According to Fact.MR, automotive lighting sales will exceed US$25 billion by the end of 2021. The demand for automotive lighting has experienced significant growth over the past few years owing to the increase in the number of vehicles on the road and the increase in the number of cars. global automobile production.
Additionally, demand for headlights and their components remains strong, driving automotive lighting sales. Therefore, the automotive lighting industry is expected to expand at a CAGR of over 6% from 2021 to 2031, generating a revenue of USD 45 billion.
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Key Companies Profiled
- Osram Licht AG
- Hella Kgaa
- Infineon Technologies AG
- LG Electronics
- Valeo SA
- Marelli Magnetti
- Hyundai Mobis
- Koito Manufacturing Co. Ltd
- Robert Bosch GmbH.
This newly published insightful report sheds light on automotive lighting market insights, key dynamics, impact across the value chain from supplier to end user, and automotive lighting market growth.
The global automotive lighting market is projected to grow at 5% and is projected to reach USD 65 Billion by the end of the forecast period (2020-2030). However, the COVID-19 crisis has impacted its growth trajectory as demand for cars has declined sharply. Supply chain disruptions and manufacturing plant closures have severely impacted the growth of the automotive lighting market.
At the same time, some of the world’s leading automotive lighting manufacturers believe that the post-pandemic era will boost automotive lighting sales. Based on these trends, Fact.MR predicts that the automotive lighting market will follow a V-shaped recovery curve over the long-term forecast period.
Main sectors covered
- front headlight
- fog lights
- tail light
- side light
- interior light
- vehicle type
- Automotive lighting for passenger cars
- Automotive lighting for light commercial vehicles (LCV)
- Automotive lighting for heavy commercial vehicles (HCV)
- Automotive lighting for electric vehicles
- car lights for motorcycles
- light source
- halogen car lights
- xenon car lights
- LED car lights
- sales channels
- OEM automotive lighting
- Automotive lighting by aftermarket
The market is moderately competitive in nature and there are a large number of players operating in this space. Bringing the latest technology to market is an important expansion strategy, as is working with OEMs and maintaining long-term relationships for future business prospects.
- In December 2020, OSRAM Licht AG introduced the energy-efficient Ostune E1608 and E3030 automotive interior lights with a wide color temperature range of 2700 to 6500K.
- Likewise, in September 2021 HELLA KGaA launched a new modular light bar with advanced LED technology for city vehicles. This lighting helps to ensure optimal signaling effect and uniform illumination of the work area.
Key Questions Answered in Automotive Lighting Market Report Study:
- Automotive Lighting Sales and Demand
- Automotive lighting market growth
- Automotive lighting market analysis
- Automotive lighting market trends
- Key drivers influencing the automotive lighting market
- What are the key drivers impacting the automotive lighting market
- Constraints Shaping Market Growth
- Automotive lighting market research