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Automotive Lighting Market Estimated to Surpass $29.84 Billion Mark by 2026

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Automotive Lighting Market Estimated to Surpass $29.84 Billion Mark by 2026

April 19
16:10 2021
Automotive Lighting Market Estimated to Surpass $29.84 Billion Mark by 2026

Automotive Lighting Market
Growing Automobile Production Across the Globe Boosts the Automotive Lighting Market. Rising Manufacture of Electric Cars Owing to Reduced Fuel Expenses and Harmful Environmental Emissions Majorly Influence the Automotive Lighting Market Revenue.

The global Automotive Lighting Market is estimated to surpass $29.84 billion mark by 2026 growing at an estimated CAGR of more than 4.2% during the forecast period 2021 to 2026. Most ambient light today reflects a light source surface of interior surfaces and is designed to help the driver see till certain distance. Lighting is a vital component in automotive vehicles and plays a very important role in automotive safety. According to the Association for Safe International Road Travel, road accidents cause approximately 1.25 million death annually. Furthermore, 20-50 million people get injured and disabled every year due to accidents caused on the roads or by natural weather conditions such as rain, fog, dust, snow, and others. These statistics are reflective of the necessity for effective lighting in automotive vehicles to reduce major accidental incidences and this forms a crucial component for manual driving. Government from various countries are taking initiatives for creating awareness to drive safely and automotive lighting is one of the key components that must be considered while driving. Market is flourished with wide range of lighting such as headlights, tail lights, accessory lights, LED lights, fog lights, emergency and warning lights, off-road lights, and signal lights in contemporary vehicles. Along with safety, automotive lighting improves the aesthetic appearance of a vehicle; a key reason to popularize among youngsters.

Automotive Lighting Market Segment Analysis – By Technology

LED Lighting has dominated the Automotive Lighting Market as compared to the other technologies. Halogen was earlier a conventional choice for the lighting in cars. Xenon and LED are the other prominent technologies. Amongst, three technologies, LED is expected to witness the highest growth during the forecast period. This can be caused by distinct shift towards energy efficient technology in light controls. LED headlights lighting possess high capabilities and flexibility for use in various automotive lighting applications. Presently, automotive LED lights are mounted mostly in high-end automobiles due to their relatively higher cost. The ongoing study to lower their cost, would create significant demand of these lights. Hence, market forecast for automotive lighting looks promising in the given forecast period.

Automotive Lighting Market Segment Analysis – By Application

Passenger cars are the fastest-growing vehicles on the automotive lighting segment by vehicle type. Demand for passenger vehicles is increasing at a significant pace due to rising disposable income and the developing lifestyle of the urban population. People’s minds have changed from vehicles-as – a-luxury to automobiles-as – a-needs, and this is the most important aspect of the growth in passenger cars that the CAGR was rising to 5.20% by 2026. Moreover, growing business prospects in the car rental industry are pushing passenger car takeovers. Passenger vehicles are the most popular mode of transport in developed countries, and are also increasing in numbers in developing countries due to higher per capita income.

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Automotive Lighting Market Segment Analysis – By Geography

North America leads the way per region in the global demand for automotive lighting. The involvement of key players who control the field accustomed to the premium car and passenger car industries will drive the market growth in this region. The ballooning automobile industry, which has accrued with the latest electric vehicle segment, also accounts for the expandable growth in the global automotive lighting market. Asia-Pacific is the fastest rising region due to the existence of developing economics such as India, China and few others South-East Asia countries. The technological advancement and focusing on governmental regulations has led the market in the coming years. Asia-Pacific holds a maximum share in adoption due to its strong foothold in vehicle productions. The other major factors expected to drive the market for automotive lighting in Asia-Pacific are increasing sales of new automobiles, concentrating on research and development into automotive lighting. Economic growth in the area directly influences the selling of passenger cars and commercial vehicles. Manufacturers are looking to improve their flexibility across the value chain.

