Demand for automotive lighting has witnessed substantial growth in the last few years due to an increase in the number of on-road vehicles.
ROCKVILLE, MARYLAND, UNITED STATES, November 23, 2021 /EINPresswire.com/ — Automotive lighting standards are highly driven by increasing concerns regarding road safety and high innovation in technological advancements in lighting components. Demand for front headlights will remain the highest over the coming years, especially for use in passenger vehicles.
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The global automotive industry faced a setback in 2020 due to COVID-19 pandemic, which affected production and overall sales of all types of vehicles. Many manufacturers had to shut down their production facilities, which resulted in decline in sales across regions such as North America, Europe, and China. However, with things opening up, the market is set to get back to its normal growth trajectory over the coming months and years.
The global automotive lighting market is expected to be valued at US$ 34.8 Bn in 2021, with stable long-term projections, according to latest insights by Fact.MR. The report estimates the market to expand at over 6% CAGR from 2021 to 2031.
Key Companies Profiled
Osram Licht AG
Infineon Technologies AG
Koito Manufacturing Co Ltd
Robert Bosch GmbH
Key Takeaways from Market Study
Automotive lighting manufacturers are utilizing a large part of their revenue in R&D activities for lighting components. Emergence of new technologies is accelerating market growth. Many car manufacturers are providing components that have better lighting performance, flexible design, and low power consumption.
Various technologies such as LED lights, halogen lights, and laser technologies are being used for exterior and interior lightings.
Many players are not able to manufacture lighting components due to shortage of electronic components from countries such as China and Japan due to COVID-19 restrictions.
Key players in the market are using mergers & acquisitions as one of their key strategies to acquire and maintain maximum market share and geographical share.
Front headlights constitute the highest market share, and the segment is expected to expand at a CAGR of around 4% through 2031.
Passenger vehicles hold the highest market share, with the segment projected to progress at a CAGR of close to 6% over the next ten years.
The automotive lighting market witnessed a plunge in 2020 due to the COVID-19 pandemic, with a recorded growth of -10.2%.
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The market in Germany is projected to expand at a CAGR of close to 6% through 2031.
The market in India and China is set to surge at CAGRs of around 9% and 7%, respectively, over the next ten years.
automotive lighting market by region
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Key Segments of the Automotive Lighting Market
Fact.MR’s study on the automotive lighting market offers information divided into five important segments— application, vehicle type, light source, sales channel and regional analysis. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
The market is moderately consolidated, with key players accounting for more than half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Osram Licht AG, Valeo SA, Koito Manufacturing Co. Ltd, Stanley Electric Co. Ltd, ZKW Group, and Hella KgaA Heuck Co. Ltd.
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Source: EIN Presswire