Automotive Lighting Market is Expected to Grow at a CAGR of 6.3% During the Forecast Period 2021-2031
According to ESOMAR-certified Future Market Insights (FMI), automotive lighting sales have been increasing significantly in response to the growing demand for better safety systems across the globe. As per the study, the global automotive lighting market is anticipated to grow at around 6.3% CAGR through the forecast period from 2021 to 2031.
Rising demand for automation in vehicles for improved safety and high performance is encouraging original equipment manufacturers (OEMs) to design lightweight automotive lighting with superior efficiency
This also has resulted in the incorporation of light-emitting diode (LED) lighting to offer greater durability and low power consumption in automotive lighting. Thanks to shifting consumer preference and surging competition, these developments are no longer limited to the luxury vehicle segment.
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An increasing number of automakers are incorporating latest technologies such as superior performing and lightweight automotive lighting in their vehicle models. This will guarantee impressive growth in the market through the assessment period.
For instance, Volkswagen partnered with Hella, a leading German-based auto part manufacturer, to develop IQ.LIGHT LED headlamps. This novel component was included in Volkswagen’s new luxury class Touareg SUV.
According to the report, the global sales of automotive lighting are anticipated to increase in 2021 with volume sold reaching over 1.813 million units. FMI presents a positive growth outlook for the market. In terms of volume, the automotive lighting market is predicted to expand at 5.2% CAGR with sales reaching around 3.114 million units over the course of the assessment period.
Key Takeaways from FMI’s Automotive Lighting Market Study
- The U.S is expected to offer lucrative growth opportunities on the back of growing demand for lightweight passenger vehicles.
- Rapid economic growth, increasing traffic congestion, and high demand of two wheelers in Brazil will drive the automotive lighting market growth.
- Advancement in the electric vehicle section along with government initiatives towards reducing carbon emission will boost the automotive lighting market in China.
- Rapid development and modernization of automotive industry and booming passenger vehicles segment in India will create growth opportunities.
- Utilization of front headlights as a part of safety system as well in aesthetic design of the premium vehicles will drive the market growth in upcoming years.
- Shales in passenger vehicles segment will surge at a high pace over the forecast period.
- Introduction of LED matrix headlamps and LED daytime running lights in two wheelers and electric vehicles for safety purposes will further push automotive lighting market growth.
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“In order to gain competitive edge, leading automakers are partnering with automotive part manufacturers to foster innovations. Besides some of the leading car manufacturers, small and mid-sized companies are also expected to join the bandwagon,” says the FMI analyst.
Automotive lighting market is highly competitive market owing to presence of numerous players. Market players are focusing on employing organic market strategies to consolidate their market position.
They are also looking towards developing innovative products and improve value chain. Manufacturers are also participating in strategic collaboration with distributors to cater to the increasing demand.
Prominent players operating in the automotive lighting market are:-
- Koito Manufacturing Co. Ltd.
- Hella KGaA Hueck & Co.
- Stanley Electric Co.
- Valeo SA
- Osram Licht AG
- Magnetti Marelli
- Varroc Group
More Insights on Global Automotive Lighting Market
In its latest report, FMI offers an unbiased analysis of the global automotive lighting market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (front headlights, fog lights, rear lights, side lights, and interior lights), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, electric vehicles, and two wheelers), light source (LED, halogen, and xenon), sales channel (OEM and aftersales), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa)
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Scope of Report
|Historical Data Available for||2019-2029|
|Market Analysis||USD Million for Value|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa|
|Key Segments Covered||By Vehicle type, By Application, By Light Source Type, By Sales Channel and Region|
|Key Companies Profiled||
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
- What is the expected valuation of automotive lighting market?
The global automotive lighting market is forecast reach the market valuation of around US$ 34.7 Bn in 2021. It is expected to increase exponentially during the forecast period.
- What is automotive lighting market demand outlook in terms of volume?
Sales of automotive lighting are expected to reach 3.114 million units by the end of 2031.
- What was the last 5 year automotive lighting market CAGR?
Automotive lighting market recorded a CAGR of around 0.7% in terms of value between 2016 and 2020.
The post Automotive Lighting Market is Expected to Grow at a CAGR of 6.3% During the Forecast Period 2021-2031 appeared first on Industry News Analsis.
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