Automotive Lighting Market to reach USD 51.4 billion by 2027 – Report by Market Research Future (MRFR)
New York, June 22, 2021 (GLOBE NEWSWIRE) — Automotive Lighting Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Lighting Market Research Report, Technology, Vehicle Type, Application, End Market and Region – Forecast till 2027” The global is projected to reach USD 51.4 billion by 2027 from an estimated USD 40.1 billion in 2019, at a CAGR of 7.1%
Market Analysis
Automotive lighting is made up of signaling and lighting devices that are incorporated or mounted on the rear, front, top, and sides of vehicles. These lights improve the driver’s vision of both the vehicles and the road. They enable pedestrians and other drivers to observe the position of the vehicle, presence, size, direction of movement, and so on.
The key elements driving the market for lighting equipment are an increase in concerns about road safety and government lighting restrictions. Furthermore, factors such as increased disposable incomes and improvements in lifestyle and transportation requirements are contributing to an increase in vehicle production, which, in turn, increases demand for automotive lighting.
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List of the Key Companies Profiled in the Global Automotive Lighting Market Research Report are-
- Magneti Marelli (Italy)
- Philips Lighting NV (Netherlands)
- Ichikoh Industries Ltd (Japan)
- HELLA KGaA Hueck & Co (Germany)
- KOITO MANUFACTURING CO. LTD (Japan)
- ZKW Lichtsysteme GmbH (Austria)
- Peterson Manufacturing Company (US)
- OSRAM GmbH (Germany)
- Stanley Electric Co. Ltd (Japan)
- General Electric (US)
Browse In-depth Market Research Report (123 pages) on Automotive Lighting
https://www.marketresearchfuture.com/reports/automotive-lighting-market-1819
COVID-19 Impact on the Global Automotive Lighting Market
The COVID-19 pandemic has had a significant influence on many industries, particularly the automotive industry. The world is fighting a pandemic while also grappling with an economic catastrophe. Lockdowns imposed by governments around the world to contain the spread of the virus have impacted the manufacturing sector globally, having a significant impact on the manufacture of automotive lighting components and, as a result, vehicle sales. Furthermore, the stoppage in the export of raw materials such as auto components and other finished goods from China to other nations has impacted vehicle production, slowing the adoption of lighting devices in both passenger and commercial vehicles.
Furthermore, the COVID-19 outbreak has caused widespread disruption in the automotive supply chain. During the pandemic, demand for both electric and conventional automobiles fell, affecting the growth of the automotive lighting sector. Furthermore, changes in consumer purchasing behavior as a result of economic uncertainty have influenced the demand for vehicle lighting devices and systems. The gradual reopening of manufacturing facilities is projected to drive market growth.
Market Segmentation
The global automotive lighting industry has been segmented into technology, vehicle type, application, and end market.
By technology, the global automotive lighting market has been segmented into halogen, xenon, and LED. Among these types, the halogen segment led the global market in 2018 and is expected to continue to lead during the forecast period. Halogen technology is a conventional technology that has been employed in the automotive sector since 1960 and is widely employed in automobiles, which drives the global automotive lighting market growth. Whereas the LED segment has been identified as the fastest-growing technology as a result of various manufacturers, including Toyota, Honda, Audi, BMW, and others, beginning to put LED lights in their premium vehicles.
By vehicle type, the global automotive lighting market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car has the biggest market share among these vehicle types, followed by light commercial vehicles and heavy commercial vehicles. The market for automotive lighting is mainly driven by increased passenger car demand among a wide population pool, rising per capita income in emerging countries, and expansion of global auto-manufacturers into new emerging markets.
By application, the global automotive lighting market has been divided into front lights, rear lights, sidelights, and interior lights. Front lights dominated the market in 2018 and are expected to continue to do so during the forecast period. The increasing demand for passenger vehicles, as well as technological improvements in the automotive sectors, have been important factors driving the front light application market.
By end market, the global automotive lighting market has been segmented into OEMs and aftermarkets. The OEM segment is predicted to be dominant throughout the forecast period. The majority of automotive manufacturers purchase automotive lights directly from OEMs and then assemble them into the automotive manufacturers. As a result, OEM held the biggest market share over the projection period.
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Regional Analysis
Regionally, the global automotive lighting market has been segmented into North America, Europe, Asia Pacific (APAC), and the rest of the world (RoW).
The Asia Pacific led the worldwide automotive lighting market in 2018, followed by Europe and North America. Asia Pacific is a major revenue generator for the global automotive lighting market, with China, Japan, and India being the most prominent countries, owing to rising passenger car sales, increased usage of lighting on vehicles, the rising popularity of LED lights, and technological advancements providing a much-needed boost to the automotive lighting market.
North America is the second-largest market for automotive lighting and is expected to grow at a rapid pace throughout the projected period. Because of the existence of automotive lighting giants, North America is one of the leading producers of automotive lighting. Furthermore, rising passenger car demand has resulted in increased demand for automotive lighting, which has boosted the North American industry.
Europe is likely to see significant growth in the global automotive lighting market as a result of the government’s new emission rules. Germany is the largest market in Europe, followed by the United Kingdom and France. Germany is best recognized for its automobile manufacturing. The presence of multiple behemoths has pushed the German automotive lighting market, which in turn drives the expansion of this market in Europe.
The Middle East and Africa, as well as South America, make up the rest of the world (RoW). The presence of automotive vehicle manufacturers in these regions, as well as an increase in demand for luxury cars in urban countries, would help to drive the expansion of this market in the RoW region.
Segmentation of Market covered in the research:
Information by Technology (Halogen, Xenon and LED), Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), Application (Front Lights, Rear Lights, Side Lights and Interior Lights), End Market (OEM and Aftermarket)
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