Automotive Lighting Market to Surpass USD 43 Billion by 2028
The automotive lighting market is growing at a high CAGR because of the increasing manufacturing and production activities of automobiles worldwide along with rapid advancements in lighting technology
Report Ocean, revealed that the automotive lighting market was worth USD 28.4 billion in the year 2021. The market is forecast to continue growing in the coming years and reach USD 43.8 billion by 2028. The growth of the automotive lighting market is attributed to the increasing manufacturing and production activities of automobiles worldwide. The major brands are significantly investing towards expanding their production output, which is anticipated to fuel the demand for automotive lighting in the forecast period. Furthermore, rapid advancements in lighting technology are expected to present lucrative growth opportunities for the market in the forecast period. However, a shortage of IC chips post COVID-19 may emerge as a major challenge for the automotive lighting market.
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Emerging Automotive Lighting Startups Present Lucrative Growth Opportunities
The increasing number of automotive lighting startups is presenting lucrative growth opportunities to the market. These startups are up to par with the quality and technology of automotive lighting with multinational corporations along with keeping the price competitive for the buyers. Lightly Technologies, Versalume, Kubos Semiconductor, FlexEnable, Optoflux, etc., are some of the fastest-growing automotive lighting startups in the world. These startups offer a wide variety of products and solutions, which is anticipated to drive market growth in the forecast period.
High Demand for LED Lighting is Driving Automotive Lighting Market
Based on technology, the automotive lighting market is segmented into halogen, LED, xenon/HID. The LED segment holds the largest market share. This is because LED lights consume minimal energy from the battery, saving it for automobile operations. It is also brighter and lasts longer compared to its counterparts, which eliminates the need for frequent replacements. Furthermore, LED lights offer both yellow and white lights that are used in front and sideward and provide higher output and focus along with clear visibility during broad daylight. All these factors significantly contribute to its market growth.
Automotive Lighting Market – By Application
Based on application, the automotive lighting market is segmented into exterior lighting and interior lighting. The exterior lighting segment accounts for the largest market share. The major purpose of automotive lighting is to make visibility for the driver. Furthermore, three different sets of external lighting are used in automobiles I.e. front, sideward, and backward. Due to this, the demand for external lighting is highest in the market. However, interior lighting also covers a substantial share in the market but is significantly low compared to its counterpart.
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Automotive Lighting Market – Regional Insights
Geographically, the automotive lighting market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the automotive lighting market. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period due to expanding automobile production in emerging economies. China is among the leading automobile manufacturers with high output, due to which the demand for automotive lighting is highest in this country. Other Asian countries such as India, Japan, South Korea, are also emerging with great potential for the automotive lighting market.
Market OverviewMarket Size & Forecast by Value, 2018-2028Market Size and Forecast, By Segment
By TypeFront Adaptive LightingAuto On/OffBending/Cornering LightsHigh Beam AssistHeadlight LevelingRear Adaptive LightingAmbient Lighting
By Vehicle TypePassenger CarLight Commercial VehicleTruckBusOthers
By TechnologyHalogenLEDXenon/HID
By ApplicationExterior LightingHeadlightFog LightDaytime Running LightTail LightOthersInterior LightingDashboard LightGlove Box LightReading LightDome Light
By RegionNorth AmericaEuropeAsia-PacificLatin AmericaMiddle East & Africa
Impact of COVID-19 on Automotive Lighting Market
The unprecedented COVID-19 outbreak significantly halted the growth of the automotive lighting market. The restrictions on the production and manufacturing operations of the automobile as well as its components halted the demand and supply of automotive lighting, incurring huge losses to the manufacturers. Furthermore, the shortage of IC chips in the market due to lockdown also emerged as the major challenge for the automotive lighting market. This issue is anticipated to affect the market growth in the forecast period as well due to the limited supply of semiconductor chips and a spike in demand.
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Competitive Landscape
The leading market players of the automotive lighting market are Koito Manufacturing Co. Ltd., Zizala Lichtsysteme, Stanley Electric Co. Ltd, Koninklijke Philips N.V., Valeo Group, Osram, Magneti Marelli SpA, Lumax Industries, HELLA KGaA Hueck & Co., Hyundai Mobis, Tungsram, DENSO Corporation, Ichikoh Industries, Ltd., General Electric Company, Ltd., and other prominent players.
The market is highly competitive due to the presence of several global brands such as Phillips, Hyundai, etc. However, regional players are also emerging with expanding the market potential. The companies offer a wide range of products that suit the requirements of different automobile brands and types. They also focus on improving their distribution channels to increase their product penetration and often establish partnerships with automobile manufacturers to boost their sales. The adoption of other market strategies such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.
Key Questions Addressed in this Report:
What are the prevailing market trends and dynamics?
Who are the prominent market players, and what market share do they hold?
What does the competitive landscape look like within the market?
What are the primary drivers and constraints influencing the market?
Where are the growth prospects within the market?
What are the regional and local market conditions, as well as consumer behavior?
What are the market size and growth projections for various regions and countries?
How do government regulations and policies impact the market?
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