02/11/2022
Today, we are taking a quick detour to explore the ever-growing automotive lighting market, which is making strides, thanks to LED technology.
Growing vehicle production coupled with government regulations mandating adaptive lighting for enhanced safety and comfort is expected to boost the Automotive Lighting Market. The rising demand for premium vehicles is expected to drive the growth of advanced lighting systems. The Automotive Lighting Market is expected to grow from USD 21.9 billion in 2022 to USD 28.5 billion in 2027, at a CAGR of 5.3% during the projected period. Here are the key takeaways from the analysis.
The passenger car category is predicted to be the largest and most profitable segment in the Automotive Lighting Market.
Passenger automobiles will be the market's largest category. Because of the fast deployment of adaptable lighting. The primary element driving market expansion is the increase in sales of premium and luxury automobiles with pre-installed adaptive headlights, adaptive taillights, and ambient lights. Bending and cornering lights will dominate the market because they improve ride safety.
LED technology is expected to be the fastest-growing segment
LED technology is expected to grow the fastest due to its technical advantages over traditional lighting. Less power is used, visibility and safety are improved, and durability, design flexibility, and environmental friendliness are all advantages. This increase is being driven by passenger vehicles, particularly entry and mid-segment SUVs, which are becoming more feature-rich in order to attract more purchasers.
Asia Pacific holds a major chunk of the Automotive Lighting Market
According to MarketsandMarkets, Asia Pacific vehicle production accounts for 60% of total worldwide car production. Adaptive lighting is being driven by rising demand for premium and luxury vehicles in Asia Pacific, with China and Japan being the leading markets. India is also seeing an increase in SUV demand, which is fuelling the Automotive Lighting Market. Furthermore, strict safety rules are projected to propel the Automotive Lighting Market even further.
Key Market Players
The key players Automotive Lighting Market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India)
Source: MarketsandMarkets™