Automotive Lighting Market : Business Analysis, with CAGR of 6.3% and Revenues at $58.59 Billion by 2030
Global Opportunity Analysis and Industry Forecast for the Automotive Lighting Market from 2021 to 2030, considering factors such as light type, vehicle type, position, and sales channel.
A new report from Allied Market Research reveals that the global automotive lighting market was worth $32.31 billion last year. The report predicts that the market will grow to $58.59 billion by 2030, with a compound annual growth rate of 6.30% from 2021 to 2030. This is exciting news for the automotive industry.
The market is mainly controlled by Asia-Pacific, with Europe, North America, and LAMEA following suit. In 2020, China held the largest portion of the global automotive lighting market, but it is anticipated that India will experience noteworthy growth in the Asia-Pacific region throughout the projected period.
Lighting is an important part of cars and is essential for safety. Cars have different lights that help improve visibility in the dark and in bad weather. They also make cars more noticeable. The lighting system includes lights and signals. These lights are placed in different parts of the car like the front, back, top, and inside. The lights help drivers see better and help other drivers and pedestrians know where the car is and how it's moving. They also make the car look nicer on the inside and outside.
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Numerous top manufacturers in the automotive lighting industry are introducing a range of new systems that feature innovative advancements. Examples include matrix LED, OLED, and laser lighting, which are the latest cutting-edge technologies aimed at enhancing the value, safety, and satisfaction of clients. Moreover, several carmakers have partnered with technology companies like Google Inc. to integrate digital technologies and advanced lighting systems into their vehicles, thereby improving illumination. Hyundai Mobis, for instance, unveiled its latest communication lighting concept in 2019, utilizing LEDs, digital boards, headlamp projection, and sound to communicate with nearby pedestrians and vehicles, thereby reducing accidents. Similarly, ZKW Group launched its "Dragonfly" project in July 2019, aiming to develop sensor technology headlights for automated driving vehicles. These headlights, equipped with multispectral cameras, provide a 360° view of the vehicle, enabling distance and speed control, as well as generating commands for the vehicles. Additionally, HELLA KGAA HUECK & CO. has entered into various agreements and collaborations to advance the development of lighting systems in automobiles.
Car lights are crucial for driving safely and securely, as they provide better visibility on the road. There are different types of car lights available, such as halogens, xenon/Hid, and LEDs. Among them, halogens are widely used due to their affordability and easy accessibility. As the production and sale of automobiles increase globally, there is a growing demand for adaptive lighting systems. This has led to the development of new technologies by industry players in order to cater to this demand. In India, the production of clean energy vehicles has received a significant boost. In addition, there have been enhancements in incentives for two-wheelers and the introduction of production-linked incentive (PLI) scheme for the auto industry. These factors have contributed to the growth of automobile production in the country. During the forecast period, LED lighting technology is expected to experience the highest growth in the market. This can be attributed to its low power consumption, longer lifespan, and compact design. Furthermore, the decreasing cost of LED lights is anticipated to further drive the market growth. However, halogen lighting technology is expected to maintain its dominance due to its cost advantages and widespread adoption.
The use of front lighting is most commonly seen in cars, especially for the headlights, followed by the use of rear lighting. The growth of the automotive lighting market is driven by government regulations and the increasing demand for more efficient front lighting in vehicles. The interior lighting segment is also expected to experience growth, as there is a trend of installing LED lights inside vehicles to improve their appearance. Passenger vehicles, which have the largest market share in the overall vehicle segment, are expected to be the main segment for automotive lighting. The growing demand for visually appealing lighting features is anticipated to contribute to the demand for lights in both private and commercial cars.
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Various factors contribute to the expansion of the automotive lighting market, including an increasing focus on ensuring safety on the road, government rules and regulations, and the continuous growth of automobile production. Nevertheless, the elevated prices of LEDs hinder the market's progress. Moreover, the surging demand for automobiles in developing countries presents a significant opportunity for companies in the automotive lighting market to experience remarkable growth.
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The automotive lighting market is facing uncertainty due to the COVID-19 crisis. This is causing delays in the supply chains, hindering business growth, and causing panic among customers. Governments in various regions have implemented total lockdowns and temporarily closed industries, which has had a negative impact on production and sales. The global business outlook has changed significantly since the health crisis began. Market players are experiencing a decrease in production due to limited workforce capacity and inadequate health safety measures. Additionally, the automotive industry has come to a halt due to the lockdown measures worldwide, further impacting the automotive lighting market. Some of the key players in this market include DENSO Corporation, Hella KGaA Hueck & Co., Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Osram Licht AG, ROBERT BOSCH GmbH, Stanley Electric Co., Ltd., Valeo, ZKW, and others.
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The Aircraft Lighting Market is an ever-expanding industry that offers a wide range of lighting solutions for various aircraft. With the increasing demand for safe and comfortable travel experiences, the market has witnessed significant growth in recent years. The Allied Market Research website provides detailed insights into the Aircraft Lighting Market, offering comprehensive research and analysis on the industry's current trends and future prospects. This information helps businesses and investors make informed decisions about their participation in this lucrative market. The link provided takes you to the relevant page on the Allied Market Research website, where you can access in-depth reports and studies on the Aircraft Lighting Market. These resources can offer valuable insights into the market's size, growth rate, key players, and emerging trends. By staying informed about the latest developments in the Aircraft Lighting Market, businesses can position themselves strategically and capitalize on the numerous opportunities it presents. Whether you're an aircraft manufacturer, lighting supplier, or industry enthusiast, this market is one to watch as it continues to evolve and shape the aviation industry.
The Aircraft Lighting Systems Market can be accessed through the link provided: https://www.alliedmarketresearch.com/aircraft-lighting-systems-market.
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