Automotive Lighting Market is Expected to Grow at a CAGR of 6.3% During the Forecast Period 2021-2031

Published On : 10/12/2021

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.

Competitive Landscape

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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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.

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.