DUBAI, U.A.E, July 28, 2021 /PRNewswire/ -- A latest market analysis on the automotive lighting market by ESOMAR-certified consulting firm Future Market Insights (FMI) projects a lucrative growth outlook. The market is anticipated to reach US$ 34.7 Bn in 2021, exhibiting a healthy 6.3% CAGR through 2031.
Increasing technological advancements such as adaptive lighting and daytime running lamp (DRL) in the automotive sector are driving innovations in the automotive lighting market. Rising sales of electric vehicles across the globe are fuelling the demand for low-power consuming lighting systems. These trends are expected to bode well for the global market.
The vehicles require highly advanced lighting systems, including light-emitting diode (LED) lights. Such trends are encouraging original equipment manufacturers OEMs to launch effective and advanced automotive lighting products.
Consistently rising sales of two-wheeler vehicles in countries including India, China, and Brazil is further spurring demand for automotive lighting. Additionally, increasing cases of road accidents have underscored the need for advanced lighting equipment, driving innovations in automotive lighting products for better safety.
Increasing sales of vehicles will directly impact the demand for front headlights. FMI projects demand in front headlights to soar in the coming years, contributing towards over 60% of automotive lighting sales in terms of application in 2021. Meanwhile, the demand for fog lights and interior lights for installation in luxury vehicles also will propel growth in the market.
As per FMI's market survey, North America will emerge as the most lucrative market between 2021 and 2031. Popularity of electric vehicles in the U.S., coupled with the presence of top market players including Tesla will further promote sales of automotive lighting during the assessment period.
"Increasing sales of electric vehicles, coupled with advancements in automotive lighting technologies are anticipated to shoulder growth throughout the assessment period. As focus on strengthening global footprint rises among market players, their emphasis on products launches will increase," says the FMI analyst.
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- Front headlights will dominate the applications segment, owing to increasing demand for safety systems and design aesthetics in automotive vehicles.
- Growing demand for interior and exterior lighting décor in passenger cars will provide tailwinds to automotive lighting sales.
- Light emitting diodes (LED) lights will garner significant revenue due to features like minimal maintenance and low power consumption.
- North America will emerge as a lucrative market owing to increasing demand for advanced lighting systems from electric vehicle manufacturers.
- Increasing sales of two-wheelers in Brazil will augment the growth of the automotive lighting market.
- Growing demand for luxury vehicles in China will spur demand for automotive lighting as a ripple effect.
- India will offer opportunities for expansions for players in the automotive lighting market, due to increasing sales of passenger vehicles in the country.
- Innovations in lighting technologies aligned with safety concerns will boost sales in the market.
- Demand aesthetically pleasing interior and exterior automotive lighting in passenger cars will shape the sales outlook positively.
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Top manufacturers in the automotive lighting market are emphasizing on collaborations and joint ventures with regional players to expand their geographical footprint. Additionally, advancements in product portfolio and improvements in distribution networks will remain widely adopted growth strategies for players in the market. For instance:
- In July 2021, HexaTech Inc. released an expanded 2-inch diameter, deep UV transparent single crystal aluminum nitride substrate (AIN) product line, expanding its offerings in the automotive lighting market.
- In July 2021, Cepton, an MMT Lidar solutions provider, partnered with Koito Manufacturing Co. to manufacture Cepton's MMT-based Vista-X90 automotive-grade lidar. The partnership helped Cepton secure a path-breaking ADS Lidar series production award, which is the industry's biggest award to date.
Leading players operating in Automotive Lighting Market profiled by FMI include:
- Koito Manufacturing Co. Ltd.
- Hella KGaA Hueck & Co.
- Stanley Electric Co.
- Valeo SA
- Osram Licht AG
- Magnetti Marelli
- Varroc Group
More Insights on FMI's Automotive Lighting Market
The latest market study on automotive lighting market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its 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 Commercial Vehicles
- Electric Vehicles
- Battery Electric
- Plug-in Hybrid Electric
- Hybrid Electric
- Two Wheelers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
Key Questions Covered in Automotive Lighting Market Report
- The report offers detailed insights into automotive lighting demand outlook for 2021-2031
- The market study also highlights projected sales growth for automotive lighting market between 2021 and 2031
- Automotive lighting market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Automotive lighting market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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