The Global Automotive Lighting Market size is projected to grow from USD 27.0 billion in 2020 to USD 34.9 billion in 2025, at a CAGR of 5.3%.
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 also has a lesser impact on the eyes of the other drivers coming from the opposite direction.
Passenger cars are expected to be the largest segment for the automotive lighting market on account of the rapid adoption of advanced lighting systems. Moreover, increasing sales of premium vehicles with pre-installed adaptive headlights, adaptive taillights, and ambient lights are expected to augment the growth of the segment further. Additionally, visual appeal is considered a premium feature, and lighting is one of the vital parameters that add value to the visual appeal of the vehicle.
Historically, vehicle production declined from 2017 to 2019, which also impacted the automotive lighting market. Due to the COVID-19 pandemic, the production & sale of vehicles have witnessed a major decline and are expected to see a 20% decline in 2020 (MarketsandMarkets analysis). Thus, the automotive lighting market could register a further decline in 2020.
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