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AUTOMOTIVE & TRANSPORTATION

Automotive Lighting Market Analysis by Product Type (Front Headlights, Fog Lights, Rear Lights, Side Lights, Interior Lights); by Technology {Light-emitting Diodes (LED), Halogen, Xenon and Laser}; by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers); and by Distribution Channel {Original Equipment Manufacturer (OEM), Aftermarket) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • ams-OSRAM AG – cooperated with TactoTek to optimize RGB LED for in-mold structural electronics to drive innovations in automotive interior illumination.
  • Compagnie Plastic Omnium SE - acquired Varroc’s automotive lighting system business, enabling differentiating solutions for exterior systems.

Global Automotive Lighting Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~USD 34 Billion

Forecast Year Market Size (2033)

~USD 62 Billion

The global automotive lighting market is estimated to garner a revenue of ~USD 62 billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 34 billion in the year 2022. The growth of the market can primarily be attributed to the growing demand for automotive lighting along with increasing number of motor vehicles worldwide. For instance, it was found that, globally, the production of motor vehicles reached to about 79 million in 2021.

Automotive-Lighting-Market-Size

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Automotive lighting system consists of lighting and signaling devices which lights the roadway for the driver. The lights are mounted on the front, sides, rear, and in some cases on the top of a motor vehicle, making it more visible, especially in conditions of low light. Automotive lighting gives warning to other motor drivers and pedestrians about the presence and direction of travel. With the distinctive lighting equipment required in emergency vehicles to alert drivers and pedestrians as well as alarming crashes caused by ambulances, the demand for automotive lighting is on the rise amongst the emergency service providers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive lighting market during the forecast period. For instance, it was observed that, the crash rate is over 4 per 100,000 responses, when an ambulance responds any emergency call without using sirens and lights.

Global Automotive Lighting Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand of Dashboard Lights – which includes warning lights and indicators in a variety of colors. As per the 2020 data, over 100 passenger cars were produced every minute around the world, which is responsible for rising demand of dashboard lights, as car manufacturers today use more than 100 different dash board warning lights in a car. As there are lights for every conceivable system and situation of a vehicle, dashboard lights being the key, the automotive lighting market is expected to escalate in the projected period.
  • Growing Adoption of Organic Light-emitting Diodes (OLED) – shipments of which is expected to rise from ~120,000 units in 2022 to more than 4 million units by 2029.
  • Rising Popularity of Laser Headlightas it can produce light up to ~1,000 times stronger light, while only using 2/3 of the power than the light produced and power used by LED technology.
  • Policies Regarding Maintaining the Lights – for instance, lights maintenance on large trucks is a very important safety consideration. It was found that, nearly 100,000 large trucks were involved in crashes resulting in an injury, in 2020.
  • Upsurge in the Demand of Halogen Headlightswhich can be found on almost 80% of the cars on the road today.

Challenges

  • High Cost of Installation of Latest Light System
  • High Cost of LED Lights
  • Concern Regarding Heating & Energy Wastage in Halogen Lights

The global automotive lighting market is segmented and analyzed for demand and supply by technology into halogen, LED, xenon and laser. Amongst these segments, the xenon segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing popularity of xenon headlights on high-end cars as xenon headlights deliver a white-blue light providing a premium, stylish look and are energy efficient. They are around 2 to 3 times brighter than a halogen, and lasts for about 2,500 hours. Along with the surge in the sale of luxury cars worldwide. For instance, the share of new vehicles sold in the United States by luxury brands hit to ~17% in June 2022.

Global Automotive Lighting Market Regional Synopsis

Regionally, the global automotive lighting market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Europe is projected to hold the largest market share by the end of 2033, backed by the presence of a strong mobility network in the region, growing innovations towards a new era of mobility and a carbon-neutral Europe, as well as the rising investment in research & development (R&D) in the automotive sector. As per 2021 data, it was found that, Europe invested around USD 61 billion per year and is responsible for ~33% of total EU spending on innovation, the automotive sector.

Automotive-Lighting-Market-Scope

The global automotive lighting market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive lighting market includes the following segments:

 By Product Type

  • Front Headlights
  • Fog Lights
  • Rear Lights
  • Side Lights
  • Interior Lights

By Technology

  • LED
  • Halogen
  • Xenon
  • Laser

By Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Two Wheelers

By Distribution Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Top Featured Companies Dominating the Global Automotive Lighting Market

  • ams-OSRAM AG
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Marelli Holdings Co., Ltd
  • Compagnie Plastic Omnium SE
  • Koninklijke Philips N.V.
  • Denso Corporation
  • Hella GmbH & Co. KGaA
  • Varroc Group
  • Stanley Electric Co., Ltd.
  • Hyundai Motor Company
  • Valeo
  • Koito Manufacturing Co., Ltd.

 

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