Rise in implementation of government rule and regulations, increase in manufacturing of automobiles, and improved importance of road safety drives the growth of the global automotive lighting market.
The global automotive lighting market size was valued at USD 32.31 billion in 2020, and is projected to reach USD 58.59 billion by 2030, registering a CAGR of 6.3% from 2021 to 2030. Increase in the implementation of government regulations, rise in automobile production, and growing emphasis toward road safety have boosted the growth of the global automotive lighting market. On the contrary, fluctuating prices of raw materials and high cost of LED lights hinder the market growth.
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Segment Review:
Based on light type, the LED segment contributed to nearly half of the global automotive lighting market share in 2020, and is anticipated to rule the roost by 2030, due to its longer life and better efficiency as compared to other lighting technologies to be used in vehicles. Moreover, this segment is expected to grow with the fastest CAGR of 7.4% throughout the forecast period.
Based on vehicle type, the passenger vehicle segment accounted for more than half of the global automotive lighting market revenue in 2020, and is expected to lead the trail by 2030, owing to wider application of automotive lighting in passenger vehicles to provide a better view ofthe inner and outer environment. The electric vehicle segment, however, would register the fastest CAGR of 13.1% during the forecast period. This is due to the introduction of electric vehicle concept as a vehicle type to be used in the future.
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Regional Insights:
Based on region, Asia-Pacific, followed by North America, garnered the major share in 2020, holding nearly half of the global automotive lighting market. This is attributed to the growing production and sales of vehicles across the region. However, the market across LAMEA would cite the fastest CAGR of 8.4% from 2021 to 2030. This is due to the increased demand for advanced vehicles with advanced safety features such as adaptive lighting to be present in vehicles running across the region.
Key Industry Players:
The key players analyzed in this automotive lighting market report are DENSO Corporation, Hella KGaA Hueck & Co., Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Osram Licht AG, ROBERT BOSCH GmbH, Stanley Electric Co., Ltd., Valeo, ZKW, and others.
