A latest market analysis on the automotive lighting market by ESOMAR-certified consulting firm Future Market Insights (FMI) projects a lucrative growth outlook. The market is anticipated to reach US$ 34.7 Bn in 2021, exhibiting a healthy 6.3% CAGR through 2031.
Increasing technological advancements in the automotive sector are driving innovations in the automotive lighting market. Rising sales of electric vehicles across the globe are fuelling the demand for low-power consuming lighting systems. These trends are expected to bode well for the global market.
Growth prospects for the market is not restricted to the sales of electric vehicles. Future Market Insights foresees attractive opportunities, especially as sales of luxury vehicles increase around the world.
The vehicles require highly advanced lighting systems, including light-emitting diode (LED) lights. Such trends are encouraging original equipment manufacturers OEMs to launch effective and advanced automotive lighting products.
Consistently rising sales of two-wheeler vehicles in countries including India, China, and Brazil is further spurring demand for automotive lighting. Additionally, increasing cases of road accidents have underscored the need for advanced lighting equipment in automotive vehicles, driving innovations in automotive lighting products for better safety.
Against the backdrop, demand uptick is on cards for front headlights over the forecast period. Sales of fog lights and interior lights for application in luxury vehicles will keep the market afloat.
As per FMI’s market survey, North America will emerge as the most lucrative market between 2021 and 2031. Popularity of electric vehicles in the U.S., coupled with the presence of top market players including Tesla will further promote sales of automotive lighting during the assessment period.
“Increasing sales of electric vehicles, coupled with advancements in automotive lighting technologies are anticipated to shoulder market growth throughout the assessment period,” says the FMI analyst.
- Front headlights will dominate the applications segment, owing to increasing demand for safety systems and design aesthetics in automotive vehicles.
- Growing demand for interior and exterior lighting décor in passenger cars will provide tailwinds to automotive lighting sales.
- LED lights will garner significant revenue due to features like minimal maintenance and low power consumption.
- OEM will be the most preferred sales channel in the automotive market.
- North America will emerge as a lucrative market owing to increasing demand for advanced lighting systems from electric vehicle manufacturers.
- Increasing sales of two-wheelers in Brazil will augment the growth of the automotive lighting market.
- Growing demand for luxury vehicles in China will spur demand for automotive lighting as a ripple effect.
- India will offer opportunities for expansions for players in the automotive lighting market, due to increasing sales of passenger vehicles in the country.
- Innovations in lighting technologies aligned with safety concerns will boost sales in the market.
- Demand aesthetically pleasing interior and exterior automotive lighting in passenger cars will shape the sales outlook positively.
- High costs of LED lights might dampen sales prospects in the automotive lighting market.
Discover more about Automotive Lighting Market with figures and data tables. Request Advisory at https://www.futuremarketinsights.com/request-advisory/rep-gb-621
Top manufacturers in the automotive lighting market are emphasizing on collaborations and joint ventures with regional players to expand their geographical footprint. Additionally, advancements in product portfolio and improvements in distribution networks will remain widely adopted growth strategies for players in the market. For instance:
- In July 2021, HexaTech Inc. released an expanded 2-inch diameter, deep UV transparent single crystal aluminum nitride substrate (AIN) product line, expanding its offerings in the automotive lighting market.
- In July 2021, Cepton, an MMT Lidar solutions provider, partnered with Koito Manufacturing Co. to manufacture Cepton’s MMT-based Vista-X90 automotive-grade lidar. The partnership helped Cepton secure a path-breaking ADS Lidar series production award, which is the industry’s biggest award to date.
Leading players operating in Automotive Lighting Market profiled by FMI include:
- Koito Manufacturing Co. Ltd.
- Hella KGaA Hueck & Co.
- Stanley Electric Co.
- Valeo SA
- Osram Licht AG
- Magnetti Marelli
- Varroc Group
More Insights on FMI’s Automotive Lighting Market
The latest market study on automotive lighting market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
- Front Headlights
- Fog Lights
- Rear Lights
- Side Lights
- Interior Lights
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- Battery Electric
- Plug-in Hybrid Electric
- Hybrid Electric
- Two Wheelers
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa (MEA)
Key Questions Covered in Automotive Lighting Market Report
- The report offers detailed insights into automotive lighting demand outlook for 2021-2031
- The market study also highlights projected sales growth for automotive lighting market between 2021 and 2031
- Automotive lighting market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Automotive lighting market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others