Some of the major players in the automotive lighting market are OSRAM GmbH, Koito Co, Ltd, HELLA KGaA Hueck & Co, Hyundai Mobis Co., Ltd, Magnetti Marelli SpA, Stanley Electric Co. Ltd, ZKW Group, Varroc Lighting Solutions, Valeo and Seoul Semiconductor among others.
Selbyville, Delaware, July 12, 2021 (GLOBE NEWSWIRE) – Global Market Insights Inc. recently added a new report on the Automotive Lighting Market that estimate market value for automotive lighting will exceed $ 45 billion by 2027. The market is expected to experience a steady growth rate owing to the increasing demand for vehicles and advancements in automotive lighting systems. Automotive lighting is used in vehicles to provide illumination to the driver to reduce accidents and provide a clear view of the surroundings. The lights also allow other drivers to spot and locate the moment, position, direction and size of the vehicle.
The automotive lighting market has been negatively affected due to the spread of COVID-19 across the world in the last quarter of 2019 and the first three quarters of 2020. The implementation of strict lockdowns to prevent the spread of the virus, which had led to the temporary closure of the manufacturing units adversely affecting the market. However, the market is expected to gain momentum during 2022 due to increased production and sales of vehicles.
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The technology-based automotive lighting market is segmented into xenon, LED and halogen. The xenon segment held around 20% market share in 2020 due to its high brightness and improved durability driving the market. The ability of these lamps to produce light similar to daylight also contributes to the growth of the market. However, some of the factors that hamper the growth of xenon lamps include thigh power consumption and subside over time compared to LED lighting systems.
the North American Automotive Lighting Market is expected to show a significant growth rate during the forecast period due to increasing auto production and demand. According to the International Energy Agency (IEA) in 2019, more than 17.0 million units of cars were sold, which contributes to the growth of the market. In addition, the implementation of strict regulations associated with road safety in the United States and Canada is also playing a vital role in the growth of the market.
Market leaders are focused on launching new advanced production associated with automotive lighting solutions. For example, in November 2019, HELLA, an automotive lighting manufacturer, launched the high-resolution lighting system named âDigital Light SSL HDâ to improve the safety and comfort of road traffic.
Some of the key findings of the Automotive Lighting Market report include:
Growing government regulations associated with automotive lighting and aimed at reducing traffic accidents are increasing the demand for automotive lighting.
Advancement and demand for new technologies, including sensors and OLEDs in vehicle lights integrated with driver assistance systems, to improve the driving experience.
The growing demand for smart and luxury cars across the world is one of the major factors driving the growth of the market. Consumers are focusing on premium cars with advanced features like smart and mood-sensitive lighting features that are driving the market.
Companies around the world are focused on developing new and advanced features in the field of lighting in order to improve their market position and expand their product portfolio.
The main players operating in the automotive lighting market are OSRAM GmbH, Koito Co, Ltd, HELLA KGaA Hueck & Co, Hyundai Mobis Co., Ltd, Magnetti Marelli SpA, Stanley Electric Co. Ltd, ZKW Group, Varroc Lighting Solutions , Valeo and Seoul Semiconductor
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Partial chapters of the report table of contents (TOC):
Chapter 4. Competitive landscape
4.2. Analysis of the company’s market shares. 2019
4.3. Analysis of key players
Chapter 5. Automotive Lighting Market, By Technology
5.1. Key trends by technology
5.2.1. Market estimates and forecasts, 2015 – 2026
5.3.1. Market estimates and forecasts, 2015 – 2026
5.4.1. Market estimates and forecasts, 2015 – 2026
Chapter 6. Automotive Lighting Market, By Vehicle Type
6.1. Main trends by vehicle type
6.2. Passenger cars
6.2.1. Market estimates and forecasts, 2015 – 2026
6.3. Commercial vehicles
6.3.1. Market estimates and forecasts, 2015 – 2026
6.4. Two wheels
6.4.1. Market estimates and forecasts, 2015 – 2026
Chapter 7. Automotive Lighting Market, By Application
7.1. Key trends by application
7.2. Front lighting / headlights
7.2.1. Market estimates and forecasts, 2015 – 2026
7.3. Rear lighting
7.3.1. Market estimates and forecasts, 2015 – 2026
7.4. Interior lighting
7.4.1. Market estimates and forecasts, 2015 – 2026
7.5. Side lighting
7.5.1. Market estimates and forecasts, 2015 – 2026
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