Automotive Lighting Market Drivers

LIDAR based Lighting Growth

Modern automotive industries are applying a breakthrough lighting technology-LiDAR systems- which senses any obstacles in 360 degree horizontal observable area. The effective 3D scanning technique allows to examine the peripheral zone around the vehicle using infrared laser technique. Currently, Cepton Technologies is collaborating with Japanese Koito lighting system manufacturing company to design new headlamps using the LiDAR lighting without compromising on the overall aesthetic appearance of a car. This would enable rotatory LiDAR sensors to detect and track individuals or objects while allowing the automotive vehicle or the driver to react simultaneously avoiding major road crashes.

Growing Usage of Adaptive Lighting

Adaptive lights are not confined to night driving alone but are also critical in conditions such as wind, fog, dust or snow. According to the National Safety Council, in 2019, medically-consulted injuries due to vehicle accidents totalled 4.9 million and in the same year the aggregated accident losses were reported at $463.8 billion. Road finds the glare generated by new age headlights to be unacceptable and to be liable for driver’s risk of collision. While the lighting industry is increasing in the automotive sector, the industry is still searching for efficient, competitive and, most importantly, much safer lighting solutions in the automotive lighting market. Adaptive headlights are sensitive to vehicle speed and elevation and automatically adapt to the road. The incidence of traffic fatality is on the increase and a lot of this contributes to the rising deaths of pedestrians. Automotive lighting advancements are an essential factor which plays an important part in driver and pedestrian safety.

Automotive Lighting Market Challenges

High Cost of LED Lighting

The main challenge faced by key market players is the exorbitant retail price of LED lighting systems. This hinders the supply-demand chain as most people prefer low-cost lighting systems. Albeit the brighter and long distance focusing light beams of LED systems, its application increases heat emission and requires extra expenditure on installation of cooling components. Despite the drawbacks of LED automotive lighting, it saves long-term expenses with one-time installation as compared to conventional halogen bulbs. Regular expenditure on marketing and advertisement can increase consumer interest and help market players to increase sales despite high cost of the product.

Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Automotive Lighting Market. chikoh Industries, Ltd., Hella KGaA Hueck & Co., Magneti Marelli, General Electric Company, Ltd., Stanley Electric Co., Ltd., Hyundai Mobis, Valeo S.A., Koninklijke Philips N.V., Osram GmbH, Koito Manufacturing Co., and others are considered to be the key players of the Automotive Lighting Market.

Acquisitions/Technology Launches/Partnerships

In June 2019 Hella received an integrated solution for diverse lighting schemes. The two Group-Lighting and Electronics business groups have worked closely together and combined their commodity technology into a flexible and efficient organizational system. The modular design helps you to install headlight plates, electrical control units and sensors.

In January 2019, Valeo and Cree, Inc. confirmed that the firms would collectively create the first full HD LED display solution for vehicle lighting systems. Valeo PictureBeam Monolithic is the first complete high-definition lighting device that provides both glare-free and high-beam road marking functions along with high-performance low beam and high beam in a single lightweight solution. This unique solution uses a compact LED system, in which pixels of light beam are produced directly at the light source.

Key Takeaways

Growing automobile production across the globe boosts the automotive lighting market. Rising manufacture of electric cars owing to reduced fuel expenses and harmful environmental emissions majorly influence the automotive lighting market revenue.

Dependence on lighting system for signaling purposes in ambulance and police vehicles aligning with effective sound system result in increasing demand for lighting technique in vehicles.

Government program maintains road safety by taking initiatives such as creating awareness about vehicle protection and illuminating roads with appropriate use of automotive lighting majorly drives the global car lighting market.

The trend related to application of LED lighting for creating a magnificent outlook both on exterior and interior space of the vehicle seeks more human attention and reduce road accidents rate, thereby boosting the automotive lighting market.

Related Reports :

A. Advanced Driver Assistance Systems (ADAS) Market

https://www.industryarc.com/Report/20/advanced-driver-assistance-systems-market.html

B. Light Duty Vehicle Market

https://www.industryarc.com/Research/Light-Duty-Vehicle-Market-Research-501144

For more Automotive Market reports – Please click here

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