According to the latest report published by Market Research Future (MRFR), the global market for automotive lighting will stand at over USD 30,107 Mn towards the end of 2023, reflecting an above-average growth rate. Lighting continues to be one of the key components of modern vehicles. The recent expansion of the automotive industry, particularly in countries such as China, Mexico and India has reflected favourably on the automotive lighting market. The auto sector has undergone untiring waves of technological evolution, in the process, influencing the diverse range of components that are integrated in vehicles, including lighting systems.
The arrival of new lighting technologies and greater emphasis on improving vehicle visibility are some of the key factors supporting the growth of the automotive lighting market. The increased sales of passenger vehicles in emerging markets is also creating growth opportunities for market participants. Nonetheless, a large percentage of the automotive lighting components that are currently available, carry a hefty price tag, which to an extent is limits the market potentials. Meanwhile, enforcement of new safety regulations has prompted carmakers to opt for the best available lighting solutions. For modern consumers, style, safety and comfort are equally important and usually reluctant to compromise on any.
Technology is another important facet in the auto industry, there has been an overhaul not only in terms of design and style but also in technology front. One of the notable and recent technological development that took place in automotive lighting is the arrival of adaptive lighting technology. Many of the premium and mid- range cars now come with adaptive lighting system. At the same time, advanced LEDs and HID lamps system are quickly replacing the traditional systems. Manufacturers are also concentrating lighting innovation to prepare for the next wave of automotive technology, which will be mainly guided by trends such as automation and self-driving. The aforementioned factors are expected to sway the market over the next six years.
Latest Industry Trends and News
- Italian-American auto giant, Fiat Chrysler Automobiles has recently revealed its plans to spin off its Magneti Marelli business unit. The separation will allow the company to deliver greater value to its shareholders and create a stronger operational flexibility for its high-tech components business Magneti Marelli in its strategic growth.
- The Netherlands based Philips Lighting has reportedly expressed it desire to rebrand itself with a new name “Signify”. However, the lighting manufacture will continue to use the Philips brand under the current agreement of licensing with royal Philips.
Global Market for Automotive Lighting – Segmental Analysis
MRFR in its report has also offered a comprehensive segmental analysis of the market based on vehicle type (heavy commercial vehicle, light commercial vehicle and passenger car), application (side lights, front lights, interior lights, and rear lights), end market (aftermarket and OEM) and technology (xenon, LED and halogen).
On the basis of region, the global market for automotive lighting has been segmented into Asia Pacific (APAC), Europe, North America and Rest of the world (RoW). Among these, the market in APAC is expected to present lucrative growth opportunities for players operating in the region. Currently, the region accounts for the highest share of market and likely to continue its dominance over 2023.
Global Market for Automotive lighting – Competitive Dashboard
HELLA KGaA Hueck & Co (Germany), ZKW Lichtsysteme GmbH (Wieselburg), OSRAM GmbH (Germany), General Electric (U.S.), Magneti Marelli (Italy), KOITO MANUFACTURING CO., LTD.( Japan), Philips Lighting NV (Netherlands), Peterson Manufacturing company (U.S.), Ichikoh Industries Ltd (Japan), and Stanley Electric Co. Ltd (Japan) are among the top companies involved in automotive lighting manufacturing.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.