To know the impact of COVID-19 On Automotive Lighting Market by Key Players Commercial Sector, Overview, Component, Business Stats, Growth perspective and Forecast 2019-2025
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Automotive Lighting Market is valued at USD 23,490 Million in 2018 and expected to reach USD 37,719 Million by 2025 with the CAGR of 7.0% over the forecast period.
Market Analysis of Automotive Lighting -
The market growth of automotive lighting is majorly driven by increasing lighting applications and vehicle production. The automotive lighting market is expected to be the prominent market and is predicted to show high growth over the forecast years due to efficient working and economical nature of light-emitting diode (LED) lights. LEDs are light bulbs which are solid and small in size which are very long-lasting and energy-efficient. Furthermore, the factors like passenger safety regulations and rising demand for comfort, luxury, and ambiance are boosting the advancement in the technology which indirectly propelling the automotive lighting market growth. Rising automobile production is expected to raise the consumer demand which indirectly contributes to the growth of the automotive lighting market. The new vehicles making changes by adopting the technically-advanced systems in their vehicles like lighting control systems and driving assistance. The integration of the LED lights and the development of laser technology to new vehicles is expected to create huge growth opportunities for the automotive lighting market growth.
The initiatives by the government coupled with favorable regulations, like ECE regulations is expected to boost the market growth of automotive lighting. The initiatives by the European Commission on the automotive and general lighting products manufacturing to control the effects on the environment and to promotes low chemical use and applications of modern lighting technology. Rising adoption of the sustainable and eco-friendly product by the key market players is projected to propel the growth of the automotive lighting market. However, continuously changing cost of raw material is expected to hamper the growth of the automotive lighting market. Moreover, the cost of the LED light-based products is high in the economy as compared to conventional halogen and xenon products. These continuous price fluctuations lead to the production of low-quality products and pose difficulties for the manufacturers.
Automotive lighting market report is segmented on the basis of position, technology, vehicle type, and region & country level. Based upon position, automotive lighting market is classified into rear, front, interior, and side. On the basis of technology, automotive lighting market is classified into halogen, led, and xenon. On the basis of vehicle type, the market is classified into commercial vehicle lighting, two-wheelers lighting, three-wheelers lighting, passenger vehicle lighting, and tractor lighting.
The regions covered in this automotive lighting market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Automotive Lighting is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Key Players -
The major players operating in the automotive lighting market are Tata Motors Limited, Osram Licht AG, Magneti Marelli S.P.A, Toyota Motor Corporation, Koninklijke Philips N.V., Koito Manufacturing Co.Ltd, Stanley Electric Co.Ltd, Mercedes-Benz, Hyundai Group, Zizala Lichtsysteme Gmbh and Others.
Increase in Consumers’ Purchasing Power and Automotive Vehicles Production are the Factors Expected to Drive the Growth of this Market
Increase in consumers’ purchasing power is expected to creating huge market opportunities in the automotive lighting market. Lighting is considered to be the most important automotive vehicles component and plays an instrumental role in automotive safety. The automotive vehicle has many types of lights to increase visibility in dark conditions and bad weather. Also, these lights increase the visibility of the vehicle. The automotive lighting system consists of signaling and lighting devices which are placed at different vehicle locations such as front, top, rear, and interiors. The automotive lighting helps other vehicle drivers to detect the vehicle position and direction of movement and size on the road to ensure to drive the vehicle safely. The automotive lighting is expected to be holding a stable market growth due to increasing demand for automotive vehicles. Automotive vehicles, including commercial and passenger vehicles, need cost-effective and energy-efficient lighting systems to allow a safe driving experience. The increase in automotive vehicles production coupled with the growing population and the escalating vehicle safety concerns are expected to drive the growth of the automotive lighting market.
Asia-Pacific is expected to be the most Prominent Market for the Automotive Lighting
Geographically, automotive lighting market report is segmented into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific market is predicted to be the most prominent market for the automotive lighting owing to the presence of a large number of manufacturers operating in the market especially local manufacturers in the emerging countries such as China, India, Japan, and South Korea. There has been a huge demand for Asian-made automobiles in the America and European region which will grow the market grows rapidly. Moreover, the market growth is also due to the rise in the manufacturing, sales, and export activities observed in the country like South Korea, which is predicted to dominate the automotive lighting market.
Key Benefits for Market Report–
- Global market report covers in depth historical and forecast analysis.
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By Vehicle Type:
- Commercial Vehicle Lighting
- Two-Wheelers Lighting
- Three-Wheelers Lighting
- Passenger Vehicle Lighting
- Tractor Lighting
By Regional & Country Level:
- North America
- Asia Pacific
- Southeast Asia
- Latin America
- Middle East and Africa
- Rest of Middle East and Africa
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