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.
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.
