Automotive Lighting Market

Market Leader - Automotive Lighting Market

The global automotive lighting market is projected to grow from an estimated value of USD 18.4 billion in 2019 to USD 23.3 billion in 2027, at a CAGR of 3.0% during the forecast period from 2019 to 2027. 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.

Advancements in the LED headlight technologies and regulations on the headlights by various governing agencies such as NHTSA (The National Highway Traffic Safety Administration) has resulted in the growth of LED light technology in the market. Advancements in the adaptive headlights, including automatic on/off, auto high beam, cornering lights, and headlight leveling are enhancing the customer experience.

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LED lighting technology is expected to dominate the automotive lighting market globally during the forecast period 2019-2027. 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. 

The passenger car segment is the biggest market for automotive lighting due to its high adoption in light of its low power consumption and superior aesthetic appeal. In the bus and trucks segments, the automotive lighting is expected to show the stable growth in comparison with the passenger cars due to steady sales and relatively slower adoption of new technologies.

Related Reports:

Automotive Lighting Market for ICE & EVs By Technology (Halogen, LED, Xenon), Position (Front, Side, Rear, Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting & Region - Forecast to 2027

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Report Code
AT 3506
RI Published ON
9/2/2019
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