Global Automotive lighting Market by Application and Geography - Forecast and Analysis 2020-2024

 

The global automotive lighting market is expected to grow at a CAGR of over 5% during the forecast period. Based on the application, the global automotive lighting market has been segmented into passenger cars and commercial vehicles. 

 

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The luxury car segment is the primary contributor to the interior automotive lighting market. This is driven by the increase in demand for luxury cars, especially in developing economies, along with technological innovations and vehicle safety features. The market is further pushed by the rise in the comfort levels it offers to vehicles. The integration of these lighting systems with infotainment systems and ambient lighting as a brand differentiator is expected to intensify market growth. The passenger cars segment of the global automotive lighting market will be primarily driven by the increasing adoption of sport utility vehicles (SUVs) among customers during the forecast period. 

 

Passenger car manufacturers have been focusing on enhancing in-vehicle comfort, and automotive lights play a vital role in increasing vehicle comfort. Moreover, the consumer demand for in-vehicle comfort is rising as the average time spent in vehicles is increasing across the globe. These factors have led OEMs and automotive lightings manufacturing companies to invest heavily in advanced lighting systems that can provide added comfort to passengers Considering the consumer preference for in-vehicle comfort, several mid-segment vehicle manufacturers are offering LED lighting systems in their latest vehicle models. The energy-efficiency of LED lamps is a key factor driving its adoption in the EV segment. Such launch of vehicles with technologically advanced LED lamps is anticipated to drive the global automotive lighting market in terms of revenue during the forecast period. 

 

Global Automotive LED Lighting Market 2023 |Increasing Use Of LEDs to Boost Growth

The automotive led lighting market and it is poised to grow by USD 4.73 billion during 2019-2023, progressing at a CAGR of about 10% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Latest Free Sample Report on COVID-19 Impact

The market is highly fragmented, and the degree of fragmentation will accelerate during the forecast period. Hella GmbH & Co. KGaA, Hyundai Mobis Co. Ltd., KOITO Manufacturing Co. Ltd., LG Electronics Inc., Magna International Inc., Magneti Marelli SpA, OSRAM GmbH, Stanley Electric Co. Ltd., Valeo SA, and Varroc Group. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The increasing use of LEDs has been instrumental in driving the growth of the market.

Automotive LED Lighting Market 2019-2023 : Segmentation

Automotive LED Lighting Market is segmented as below:

·         Application

o    Exterior Lighting

o    Interior Lighting

·         Type

o    Passenger Cars

o    Commercial Vehicles

·         Geographic Landscape

o    APAC

o    Europe

o    MEA

o    North America

o    South America

Automotive LED Lighting Market 2019-2023 : Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our automotive LED lighting market report covers the following areas:

·         Automotive LED Lighting Market size

·         Automotive LED Lighting Market trends

·         Automotive LED Lighting Market industry analysis

This study identifies the growing popularity of adaptive lighting systems as one of the prime reasons driving the automotive LED lighting market growth during the next few years.

Automotive LED Lighting Market 2019-2023 : Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the automotive LED lighting market, including some of the vendors such as Hella GmbH & Co. KGaA, Hyundai Mobis Co. Ltd., KOITO Manufacturing Co. Ltd., LG Electronics Inc., Magna International Inc., Magneti Marelli SpA, OSRAM GmbH, Stanley Electric Co. Ltd., Valeo SA, and Varroc Group. Backed with competitive intelligence and benchmarking, our research reports on the automotive LED lighting market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.

 

Global Automotive Lighting Market 2020-2024 | Increasing Demand for Effective Interior Lighting to Boost Market Growth

The automotive lighting market is expected to grow by USD 8.69 billion during 2020-2024, according to the latest market research report by Technavio.

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Automotive interior lights enhances the visual appeal of vehicles. These lights accentuate the space and create a perception of increased cabin space in vehicles. In May 2015, Chevrolet introduced the concept of dynamic internal lighting for its Camaro 2LT and Camaro SS models with its interior spectrum lighting. This lighting system offers 24 diverse lighting effects in vehicle interiors, including dashboards, door panels, and cup holders. Ambient lighting in an automotive cabin highlights the texture of the seat and mimics the feel of a premium vehicle. Vehicle manufacturers have been increasing the number of light sources in their vehicles to attract buyers. Thus, the increase in the use of interior lighting, also in mid-segment cars, is expected to drive the demand for automotive lighting during the forecast period.

As per Technavio, the development of autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Automotive Lighting Market: Development Of Autonomous Vehicles

Companies such as Delphi, Continental, Bosch, Daimler, Scania, and Volvo are working toward expanding the autonomous driving concept. Campaigns and promotions have widened the market acceptance of semi-autonomous features in passenger and commercial vehicles. Self-driving cars may become a reality toward the end of the forecast period, and in a decade, a sizeable number of self-driving vehicles are estimated to ply on the road. The mentioned prominent automotive vendors have reached advanced levels in their research on autonomous vehicles. In addition, the development and testing of a wide gamut of features in advanced driver-assistance systems (ADAS) and telematics/connected vehicle applications and services are estimated to increase. As a result, the demand for automotive lighting market is also expected to increase, which will drive the growth of the market during the forecast period.

Automotive Lighting Market: Segmentation Analysis

This market research report segments the automotive lighting market by application (passenger cars and commercial vehicles), and geography (North America, APAC, Europe, South America and MEA).

The APAC region led the automotive lighting market in 2019, followed by Europe, North America, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increase in demand for LED lighting systems and the rise in automotive production.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report