Automotive lighting market size to grow by USD 14.41 billion from 2022 to 2027, FLEX N GATE Corp, General Electric Co., Hyundai Motor Group and more among the key companies in the market, Technavio
NEW YORK, March 8, 2024 /PRNewswire/ -- The global automotive lighting market size is estimated to increase by USD 14,415.24 million. The market's growth momentum will progress at a CAGR of 9.79%. Our market analysis reveals a fragmented landscape, featuring prominent entities such as FLEX N GATE Corp, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd, and Koninklijke Philips NV. Additionally, our comprehensive report delves into market trends and competitive insights, encompassing analysis of 15 key players, including Lumax Industries Ltd., Marelli Holdings Co Ltd, Namyung Lighting Co. Ltd, NXP Semiconductors NV, and more. This in-depth exploration highlights the industry's dynamics and showcases significant contributors like Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., and others. For businesses seeking nuanced understanding and strategic positioning within this sector, our report offers invaluable insights and actionable intelligence.
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Key Companies
- General Electric Co.: The company offers automotive lighting such as Ouster OS1, and ADB.
- Koito Manufacturing Co. Ltd: The company offers automotive lighting such as 9005.
- Koninklijke Philips NV: The company offers automotive lighting such as LED Headlamps, Discharge Headlamps, and Halogen Headlamps.
- Lumax Industries Ltd.: The company offers automotive lighting such as DiamondVision, WhiteVision Ultra, and Ultinon Pro5000 LED.
- Marelli Holdings Co Ltd: The company offers automotive lighting such as miniature lasers, micro-electrical mechanical systems, organic light diodes, and specialized LED.
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Segment overview
Technavio has segmented the market based on type (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The market share growth of the passenger segment will be higher than the other segments during the forecast period. The market for interior vehicle lighting is primarily driven by the rise in demand for luxury cars, particularly in developing nations, as well as technology advancements and improvements to vehicle safety. Market expansion is anticipated to be boosted by the combination of these lighting systems with infotainment systems and ambient lighting as brand differentiators. The growing popularity of sport utility vehicles (SUVs) among consumers will be the main factor driving the passenger cars sector of the global automotive lighting market during the projected period.
Geography overview
By geography, the global automotive lighting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive lighting market.
- APAC will account for 58% of the market's growth during the forecast period. Due to the rising demand for LED lighting systems and increased auto production in the region, the APAC automotive lighting market will expand gradually during the projected period. Governmental incentives and the development of an EV charging infrastructure are also boosting the demand for these vehicles in the area. The region is predicted to adopt strict emission standards due to the growing concern about the use of diesel-powered vehicles, which is expected to increase demand for EVs in APAC.
The rise in penetration of LED lighting is notably driving the automotive lighting market growth.
Technological advancements lead to enabling features like glare-free adaptive driving beams (ADB), which improve the performance of LED lighting systems in the car industry. These features help drivers recognize and locate other roadways, particularly at night. Such advancements in headlamp-related LED lighting technology have significantly fueled the development of LED lighting technology in the luxury automotive market. Vendors are anticipated to experience significant growth due to the rising adoption of LED technology in mid-range and luxury automobiles.
- The development of autonomous vehicles is a major trend in the automotive lighting market.
- Stringent regulations governing automotive lighting technologies impede the growth of the automotive lighting market.
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Analyst Review
In the vehicle manufacturers, innovation is ceaseless, especially in the realm of lighting technology. Over the years, the automotive industry has witnessed a significant shift from traditional lights to more advanced LED lights and HID lights, driven by the pursuit of enhanced durability, strength, and longer life.
Light-emitting diodes (LEDs) have become a focal point for automotive manufacturers, particularly in designing headlights. Collaborations and partnerships between automotive manufacturers and lighting manufacturers have propelled the integration of LED headlamps into vehicles, even luxury-class models like the Touareg SUV. The surge of electric vehicles has further intensified the demand for efficient lighting solutions, prompting a surge in the production of smart LEDs and micro-LEDs.
The market is witnessing a shift towards smart functional surfaces and laser-based lighting, offering unique features like 3D light patterns, area backlighting, and hidden-until-lit effects. Cabin lights, including reading lights, dashboard lights, and interior lights, are being transformed with advanced ambient interior lighting systems and roof modules.
The automotive lighting market isn't just about aesthetics; it's also about safety. Adaptive lighting systems, laser-beam headlamps, and meticulously designed lighting solutions cater to the safety concerns of car users and align with evolving consumer preferences. Governments are also playing a pivotal role by introducing regulations to ensure the safety and efficiency of lighting systems in vehicles.
The market dynamics are diverse, catering to various segments ranging from low-cost vehicles targeting consumers with disposable incomes to upscale models appealing to luxury-seeking customers. Automotive component suppliers are continually innovating to meet the demands of both two-wheelers and four-wheelers, ensuring a wide reach across demographics.
In conclusion, the automotive lighting market is undergoing a profound transformation, driven by technological advancements, consumer preferences, and regulatory interventions. As safety concerns persist and innovation thrives, the future promises a brighter, safer, and more efficient driving experience for all.
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Market Overview
The automotive lighting market is witnessing a significant shift towards LED lights due to their superior life span and durability compared to traditional HID lights. LED lights, powered by light-emitting diodes, offer strength and longevity, making them a preferred choice for automotive manufacturers worldwide. Their exceptional durability ensures reliable performance, especially in challenging conditions. As a result, headlights equipped with LED technology are becoming standard in modern vehicles. This transition underscores the industry's focus on enhancing safety and efficiency through advanced lighting solutions. With continuous innovations, LED lights are poised to dominate the automotive lighting market, meeting the demands of both manufacturers and consumers for years to come.
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Vehicle Type
- Market Segmentation by End-User
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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