The Automotive Lighting Market is to grow at a CAGR of 9.79% from 2022 to 2027; The rise in penetration of LED lighting to boost market growth- Technavio

NEW YORK, Aug. 14, 2023 /PRNewswire/ -- The automotive lighting market is projected to progress at a CAGR of 9.79% between 2022 and 2027. The size of the market is forecast to increase by USD 14,415.24 million during the forecast period. The rise in penetration of LED lighting is a key factor driving the automotive lighting market. First introduced in 2007, LED headlights were initially intended for luxury vehicles due to their high cost. Mid-range cars rely on halogen and xenon lamps, which have disadvantages such as energy savings, heat generation, and glare that affect visibility. As a result, automakers switched to LEDs because of their adaptability and benefits, such as adaptive high beams that won't cause glare and selective part dimming to match the environment. Moreover, LED technology initially flourished in luxury cars, and reduced costs and fuel efficiency are now driving them to popularity in mid-range vehicles. Exterior LED lighting, especially in the headlights and taillights, offers growth opportunities for the luxury and mid-range automotive market. Hence, the rise in penetration of LED lighting is expected to drive market growth during the forecast period. For further information on Market growth and size -Request a sample report

Automotive Lighting Market – Market Dynamics

Major Trends

Increasing demand for electric vehicles is a major trend in the market. The growing focus on sustainable energy and eco-friendly measures to reduce CO2 emissions has increased the focus on EVs. Many car manufacturers prefer LED lighting systems to optimize energy consumption. LEDs consume a quarter less energy than traditional lighting, making them a prudent choice for electric vehicles. Since electric cars rely on electricity stored in batteries, energy-saving lighting systems become very important. AI-powered systems are also being integrated by EV manufacturers to improve lighting efficiency. 
Furthermore, government subsidies, reduced prices of battery electric vehicles, and cost-effective electric vehicle models are the main factors driving the demand for electric vehicles globally. The expansion of electric vehicle charging infrastructure, increased consumer awareness, and the potential to ban fossil fuel vehicles are continuing to drive electric vehicle adoption globally. Hence, the increasing demand for electric vehicles is expected to drive market growth during the forecast period.

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Other Key Data Covered in Automotive lighting market report- 

• Detailed information on factors including driver details. 
• Market segmentation by vehicle type (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
• Precise estimation of the automotive lighting market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Comprehensive analysis of factors that will challenge the growth of crowdfunding market companies.
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Growth of the industry across APAC, North America, Europe, Middle East and Africa, and South America
• CAGR of the market during the forecast period

Download the Sample Report to get an overview of market size, comparing historic market values with future estimates, analysis of segmentation, current market dynamics, competitive intelligence with key developments, and growth strategies of major players.

Automotive Lighting Market - Company Analysis and Scope 

Some of the major companies of the automotive lighting market are FLEX N GATE Corp, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd, Koninklijke Philips NV, Lumax Industries Ltd., Marelli Holdings Co Ltd, Namyung Lighting Co. Ltd, NXP Semiconductors NV, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Varroc Engineering Ltd, OSRAM GmbH, Robert Bosch GmbH, Valeo SA, Continental AG, and LG Corp.

Company Offerings

• Osram- The company offers automotive lighting such as ZEUDE265, 5P series, and ZEUBE265 2CA.
• Koninklijke Philips NV - The company offers automotive lighting such as LED Headlamps, Discharge Headlamps, and Halogen Headlamps.
• Marelli Holdings Co Ltd - The company offers automotive lighting such as miniature lasers, micro-electrical mechanical systems, organic light diodes, and specialized LED.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Product

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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