighting in Asia-Pacific. The sale of passenger cars and commercial vehicles is directly influenced by the area's economic progress. Furthermore, manufacturers in these countries place a high priority on technology improvements, which includes lighting, resulting in increased demand for vehicle lighting. The market would be pushed even further by rising consumer per capita income and strong SUV sales in emerging markets like India.
The major players targeting the market include
- Koito Manufacturing Co. Ltd.
- Hella KGaA Hueck & Co.
- Osram Licht AG
- Robert Bosch GmbH
- Stanley Electric Co. Ltd.
- Zizala Lichtsysteme GmbH
- Koninklijke Philips N.V.
- Hyundai Mobis
- DENSO Corporation
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Lighting Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and advancements in the Automotive Lighting Market?
- Which factors are influencing the Automotive Lighting Market over the forecast period?
- What are the challenges, threats, and risks in the Automotive Lighting Market?
- Which factors are propelling and restraining the Automotive Lighting Market?
- What are the demanding regions of the Automotive Lighting globally?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
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