The latest market report published by Constancy Researchers “Global Electric Vehicle Lighting Market: Growth, Future Prospects, COVID-19 Impact Analysis, Drivers, Restraints, Trends, Opportunities,Investment Landscape, and Competitive Analysis, 2017 – 2028”
Global Electric Vehicle Lighting Market: Overview
The global electric vehicle lighting market was valued at US$ XX Billion in 2020 and is estimated to grow at a CAGR of 13.9% during the forecast period. The global electric vehicle lighting market is anticipated to witness huge growth in the years to come due to the growing demand for electric vehicles along with the increased lighting regulations for better safety and visibility. The increased production for electric commercial and passenger vehicles coupled with the increased demand for adaptive lighting across the globe are some other key factors for the growth of the global electric vehicle lighting market during the forecast period. Moreover, the emergence of new technologies coupled with growing partnership between lighting system manufacturers and electric vehicles manufacturers are some of the key opportunities for the global electric vehicle lighting market over the upcoming years. Besides, the high cost of LED lights is one of key factors estimated to hamper the global electric vehicle lighting market growth in the years to come.
Global Electric Vehicle Lighting Market: COVID-19 Impact
The impact of COVID-19 has been considered in the global electric vehicle lighting market report published by Constancy Researchers Private Limited. According to Constancy Researchers Private Limited COVID-19 analysis on the global electric vehicle lighting market, the demand for electric vehicle lighting has decreased due to haltin the manufacturing industry worldwide along with the decreased sales of electric vehicles during the COVID-19 period.
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Global Electric Vehicle 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 electric vehicle lighting market. This is ascribed to benefits of LED lighting including low power consumption, high aesthetic value, and others.
- On the basis of application, in the electric vehicle lighting market, the exterior lighting category had a major share and is estimated to witness 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 electric vehicle 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 is projected to grow at the highest rate during the forecast period. This is majorly due to the rising technological adoption in the automotive manufacturing along with the increased electric vehicles production in the region. The increased government initiatives along with the growing demand for electric vehicles in the emerging economies are some other key factors for the growth of the Asia pacific electric vehicle lighting market.
- Mergers & acquisitions, new product launches, strategic partnerships, and collaborations among key players are estimated to be the key strategies in the global electric vehicle lighting market.
- As per the research by Constancy Researchers Private Limited, the global electric vehicle 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 Electric Vehicle 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 Electric Vehicle Lighting Market: Segmentation
Constancy Researchers Private Limited has segmented the global electric vehicle lighting market on the basis of technology, distribution channel, application, product sales, vehicle type, and regional analysis-
Global Electric Vehicle Lighting Market: By Technology
- Halogen
- LED
- Xenon
Global Electric Vehicle Lighting Market: By Distribution Channel
- Offline
- Online
Global Electric Vehicle Lighting Market: By Application
- Exterior Lighting
- Interior Lighting
Global Electric Vehicle Lighting Market: By Product Sales
- Original Equipment Manufacturer (OEMs)
- Aftermarket
Global Electric Vehicle Lighting Market: By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Electric Vehicle 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)
