Global Automotive Lighting Market to Reach US$ 42.87 Billion by 2027, Propelled by Surging Sales of Luxury Cars

September 20, 2022

The latest report by IMARC Group, titled “Automotive Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global automotive lighting market size reached US$ 28.41 Billion in 2021. Automotive lighting consists of various light-emitting devices installed or mounted on the front, rear, sides, and interior of a vehicle. Some common automotive lighting systems include headlights, signal lights, brake lights, taillights, daytime running lights, driving lamps, fog lights, and hazard lights. It aids in illuminating the lanes and roads ahead and helps the drivers identify different traffic signs and obstacles. It also enhances the aesthetics of the interior and exterior parts of the vehicle and improves its visibility on the road, enabling other drivers and pedestrians to recognize its presence, position, direction, and size. As a result, automotive lighting is widely installed in passenger and commercial vehicles to ensure safety in road traffic and deliver a smooth driving experience. 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.              

Global Automotive Lighting Market Trends:

The surging sales of luxury cars due to rapid urbanization and inflating income levels represent the primary factor driving the market growth. Moreover, the rising awareness regarding road safety measures among individuals is another major growth-inducing factor. Additionally, there has been a significant shift toward electric vehicles (EVs) owing to the elevating air pollution levels and growing environmental consciousness among the masses. In line with this, the increasing preferences for cabin comfort and premium features, such as reading lamps, ambient interior lighting systems, and dashboard lights, have augmented the product demand. Besides this, several favorable initiatives by governments of various countries to encourage the use of lighting systems in automobiles have accelerated the product adoption rate. Furthermore, the leading players are focusing on improving safety technologies and integrating light-emitting diode (LED) lights in vehicles due to their less power consumption, longer life, durability, and superior strength than halogen and high-intensity discharge (HID) lights. Along with this, the introduction of innovative lighting solutions, such as smart LEDs, micro-LEDs, laser-based lighting, guiding materials for 3D light patterns, and area backlighting with hidden-until-lit effects, has propelled the market growth. Other factors, including the rising popularity of interior lighting, expanding automotive industry, increasing safety concerns, ongoing research and development (R&D) activities, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 42.87 Billion by 2027, growing at a CAGR of 6.70% during 2022-2027.

Market Summary:

  • The market has been segmented based on technology into halogen, xenon/HID, and LED.
  • Based on the vehicle type, the market has been bifurcated into passenger and commercial vehicles. 
  • On the basis of the sales channel, the market has been classified as original equipment manufacturers and aftermarket. 
  • Based on the application, the market has been divided into front lighting/headlamps, rear lighting, side lighting, and interior lighting. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Australia, and others), Europe (Germany, France, the United Kingdom, Spain, Russia, Italy, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.         
  • The competitive landscape of the market has also been examined, with some of the key players being Continental AG, General Electric Company, HELLA GmbH & Co. KGaA, Hyundai Mobis Co., Ltd., Koito Manufacturing Co. Ltd., Koninklijke Philips N.V., LG Electronics Inc., Lumax Industries Limited, Magneti Marelli S.p.A., Osram Licht AG (ams AG), Robert Bosch GmbH, Samsung Electronics Co. Ltd., Stanley Electric Co. Ltd., and Valeo SA.
     

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Global Automotive Lighting Market to Reach US$ 42.87 Billion by 2027, Propelled by Surging Sales of Luxury Cars
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