Automotive Lighting Market Share, Size, Trends and Forecast 2027

 

Automotive Lighting Market

The Automotive Lighting Market is estimated to grow at a robust CAGR over the forecast period (2020-2027).

The factors driving the growth of Automotive Lighting Market includes rise in the number of car accidents around the world, increase in the production of Internal combustion engine vehicles and integration of lighting solutions with Advanced Driver Assistance Systems (ADAS) in autonomous cars. According to the report published by Global Advanced Driver Assistance Systems (ADAS) Market was calculated around USD 18.77 billion in 2021 and is expected to reach USD 50.55 billion by 2028, expanding at a CAGR of 15.2%, over the forecast period, which will boost the Global Automotive Lighting Market in coming years. Moreover, the strict regulations imposed by Governments regarding vehicle visibility, technological advancements in the automotive sector, rise in the launch of innovative products and growing demand for smaller vehicles, are some of the additional factors supplementing the Automotive Lighting Market size. In addition, the increasing investments by leading players on research and development, rising concerns related to pollution, growing disposable incomes and rapid urbanization, are further contributing towards the market growth.

Request a free sample of this report

However, the growth of Automotive Lighting Market is hindered due to variations in the price of raw materials.

The prominent players operating in the market are Magneti Marelli S.p.A., Namyung Lighting, OSRAM Group, General Electric Company, HELLA GmbH & Co. KGaA, Hyundai MOBIS, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Seoul Semiconductor Co., Ltd. and Koito Manufacturing Co., Ltd., among others.

Based on Vehicle Type, the Passenger Vehicles segment is predicted to grow at a significant CAGR during the forecast period

Growing polarity of SUV vehicles and rise in the launch of innovative passenger vehicles, are some of the factors responsible for the segment’s growth.

Based on Technology Type, the LED segment is projected to expand at a remarkable CAGR over the forecast period

As per the Automotive Lighting Market Trends, LEDs are increasingly deployed in premium vehicles because it consumes less power and provides high aesthetic values, are some of the features propelling the growth of the segment. 

Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period

Government policies supporting automobile manufacturing, technological advancements in passenger vehicles, presence of the leading players such as Samsung Electronics Co., Ltd. and Hyundai MOBIS, and high population growth rates are some of the important factors augmenting the Automotive Lighting Market share in Asia-Pacific.

Key Development

  • In 2019, HELLA GmbH & Co. KGaA introduced new lighting solution called solid state lighting with high functionality and performance.

Market Segmentation

Segmentation by Vehicle Type

  • Passenger Vehicles
  • Commercial Vehicles

Segmentation by Application Type

  • Front Lighting
  • Rear Lighting
  • Side Lighting
  • Interior Lighting

Segmentation by Technology Type

  • LED
  • Halogen
  • Xenon

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more