The Global Automotive Lighting Market is projected to grow from USD 18.4 billion in 2019 to USD 23.3 billion by 2027, at a CAGR of 3.0% during the forecast period. An increase in premium and SUV sales and advancements in lighting technology are some of the major factors driving the growth of the lighting market for automotive.
The key players automotive lighting market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan) and Zizala (Austria).
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LED light technology is estimated to grow at the fastest CAGR during the forecast period
Premium vehicles are installed typically with LED lights due to their numerous benefits such as low power consumption, more adaptive features, and high aesthetic value. Moreover, LED headlights have less impact on the driver who is on the opposite side in comparison to xenon lights, and hence, this technology is accepted widely in the market. An increasing number of newly manufactured vehicles installed with LED lighting systems is expected to drive the growth of the segment.
Automotive lighting for the passenger car segment is estimated to be the largest market
The penetration of advanced lighting in the passenger vehicle segment is higher in comparison to other vehicles, including LCVs, buses, and trucks. The rising sales of passenger vehicles, coupled with the willingness of consumers to pay more for cars, are expected to drive the market in this segment. The global passenger vehicle production is expected to increase from 59.8 million units in 2018 to 61.4 million units in 2019. The year-on-year production growth is likely to propel the growth of the segment over the forecast period.
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The Asia Pacific is likely to be the largest market during the forecast period
The Asia Pacific is anticipated to be the largest market in the global market due to rapid consumer adoption and high sales of automobiles. China and Japan garnered the largest shares within the market due to the high production & sales of vehicles, domestically. Additionally, manufacturers in these countries focus on technological advancements, including lighting, thus, driving the demand for automotive lighting. The rise in the consumer per capita income and high sales of SUVs in emerging economies such as India will drive the market further.
There has been a high demand for advanced lighting due to the increase in premium car sales. Increasing adoption of the advanced lighting in the lower and mid-segment cars is expected to open new opportunities for the growth of the market in this region during the forecast period.