Automotive Lighting Market
The Automotive Lighting Market is estimated to grow at a robust CAGR over the forecast period (2020-2027).
The factors driving the growth of Automotive Lighting Market includes rise in the number of car accidents around the world, increase in the production of Internal combustion engine vehicles and integration of lighting solutions with Advanced Driver Assistance Systems (ADAS) in autonomous cars. According to the report published by Global Advanced Driver Assistance Systems (ADAS) Market was calculated around USD 18.77 billion in 2021 and is expected to reach USD 50.55 billion by 2028, expanding at a CAGR of 15.2%, over the forecast period, which will boost the Global Automotive Lighting Market in coming years. Moreover, the strict regulations imposed by Governments regarding vehicle visibility, technological advancements in the automotive sector, rise in the launch of innovative products and growing demand for smaller vehicles, are some of the additional factors supplementing the Automotive Lighting Market size. In addition, the increasing investments by leading players on research and development, rising concerns related to pollution, growing disposable incomes and rapid urbanization, are further contributing towards the market growth.
However, the growth of Automotive Lighting Market is hindered due to variations in the price of raw materials.
The prominent players operating in the market are Magneti Marelli S.p.A., Namyung Lighting, OSRAM Group, General Electric Company, HELLA GmbH & Co. KGaA, Hyundai MOBIS, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Seoul Semiconductor Co., Ltd. and Koito Manufacturing Co., Ltd., among others.
Based on Vehicle Type, the Passenger Vehicles segment is predicted to grow at a significant CAGR during the forecast period
Growing polarity of SUV vehicles and rise in the launch of innovative passenger vehicles, are some of the factors responsible for the segment’s growth.
Based on Technology Type, the LED segment is projected to expand at a remarkable CAGR over the forecast period
As per the Automotive Lighting Market Trends, LEDs are increasingly deployed in premium vehicles because it consumes less power and provides high aesthetic values, are some of the features propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
Government policies supporting automobile manufacturing, technological advancements in passenger vehicles, presence of the leading players such as Samsung Electronics Co., Ltd. and Hyundai MOBIS, and high population growth rates are some of the important factors augmenting the Automotive Lighting Market share in Asia-Pacific.
Segmentation by Vehicle Type
Segmentation by Application Type
Segmentation by Technology Type
Segmentation by Region
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