The study considers an automotive lighting system consisting of various lights and signaling units which are fitted on the front, rear, side, and interior of the vehicle. The automotive lighting system may be used to enhance the visibility of an automobile, illuminate the interior, and act as a warning system for other vehicles. It can also alert the pedestrians of vehicle presence and the direction of the vehicle of travel.
The Global Automotive Lighting Market size is projected to grow from an estimated value of USD 27.0 billion in 2020 to USD 34.9 billion in 2025, at a CAGR of 5.3% during the forecast period from 2020 to 2025.
A significant increase in the demand for new car sales and a considerable amount of usage of advanced lighting are surging the demand for automotive lighting in the market. With a soaring per capita income with a high purchasing parity, consumers can invest in advanced lighting features like adaptive lighting, thus, driving the market growth in the upcoming years.
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 lighting technology is expected to dominate the automotive lighting market globally during the forecast period 2020-2025. The changing consumer preferences and the introduction of LEDs with adaptive features at competitive pricing is expected to drive the growth of this product category. Many leading manufacturers have already developed LED lights with adaptive features. The segment is driven mainly due to factors such as ease of use, the requirement of negligible initial setup, and lower power consumption by LED lights. Moreover, its use as a headlight with higher visibility, it also has a lesser impact on the eyes of the other drivers coming from the opposite direction.
China was the largest manufacturer and consumer of the automotive lighting due to the presence of a robust automobile production base and huge domestic sales of cars. Other Asian countries such as Japan, Korea, and India showcased promising growth during 2017 and 2018, and this trend is likely to continue till 2025. The Asia Pacific is one of the main production bases for several European and North American automotive lighting manufacturers. Thus, the growing global sales of automobiles are expected to drive the growth of the automotive lighting industry.
However, the Asia Pacific automotive industry has faced major challenges due to the COVID-19 pandemic. For instance, the production activities of major OEMs, like General Motors, Honda, Nissan, Peugeot, and Renault, have been disrupted, thereby impacting the automotive lighting market as well. For instance, two-thirds of automotive production has been directly affected by China’s industrial lockdown, impacting the suppliers of lighting system components as well. Additionally, the shortage of Chinese-made parts has impacted global production.
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