The rapid expansion of the automotive sector, coupled with the increasing adoption of electric vehicles and luxury cars, are driving innovations in the automotive lighting market. According to a latest study by Future Market Insights (IMF), the market is experiencing impressive growth, especially in North America, which will remain dominant as the primary market for automotive lighting sales.
DUBAI, United Arab Emirates, July 28, 2021 / PRNewswire / – A final market analysis of the automotive lighting market by certified consultancy ESOMAR Future Market Insights (IMF) predicts lucrative growth prospects. The market is expected to reach US $ 34.7 billion in 2021, showing a healthy CAGR of 6.3% through 2031.
Growing technological advancements such as adaptive lighting and Daytime running lights (DRL) in the automotive sector are driving innovations in the automotive lighting market. Rising sales of electric vehicles around the world are fueling the demand for energy-efficient lighting systems. These trends should bode well for the global market.
Vehicles require very advanced lighting systems, including light emitting diode (LED) lights. Such trends encourage original equipment manufacturers to launch efficient and advanced automotive lighting products.
Steadily increasing sales of two-wheeled vehicles in countries with India, China, and Brazil further stimulates the demand for automotive lighting. In addition, the growing number of road accidents has highlighted the need for advanced lighting equipment, leading to innovations in automotive lighting products for improved safety.
The increase in vehicle sales will have a direct impact on the demand for headlights. IMF predicts that the demand for headlights will increase in the coming years, contributing to over 60% of automotive lighting sales in terms of application in 2021. At the same time, the demand for fog lights and interior lighting to be installed in luxury vehicles will also drive the growth of the market.
According to the IMF market research, North America will become the most lucrative market between 2021 and 2031. The popularity of electric vehicles in the United States, coupled with the presence of major market players including Tesla, will further drive automotive lighting sales during the evaluation period .
âIncreased sales of electric vehicles, coupled with advancements in automotive lighting technologies, are expected to support growth throughout the evaluation period. As the focus on strengthening the global footprint increases among market players, their focus on product launches will increase, âthe IMF analyst said.
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Key points to remember:
- Headlights will dominate the application segment, due to the increasing demand for safety systems and design aesthetics in automotive vehicles.
- The growing demand for interior and exterior lighting decoration in passenger cars will drive automotive lighting sales.
- Light Emitting Diode (LED) lamps will generate significant revenue through features such as minimal maintenance and low power consumption.
- North America will become a lucrative market due to the increasing demand for advanced lighting systems from electric vehicle manufacturers.
- Increase in sales of two-wheelers in Brazil will increase the growth of the automotive lighting market.
- The growing demand for luxury vehicles in China will stimulate the demand for automotive lighting through a ripple effect.
- India will provide expansion opportunities for the players in the automotive lighting market, owing to the increase in sales of passenger vehicles in the country.
- Innovations in lighting technologies aligned with safety concerns will drive sales in the market.
- The demand for aesthetic interior and exterior automotive lighting in passenger cars will positively influence the sales outlook.
Find out more about the automotive lighting market with numbers and data tables. You can request the TOC at https://www.futuremarketinsights.com/toc/rep-gb-8043
Leading manufacturers in the automotive lighting market are emphasizing collaborations and joint ventures with regional players to expand their geographic footprint. In addition, product portfolio advancements and distribution network improvements will remain growth strategies widely adopted by market players. For example:
- In July 2021, HexaTech Inc. has launched a 2 inch diameter deep UV transparent monocrystalline aluminum nitride (AIN) substrate product line, expanding its offering in the automotive lighting market.
- In July 2021, Cepton, a provider of MMT lidar solutions, has partnered with Koito Manufacturing Co. to manufacture the Vista-X90 automotive grade lidar based on Cepton’s CMM. The partnership enabled Cepton to secure a groundbreaking ADS Lidar Serial Production Award, which is the industry’s largest award to date.
Major players operating in the Automotive Lighting Market presented by FMI are:
- Koito Manufacturing Co. Ltd.
- Hella KGaA Hueck & Co.
- Stanley Electric Co.
- Valeo SA
- Osram Licht AG
- Magnetti Marelli
- Varroc Group
More information on the Automotive Lighting Market from FMI
The latest market research on Automotive Lighting Market by Future Market Insights gives detailed segmentation for the forecast period 2021-2031. In order to get a better perspective of the global market potential, growth, trends and opportunities, the market is segmented on the basis of:
- Front headlights
- Fog lights
- Rear lights
- Side lights
- Interior lights
- Passenger cars
- Light commercial vehicles
- Heavy duty vehicles
- Electric vehicles
- Electric Battery
- Plug-in hybrid electric
- Electric Hybrid
- Two wheels
Sales channel :
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (AEM)
Key questions addressed in automotive lighting Market report
- The report offers in-depth information about the automotive lighting demand outlook for 2021-2031
- The market study also highlights the expected sales growth for the automotive lighting market between 2021 and 2031.
- The Automotive Lighting market research identifies key growth drivers, restraints, and other forces impacting dominant trends and evaluating the current market size and forecast and technological advancement within Of the industry
- Analysis of automotive lighting market share of key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of business information and advisory services, serving clients in more than 150 countries. IMF is headquartered in Dubai, and has delivery centers in UK, US and India. IMF’s latest market research reports and industry analyzes help companies meet challenges and make critical decisions with confidence and clarity amid fierce competition. Our personalized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continually monitors emerging trends and events across a wide range of industries to ensure our clients are preparing for the changing needs of their consumers.
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