Increasing adoption of advanced driver assistance system and rising concern toward road safety fuel the growth of the global automotive intelligent lighting system market.
PORTLAND, Ore., Nov. 23, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Intelligent Lighting System Market by Technology (Halogen, LED and Xenon), Vehicle Type (Passenger Vehicle and Commercial Vehicle), Product Type (Adaptive Headlight and Intelligent Ambient Lighting) and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021?2030." According to the report, the global automotive intelligent lighting system industry was estimated at $3.65 billion in 2020, and is anticipated to hit $9.25 billion by 2030, registering a CAGR of 9.8% from 2021 to 2030.
Drivers, restraints, and opportunities-
Growing adoption of advanced driver assistance system and rising concern toward road safety drive the growth of the global automotive intelligent lighting system market. On the other hand, high cost & configuration complexities and unorganized aftermarket services restrain the growth to some extent. However, integration of advanced technologies in vehicles is expected to create lucrative opportunities in the industry.
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The passenger vehicle segment to dominate by 2030-
Based on vehicle type, the passenger vehicle segment held the major share in 2020, accounting for nearly four-fifths of the global automotive intelligent lighting system market, owing to the relatively higher installation of automotive intelligent lighting system in passenger cars. At the same time, the commercial vehicle segment would register the fastest CAGR of 11.5% from 2021 to 2030, due to growing integration of automotive intelligent lighting system in commercial vehicles.
The LED segment to maintain the dominant share-
Based on solution type, the LED segment contributed to more than two-fifths of the global automotive intelligent lighting system market revenue in 2020, and is projected to lead the trail throughout the forecast period. This is attributed to its longer life span and significantly less power consumption capability. The same segment is also projected to grow at the fastest CAGR of 10.5% from 2021 to 2030.
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Europe, followed by North America, garnered the highest share in 2020-
Based on region, the market across Europe, followed by North America, contributed to the highest share in 2020, accounting for nearly two-fifths of the global automotive intelligent lighting system market, and is estimated to continue its dominant share in terms of revenue by 2030, owing to increasing sales of luxury cars, growing demand for technological advancements, and the presence of leading players in the region. Simultaneously, Asia-Pacific is expected to showcase the fastest CAGR of 12.9% during the forecast period, due to growing need for vehicles equipped with advanced features across the province, due to increase in sales of premium passenger vehicles across the province.
Key players in the industry-
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