The global automotive lighting market is anticipated to attain a valuation of US$ 37.1 billion in 2023 and is predicted to reach US$ 69 billion by 2033, trailing a CAGR of 6.4% during the forecast period.
Lighting laws in Europe and North America have compelled industrialized countries to focus on the automotive lighting business. Adequate car lighting is critical, especially while travelling on busy highways. As the World Health Organisation (WHO) reports 1.3 million annual fatalities from road traffic crashes, governments around the world prioritise road safety. Road accidents cost several countries 3% of their GDP. Improving driving conditions is therefore critical, and improving the lighting system plays a vital part in accomplishing this goal.
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In order to improve road safety, the European Union made daytime running lights (DRLs) mandatory for all new motor vehicles in 2011. DRLs are intended to improve vehicle visibility for other road users rather than to aid the driver’s vision. According to the National Highway Traffic Safety Administration (NHTSA) of the United States Department of Transportation, DRLs have resulted in a 13.8% reduction in fatal road accidents. Such regulatory actions are projected to have a substantial impact on the global automotive lighting market’s growth.
The increasing deployment of sophisticated lighting in vehicles is driving up demand for automotive lighting. Leading original equipment manufacturers (OEMs) prioritise the development and integration of innovative lighting solutions to improve vehicle visibility as well as aesthetics. Notably, Hella GmbH is active in the development and supply of cutting-edge automotive lighting systems. To maintain safety and meet customer expectations, these lighting systems provide a variety of services, such as pedestrian communication.
Key Takeaways
- North America automotive lighting market is expected to grow with a CAGR of 6% during the forecast period.
- The demand for automotive lighting in China is expected to grow with a CAGR of 6.3% during the forecast period.
- By vehicle type, passengers vehicle segment is projected to grow with a CAGR of 6.8% during the forecast period.
- Brazil is expected to grow with a significant CAGR of 5.8% throughout the forecast period.
“Rising adoption of advanced lightings in vehicles and development of cutting edge lighting by key players is expected to drive market growth during the forecast period,” comments an FMI analyst.
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Competitive Landscape
The market for automotive lighting is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players Koito Manufacturing Co. Ltd., Hella KGaA Hueck & Co., Stanley Electric Co., Valeo SA, Osram Licht AG, Magnetti Marelli, Varroc Group.
Some key developments in the automotive lighting market are:
- In May 2021, OSRAM Continental and REHAU formed a development partnership to integrate lighting into exterior components, offering automotive manufacturers creative lighting solutions with enhanced design flexibility and functionality.
- In January 2020, Hella introduced Hella FlatLight technologies, a ground-breaking lighting innovation for rear combination lamps.
- In July 2021, Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a subsidiary of Motherson Group, entered into an MoU with Marelli Automotive Lighting to explore a technological partnership centered around smart illuminated exterior body parts.
- Valeo revealed their ground-breaking 360° lighting solution at the April 2021 Shanghai Auto Show. This technology envelops the vehicle in a light band, projecting clear and immediate signals that can be easily observed by nearby road users, particularly vulnerable individuals like cyclists, scooter riders, and pedestrians.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive lighting market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive lighting market, the market is segmented on the basis of application, vehicles type, light source, sales channel and region.
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Key Segments Profiled in the Automotive Lighting Market Industry Survey
By Application:
- Front Headlights
- Fog Lights
- Rear Lights
- Side Lights
- Interior Lights
By Vehicle Type:
- Passenger Cars
- Compact
- Mid
- Luxury
- SUVs
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- Battery Electric
- Plug-in Hybrid Electric
- Hybrid Electric
- Two Wheelers
- Motorcycles
- Scooters
By Light Source:
- Halogen
- LED
- Xenon
By Sales Channel:
- OEM
- Aftersales
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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