The latest market report published by Constancy Researchers “Global Automotive Lighting Market: Growth, Future Prospects, COVID-19 Impact Analysis, Drivers, Restraints, Trends, Opportunities, Investment Landscape, and Competitive Analysis, 2017 – 2028”
Global Automotive Lighting Market: Overview
The global automotive lighting market was valued at US$ 27.4Billion in 2020 and is estimated to grow at a CAGR of 5.7% during the forecast period. The global automotive lighting market is anticipated to witness substantial growth in the years to come due to the growing demand for automotive vehicles along with the increased lighting regulations for better safety and visibility. The increased commercial and passenger vehicles production coupled with the increased demand for adaptive lighting across the globe is some other key factors for the growth of the global automotive lighting market during the forecast period. Moreover, the emergence of new technologies coupled with a growing partnership between lighting system manufacturers and automotive manufacturers are some of the key opportunities for the global automotive lighting market over the upcoming years. Besides, the high cost of LED lights is one of the key factors estimated to hamper the global automotive lighting market growth in the years to come.
Global Automotive Lighting Market: COVID-19 Impact
The impact of COVID-19 has been considered in the global automotive lighting market report published by Constancy Researchers Private Limited. According to Constancy Researchers Private Limited COVID-19 analysis on the global automotive lighting market, the demand for automotive lighting has decreased due to a halt in the manufacturing industry worldwide along with the decreased sales of automotive vehicles during the COVID-19 period.
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Global Automotive Lighting Market: Report Highlights
- Based on the technology, the LED lighting category is estimated to witness the fastest growth during the forecast period in the automotive lighting market. This is ascribed to the benefits of LED lighting including low power consumption, high aesthetic value, and others.
- On the basis of application, in the automotive lighting market, the exterior lighting category had a major share and is estimated to witness the highest growth over the upcoming years due to the increased demand for new designs in lighting among youngsters along with enhanced interest for repair, upgrade, and maintain the vehicles among vehicle owners.
- On the basis of vehicle type, in the automotive lighting market, the passenger cars category had a major share in the global market in 2020 and is estimated to continue its dominance over the forecast period. This is ascribed to the highest sales of passenger cars as compared to commercial vehicles along with the increased used car market.
- Based on the regional analysis, Asia Pacific dominated the market in 2020 and is projected to grow at the highest rate during the forecast period. This is majorly due to the rising technological adoption in automotive manufacturing along with the increased automotive production in the region. The increased government initiatives along with the growing demand for commercial and personal vehicles in the emerging economies are some other key factors for the growth of the Asia pacific automotive lighting market.
- Mergers & acquisitions, new product launches, strategic partnerships, and collaborations among key players are estimated to be the key strategies in the global automotive lighting market.
- As per the research by Constancy Researchers Private Limited, the global automotive lighting market is highly fragmented in nature owing to the presence of a large number of players at the global, regional, and country-level.
List of Key Players of Global Automotive Lighting Market
- Osram GmbH
- Continental AG
- Hyundai Mobis
- Ichikoh Industries Ltd.
- HELLA KGaA Hueck & Co.
- Robert Bosch GmbH
- Valeo Group
- Koito Manufacturing Company Limited
- Stanley Electric Company Limited
- Koninkjike Philips N.V.
- Others
Global Automotive Lighting Market: Segmentation
Constancy Researchers Private Limited has segmented the global automotive lighting market on the basis of technology, distribution channel, application, product sales, vehicle type, and regional analysis-
Global Automotive Lighting Market: By Technology
- Halogen
- LED
- Xenon
Global Automotive Lighting Market: By Distribution Channel
- Offline
- Online
Global Automotive Lighting Market: By Application
- Exterior Lighting
- Interior Lighting
Global Automotive Lighting Market: By Product Sales
- Original Equipment Manufacturer (OEMs)
- Aftermarket
Global Automotive Lighting Market: By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Automotive Lighting Market: By Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of Latin America (LATAM)
- Middle East & Africa (MEA)
- United Arab Emirates (UAE)
- Saudi Arabia
- Rest of Middle East & Africa (MEA)
