BANGALORE, India, July 31, 2020 /PRNewswire/ -- The Automotive Lighting Market is expected to spur technical innovations due to growing concerns regarding vehicle safety and strict government regulations. In addition, the growing population and rising consumer buying power across the developing world are expected to deliver lucrative opportunities over the forecast period.
The global automotive lighting market size was valued at USD 18.00 Billion in 2018 and is projected to reach USD 28.77 Billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.
This research provides the empirical description of the global Automotive Lighting Market and the latest developments and forecasts to depict the imminent investment pockets.
Get Detailed Analysis of COVID-19 Impact on Automotive Lighting Market
TRENDS INFLUENCING THE AUTOMOTIVE LIGHTING MARKET SIZE
The outbreak of COVID-19 has globally disrupted the automotive supply chain. Production of automotive lighting components was impacted by the closure of manufacturing facilities and new vehicle sales. In 2020, demand for both traditional and hybrid vehicles is expected to see a downward trend, further affecting the automotive lighting market. Also, the allocation of budgets for R&D is likely to be greatly affected, which is expected to impede the production of creative automotive lighting solutions. This decline is expected to adversely affect the market for automotive lighting. However, businesses are taking various steps to counter the outbreak's adverse effects.
Strict lighting regulations have powered the automotive lighting industry in developed nations of Europe and North America. Vehicle lighting plays a crucial role, particularly when driving heavily trafficked roads. Road injuries pose a significant problem for governments worldwide. Therefore, it is necessary to improve the driving conditions, which can partially be accomplished by improving the lighting system.
The rising adoption of advanced technologies in automotive components and the growing demand for overall vehicle performance is moving OEMs' focus towards vehicle lighting. This trend is, in turn, expected to increase the Automotive Lighting Market size during the forecast period.
In addition, growth in the urban population, increase in income rates, and change in lifestyles are factors that complement the growth of the Automotive Lighting Market size.
The rear lighting segment was the highest contributor to the market, with USD 5.61 billion in 2018, and is estimated to reach USD 8.87 billion by 2026, at a CAGR of 6.5% during the forecast period.
Based on Region, Asia-pacific is expected to hold the largest Automotive Lighting Market share during the forecast period. Increased car production across countries like China, India, Japan, and Taiwan combined with raising urbanization, and increasing purchasing power of individuals are expected to boost demand across this region
Due to the existence of major OEMs like BMW, Mercedes, and Audi, the interior lighting systems have a strong demand in North American and European countries. The U.S. government programs to minimize traffic injuries and increase driver health are generating a market for LED-based products for lighting.
The global Automotive Adaptive Lighting market size is projected to reach USD 1014.3 Million by 2026, from USD 939.4 Million in 2020
The global demand for Automotive Adaptive Lighting has largely benefited from the shifting paradigms in government regulations and the viewpoint of end-users towards improved safety in automobiles. The sales of new vehicles have been gradually growing over the last few years, which in turn is expected to increase the Automotive Adaptive Lighting Market.
In 2019, the global Automotive LED Lighting market size was USD 7330.1 Million, and it is expected to reach USD 14020 Million by the end of 2026.
The demand for automotive LED lights was powered by conventional use of such lights as backlights, but they were slowly adopted for headlights over halogen and xenon lights for their power output and improved lighting system. With their growing preference for cars, the automotive LED light market continues to gain ground.
Europe is the largest supplier of Automotive LED Lighting, with a market share of 42% in 2017. China is the second-largest supplier, with a market share of 20.7%.
Similarly, Europe is the largest consumption market of Automotive LED Lighting, with a market share of 41% in 2017. China is also the second-largest consumption market, following Europe, occupying a 22.7% market share.
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