The global Automotive Lighting Market size is projected to grow from USD 27.0 billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 5.3% during the forecast period.
The trend of improving illumination in premium vehicles & SUVs is driving the growth of the market. The increasing sales of these cars are expected to propel the growth of the market further. Moreover, consumers are paying more attention to aesthetically appealing lights in a car, which ultimately drives the demand for automotive lighting. Furthermore, the rising sales of electrified, semi-autonomous, and autonomous vehicles are expected to open new opportunities for the growth of the market over the next few years.
The key players automotive lighting market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan), and Zizala (Austria).
Opportunity: Evolution of new technologies
Matrix LED, OLED, and laser lighting are some of the new and promising technologies for automotive lighting manufacturers. In matrix LED headlights, the high-beam unit is made up of 25 individual segments. The small LEDs work in conjunction with lenses, and reflectors connected in series are activated and deactivated or dimmed individually according to the situation. This enables the system to react precisely to other cars. It recognizes other cars using a camera and illuminates the road brightly. For instance, Audi’s Matrix LED headlights get the information they need from a camera, the navigation system, and other sensors.
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LED lighting technology is expected to dominate the automotive lighting market globally during the forecast period 2020-2025. 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 penetration of advanced lighting in the passenger vehicle segment is higher in comparison to other vehicles, including LCVs, buses, and trucks. The rising sales of passenger vehicles, coupled with the willingness of consumers to pay more for cars, are expected to drive the automotive lighting market in this segment. The year-on-year production growth is likely to propel the growth of the segment over the forecast period.
China was the largest manufacturer and consumer of automotive lighting due to the presence of a robust automobile production base and huge domestic sales of cars. Other Asian countries such as Japan, Korea, and India showcased promising growth during 2017 and 2018, and this trend is likely to continue till 2025. The Asia Pacific is one of the main production bases for several European and North American automotive lighting manufacturers. Thus, the growing global sales of automobiles are expected to drive the growth of the automotive lighting industry.
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However, the Asia Pacific automotive industry has faced major challenges due to the COVID-19 pandemic. For instance, the production activities of major OEMs, like General Motors, Honda, Nissan, Peugeot, and Renault, have been disrupted, thereby impacting the automotive lighting market as well. For instance, two-thirds of automotive production has been directly affected by China’s industrial lockdown, impacting the suppliers of lighting system components as well. Additionally, the shortage of Chinese-made parts has impacted global production.
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