Automotive Lighting Market Overview
According to recent research information, the
global automotive lighting market is witnessed at USD 40.1 billion in 2019
and is estimated to reach USD 46.48 billion with a significant CAGR of 6.18%
during the forecast period 2024-2032.
In automotive vehicles, lighting plays an
important role in providing illumination for the driver. This lighting also
helps the drivers and pedestrians in various things like detecting the
vehicle's position, size of the road, and direction of movement. Moreover, this
lighting adds an aesthetic look to both the interior and exterior parts of the
vehicle and also rises the vehicle’s conspicuity. In the recent innovations,
these lighting equipment are mounted at various locations of the vehicles like
the front, top, rear, and interiors.
The automotive lighting system protects people
to avoid accidents and enables a safe journey. The government also Halogen is
the most used lighting technology for its low cost and easy availability. Xenon
and LED are two other prominent lighting technologies. Due to the rising
disposable income, changing lifestyle,
and transportation requirements, the automotive lighting system is highly
demandable. The growth in the urban population leads to the expansion of auto-manufacturers
into new emerging markets and also rises the usage of passenger vehicles which
accelerates the demand for automotive lighting technology.
The automotive lighting market opportunities
are the government’s new emission standards, rising demand for luxury cars in
the urban countries, growing sales of passenger cars, rising usage of lighting
in vehicles, the rising popularity of LED lights, and introducing advanced
technologies.
Automotive Lighting Market
Segmentation
By the recent updates, the global automotive
lighting market is categorized into four segments like technology, vehicle
type, application, and end market.
Technology
Segmentation: The automotive lighting technologies are
trifurcated into Halogen, Xenon, and LED.
Vehicle
Type Segmentation: The automotive lighting by vehicle
type is classified into three types as Passenger car, Light Commercial Vehicle,
and Heavy Commercial Vehicle.
Application
Segmentation: The automotive lighting applications are
front lights, rear lights, sidelights, and Interior Lights.
End
Market Segmentation: By the end market, the automotive
lighting is bifurcated into OEM and Aftermarket.
Automotive Lighting Market Regional
Analysis:
As per the automotive lighting market share
and other aspects, the regional market is divided into four major regions such
as Asia-Pacific, North America, Europe, and the Rest of the World. Out of these
regions, Asia-Pacific holds the largest market share due to the rising sales of
passenger cars, growing usage of lighting on vehicles, the rising popularity of
LED lights, increasing technological innovations. Moreover, North America is
holding the second leading position in the market due to the presence of big
giants in automotive lighting. Apart, the growing demand for passenger cars
increases the automotive lighting market in this region.
The prominent key players of automotive
lighting are Philips Lighting NV (Netherlands), HELLA KGaA Hueck & Co
(Germany), ZKW Lichtsysteme GmbH (Austria), OSRAM GmbH (Germany), General
Electric (US), Magneti Marelli (Italy), Ichikoh Industries Ltd (Japan), Koito
Manufacturing Co., Ltd (Japan), and others.
Automotive Lighting Industry News
Based on recent research, the automotive
lighting market forecast states that this lighting sector is expected to reach
immense growth by launching new automotive LED products. The most popular
enterpriser Samsung launched an innovation of an automotive LED module for
smart headlights named PixCell LED in April 2021. This module improves driving
visibility, contributing to the industry statistics. The Adaptive Driving Beam
(ADB) system improves visibility and enables safety at night and in poor
weather conditions, and also increases the convenience of overall driving.
No comments:
Post a Comment