The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Automotive Lighting market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Automotive Lighting
The report offers actionable and valuable market insights of Automotive Lighting. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Automotive Lighting Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Automotive Lighting, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Automotive Lighting Market.
The global automotive lighting market is projected to grow at 5% and will be valued at US$ 65 Bn by the end of the forecast period (2020-2030). However, the COVID-19 crisis has impacted the growth trajectory as the demand for automotives has fallen sharply. In the wake of disruption of supply chains and the shutdown of manufacturing plants, the automotive lighting market growth has been profoundly affected.
At the same time, some of the world’s leading manufacturers of automotive lighting are confident that the post-pandemic era will herald an uptick in the sales of automotive lighting. Based on these trends, Fact.MR forecasts that the automotive lighting market will experience a V-shaped recovery curve in the long term forecast period.
Key Takeaways of the Automotive Lighting Market Study
- The global automotive lighting market is expected to generate an absolute $ opportunity of US$ 30 Bn during the forecast period, adding ~1.8X more value in 2030 as compared to 2020.
- The cost of LEDs is much higher than traditional halogens and HID lights and is thus limited to premium markets, including luxury cars and SUVs.
- Automakers are investing in deciding the designs of front headlights as it is the most attractive component of consumer focus. Thus, the front headlights segment has been the leader in the market, contributing ~60% of the global revenue share in 2019.
- East Asia is projected to be the most prominent region for automotive lighting, estimated to account for more than 30% market share. However, due to the rapid spread of COVID-19 in China, Japan & South Korea the market growth for automotive lighting shall be impacted in the short-term.
“The automotive industry has entered a muted phase of growth due to the COVID-19 pandemic, leading to declining sales. However, the re-opening of vehicle manufacturing plants in the aftermath is anticipated to restore the growth trajectory of the automotive lighting market.” estimates the Fact.MR Analyst.
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Notable Development Trends to Open up New Horizons of Growth for Automotive Lighting Market
With the latest developments on track, groundbreaking changes in lighting procedures have opened up entirely new horizons in the design of automotive exteriors and interior lighting. In addition to the introduction of emerging technologies as well as electronic modules and modular parts, the automotive lighting industry leaders are continuing to explore new growth prospects across various geographic regions. Moreover, Market players have been channelizing efforts towards strengthening their distribution channels while also focusing on establishing long term supply contracts with automobile manufacturers. For Instance, in 2018, Koito Manufacturing Co., Ltd. developed an innovative XLS (exchangeable LED signal) lamp with different light versions to facilitate signal applications in vehicles. In the same year, LG Electronics completed the acquisition of ZKW Group, a leading provider of automotive lighting and headlights. With this acquisition, company focus is on expanding its business reach in the automotive sector.
Key Segments of the Automotive Lighting Market
Fact.MR’s study on the automotive lighting market offers information divided into five important segments-application, vehicle type, light source, sales channel and regional analysis. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Front Headlights
- Fog Lights
- Rear Lights
- Side Lights
- Interior Lights
- Passenger Cars
- Compact Cars
- Mid-Size CarsLuxury Cars
- Electric Vehicles
- Two Wheelers
- Motorcycles Scooters
- North America
- Latin America
- East Asia
- South Asia
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Key Question answered in the survey of Automotive Lighting market report:
- Sales and Demand of Automotive Lighting
- Growth of Automotive Lighting Market
- Market Analysis of Automotive Lighting
- Market Insights of Automotive Lighting
- Key Drivers Impacting the Automotive Lighting market
- Which are the Key drivers impacted by Automotive Lighting market
- Restraints Shaping Market Growth
- Market Survey of Automotive Lighting
More Valuable Insights on Automotive Lighting Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Automotive Lighting, Sales and Demand of Automotive Lighting, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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