NEW YORK, Dec. 5, 2023 /PRNewswire/ -- Technavio categorizes the global automotive lighting market as a part of the global automotive components and accessories market. The global automotive lighting market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive lighting in the market are FLEX N GATE Corp, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd, Koninklijke Philips NV, Lumax Industries Ltd., Marelli Holdings Co Ltd, Namyung Lighting Co. Ltd, NXP Semiconductors NV, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Varroc Engineering Ltd, OSRAM GmbH, Robert Bosch GmbH, Valeo SA, Continental AG, and LG Corp. and others. The global automotive lighting market is at its growing stage. This implies that the market in focus is characterized by increasing demand for effective interior lighting, a rise in penetration of LED lighting, and stringent regulations on road safety.The global automotive components and accessories; market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive lighting market size is estimated to increase by USD 14,415.24 million. The market's growth momentum will progress at a CAGR of 9.79%.
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Global automotive lighting market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines ?
Vendor offerings -
Global automotive lighting market - Segmentation assessment
Technavio has segmented the market based on type (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
By geography, the global automotive lighting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive lighting market.
Global automotive lighting market ? Market dynamics
Leading drivers - The rise in penetration of LED lighting is notably driving the automotive lighting market growth. Technological advancements lead to enabling features like glare-free adaptive driving beams (ADB), which improve the performance of LED lighting systems in the car industry. These features help drivers recognize and locate other roadways, particularly at night. Such advancements in headlamp-related LED lighting technology have significantly fueled the development of LED lighting technology in the luxury automotive market. Vendors are anticipated to experience significant growth due to the rising adoption of LED technology in mid-range and luxury automobiles.
Key trends - The development of autonomous vehicles is a major trend in the automotive lighting market. The market adoption of semi-autonomous features in passenger and commercial cars has increased due to various campaigns and promotions. By the end of the forecast period, self-driving cars may be a reality, and in ten years, a sizable number of them are projected to be on the road. Additionally, automakers can only demonstrate vehicle distinctiveness by including unique features. As a result, the requirement for interior lighting is being driven by the increase in electronic content per vehicle.
Major challenges - Stringent regulations governing automotive lighting technologies impede the growth of the automotive lighting market. To increase energy efficiency, nations all around the world have imposed the phase-out of incandescent light bulbs or halogen illumination. Even manufacturers of automotive LED lamps are subjected to legal and government regulations. Companies must abide by laws governing business, antitrust, patents, consumer rights, taxes, foreign exchange, environmental protection, recycling, and safety. Most nations either adhere to the SAE standards or have their own federal laws regulating the automotive lighting industry. The financial state of the companies and their market performances may suffer as a result of changes to these restrictions.
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