Global Automotive Lighting Market Size, Drivers, Trends, Opportunities And Strategies – Includes Automotive Lighting Market Growth
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
A growing emphasis on road safety are expected to drive innovation in automotive lighting manufacturing, thus driving the market during the forecast period.
The global automotive lighting market is expected to grow from $24.37 billion in 2022 to $26.43 billion in 2023 at a compound annual growth rate (CAGR) of 8.5%. The global automotive lighting market size is expected to grow to $35.46 billion in 2027 at a CAGR of 7.6%.
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Global Automotive Lighting Market Segments Include:
- By Vehicle Type: Passenger Vehicle, Commercial Vehicle
- By Technology: Halogen, Xenon/HID (High-intensity Discharge Lamp), LED (Light Emitting Diode)
- By Application: Front/Headlamps, Rear Lighting, Side, Interior Lighting
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global automotive lighting market in 2021.
Major Market Players in the automotive lighting market include Hella, Koito Manufacturing Co. Ltd., Osram Licht AG, Koninklijke Philips N.V., Magnetti Marelli, Grupo Antolin, Flex Automotive GmbH.
Companies in the automotive lighting market are investing heavily to develop fog-free lamps. This automotive lighting resolves fog issues and also fulfils requirements such as temperature, humidity, and vibration that were challenging earlier. For instance, Hyundai Mobis announced that it has succeeded in developing new materials that can technically resolve fog issues. The company partnered with Initz (SK Chemical’s subsidiary) in developing new material using various additives to plastic that does not emit gases. It also developed a material that reduces the weight of the lamp by 20%. The development of fog-free lamps will contribute to the growth of the market.
The Automotive Lighting Global Market Report 2023 provides a automotive lighting market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive lighting market forecast analyzes automotive lighting market size, automotive lighting market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Automotive lighting is defined as lighting and signalling devices that are mounted on the front, rear, sides, and in some cases on the top of a motor vehicle that makes the vehicle more visible especially in low light conditions.
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