Global Automotive Lighting Industry: Set to Witness Huge Growth by 2028
The global Automotive Lighting market is anticipated to reach around USD 48.08 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the passenger cars dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global Automotive Lighting market.
The expanding global automotive industry, along with increasing demand for passenger cars majorly drives the Automotive Lighting Market growth. The adoption of advanced automotive lighting solutions has increased significantly owing to increasing awareness regarding use of energy efficient lighting solutions, and growing need to improve road safety. Other factors driving the market growth include growing disposable income, technological advancements, and changing lifestyles. New emerging markets, emerging consumer demographics, and increasing adoption of eco-friendly lighting solutions would provide growth opportunities for automotive lighting market in the coming years.
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The use of LED lights in automobiles has increased significantly and these lights are gradually replacing halogen and xenon lights for headlamps and daytime running lights. LED technology is being used for rear lights, brake lights, indicators and daytime running lights owing to their reduced costs and greater flexibility. High brightness white LEDs offer improved visibility, are smaller in size, and offer controlled illumination pattern to avoid dazzling other drivers on the road.
In 2017, Asia-Pacific accounted for the highest share in the global automotive lighting market. Established automotive industry, technological advancements, and high investment in R&D are factors expected to drive the market growth in the region. The introduction of stringent government regulations regarding vehicular safety and use of eco-friendly lighting solutions accelerates the adoption of automotive lighting in the region. The economic growth in countries such as China, Japan, and India, rising living standards and growing disposable income further increases the demand of automobiles in the region. Expansion of global players into these countries to tap market potential boosts the Automotive Lighting Market Growth.
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The leading companies profiled in the Automotive Lighting Market report include Osram GmbH, Koninklijke Philips N.V., Zizala Lichtsysteme GmbH, Magneti Marelli S.P.A., Stanley Electric Co., Ltd., Ichikoh Industries, Ltd., Hella KGaA Hueck & Co., Koito Manufacturing Co. Ltd., General Electric Lighting, and Valeo S.A. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
