Automotive Lighting Market Expected to Reach $31.45 Billion by 2030, at a CAGR of 5.1%

 

According to the latest market research report titled "Automotive Lighting Market by Vehicle Type (2-Wheelers, Passenger Vehicles, Commercial Vehicles), Application (Interior, Exterior (Headlamps, Fog Lamps, Tail Lights)), Lighting Technology (Halogen, Xenon, LED), and Geography - Global Forecasts to 2030," the global automotive lighting market is projected to reach $31.45 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030.

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Automotive lighting systems, integrated into the front, rear, sides, and occasionally the top of vehicles, are essential for road safety. They enhance the driver's visibility of the road ahead and ensure the vehicle's presence, position, size, direction, and driver's intentions are clearly visible to other drivers and pedestrians. The market's growth is fueled by the increasing adoption of advanced lighting technologies, stringent government regulations for better visibility and safety, and rising automobile production in emerging economies. Additionally, the high demand for adaptive lighting systems in passenger and entry-level SUVs presents significant opportunities for market expansion. However, the high cost of LED technology is a notable restraint.

Market Segmentation: The automotive lighting market is segmented by vehicle type, application, lighting technology, sales channel, and geography:

1.      By Vehicle Type:

    • 2-Wheelers
    • Passenger Vehicles
    • Commercial Vehicles (Trucks, Vans, Buses, Specialty Vehicles, Heavy Equipment, Other Commercial Vehicles)

2.      By Application:

    • Interior Lighting (Ambient Lighting, Footwell Lights, Roof Lights, Other Interior Lightings)
    • Exterior Lighting (Headlamps, Fog Lamps, Tail Lights, Daytime Running Lights (DRLs), Other Exterior Lightings)

3.      By Lighting Technology:

    • Halogen
    • Xenon
    • LED
    • Other Lighting Technologies

4.      By Sales Channel:

    • OEM
    • Aftermarket

5.      By Geography:

    • North America
    • Asia-Pacific
    • Europe
    • Latin America
    • Middle East & Africa

Key Market Drivers:

  • Increasing adoption of advanced lighting in vehicles.
  • Stringent government regulations for enhanced visibility and safety.
  • Rising automobile production in emerging economies.
  • High demand for adaptive lighting systems in passenger and entry-level SUVs.

Regional Insights: The Asia-Pacific region is expected to dominate the automotive lighting market, holding the largest market share and registering the highest CAGR during the forecast period. This growth is driven by rising vehicle production, increasing demand for autonomous and luxury vehicles, growing sales of electric cars, strict government regulations, and technological advancements in the automotive sector.

Key Market Players:

  • KOITO MANUFACTURING CO., LTD (Japan)
  • Stanley Co., Inc. (U.S.)
  • Valeo (France)
  • Marelli Holdings Co., Ltd. (Italy)
  • HELLA GmbH & Co. KGaA (Germany)
  • Tungsram (Hungary)
  • Lumax Industries (India)
  • OSRAM GmbH (Germany)
  • Koninklijke Philips N.V. (Netherlands)
  • ZIZALA Lichtsysteme GmbH (Austria)
  • Robert Bosch GmbH (Germany)
  • ICHIKOH INDUSTRIES, LTD. (Japan)
  • Continental AG (Germany)
  • Hyundai Mobis (South Korea)
  • Varroc Group (India)

For More Insights: Gain comprehensive insights into the automotive lighting market with detailed analysis and figures by visiting the : https://www.meticulousresearch.com/product/automotive-lighting-market-5472

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