Automotive Ambient Lighting Market worth $6.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 26, 2022 /PRNewswire/ -- According to the new market research report "Automotive Ambient Lighting Market by IC & Electric Vehicle (BEV, FCEV, PHEV), Application (Footwell, Door, Dashboard, Center Console), Passenger Car (C, D, E & F), Aftermarket (Country & Application (Interior & Exterior) and Region", published by MarketsandMarkets™, the Automotive Ambient Lighting Market size is projected to reach USD 6.2 billion by 2027 from an estimated USD 3.8 billion in 2022, at a CAGR of 10.6% from 2022 to 2027.
The Automotive Ambient Lighting Market is mainly driven by increasing demand of premium vehicles, increasing adoption of LED based lighting in C&D segment cars owing to consumer inclination towards more personalized and dictinct feature in their cars. Further, increasing urbanization and per capita income especially in developing countries have spurred the change in preferences, which may lead to growth of Automotive Ambient Lighting Market in the future.
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Dashboard ambient lighting market to witness the fastest growth during the forecast period.
Increasing installation of ambient lighting owing to rising emphasis on luxury and comfort, the market for dashboard ambient lighting is expected to grow at a faster pace. In North America, increasing penetration of E& F segment cars and development towards autonomous vehicles has expanded adoption of advanced lighting in dashboard such as the augmented reality system available in the VW ID3 lighting will enhance the information and entertainment experience in the cockpit, as well as ensure optimum driver concentration and comfort. Thus, North America is the second largest market for dashboard in Automotive Ambient Lighting Market.
D segment vehicles to be the largest segment of ambient lighting market for automotive
D segment is the largest market for ICE cars and growth can be attributed to the increasing production of passenger cars and increasing installation rate of ambient lighting in the low and mid-segment cars. According to MarketsandMarkets Analysis, the D-segment vehicles experienced a lucrative production growth of ~6.0% between 2017 and 2021 in North America. In Asia Pacific, D-segment vehicle production grew by ~9.5% during the same period. To attract more consumers, OEMs are trying to accommodate some luxury features, such as ambient lighting, infotainment unit, exotic interior design etc. Newer D-segment cars are installed with ambient lighting for various interior applications such as center consoles, dashboards, headliners, and armrests. The trend is expected to continue in coming years which further boost the ambient lighting market in D-segment cars
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Asia Pacific to be the fastest automotive ambient lighting OE market in 2022.
Asia Pacific is considered as a production hub for the automotive industry, particularly for low and mid-segment cars which has shown significant growth in recent years. According to MarketsandMarkets™ Analysis, countries of Asia Pacific such as China, India and South Korea and Brazil in RoW have shown growth trend in C & D segment cars during Covid-19. Further, the demand of premium vehicles has also grown at a positive rate in the region. Thus, increasing vehicle production, along with changing consumer preferences towards more customized options and growing per capita income of the middle-class population are expected to drive vehicle demand which in turn results in Automotive Ambient Lighting Market growth in the region
The major companies in the ambient lighting market for automotive are profiled in the study. These include HELLA (Germany), Valeo S.A. (France), ams OSRAM (Austria), Grupo Antolin (Spain), Signify (Philips Lighting) (Netherlands), Koito Manufacturing Co., Ltd. (Japan), and Stanley Electric Co., Ltd. (Japan).
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