Automotive Lighting Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2027
The automotive lighting market was valued at US$ 30.50 Bn in 2018 and is expected to grow at a CAGR of 3.3% from 2019 to 2027 to reach US$ 40.41 Bn by 2027.
The Automotive Lighting Market has witnessed eminent growth in the last couple of years
globally. A handful of companies have ventured into the manufacturing of
lighting systems, and therefore, it is a consolidated market with very few
players. The automotive product lighting is aimed at eliminating the hassles
associated with the blinding of oncoming traffic by high beam light of an
individual vehicle. In the US, due to technical regulations and different
preferences of both automakers and automotive manufacturers, the American
automotive lighting market is quite different from the rest of the developed
world. In addition to the high production of vehicles in the US, the country
also witnesses the implementation of rules for automotive lighting. In the US,
the vehicles have to be equipped with left & right amber sidelights.
The front and rear lights form the major share in the automotive lighting.
Automakers have been increasingly looking for lightweight automotive components
that enhance fuel-efficiency and performance of vehicles. The LED lighting used
in automobiles is lightweight compared to the traditional filament-based
headlamps. LED lamps are usually cooler and smaller, and consume lesser energy
compared to standard automotive lamps. They also offer safety and comfort for
the vehicle drivers and occupants. LED light sources used in the headlights
allow drivers to have a proper and better road contour view and anticipation
power, thereby providing good reaction time for making decisions. This
opportunity is predicted to pitch over the period leading to a huge opportunity
for the automotive lighting players.
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The automotive lighting market has been derived from market trends and revenue
generation factors from five different regions across the globe namely; North
America, Europe, Asia Pacific, MEA, and SAM. The APAC region holds the highest
market share and is projected to be the fastest-growing region as well in the
coming years. The dominance of the region is majorly attributed to the presence
of large numbers of automotive manufacturers in Asia. South Korea, China,
Japan, and India are some of the major countries which have a strong foothold
in the Asian market. Emerging economies in the APAC region are considered to be
developing economies and therefore attracting investment from the regulatory
bodies to further nurture the entire automotive industry. The APAC is expected
to be the region experiencing enormous opportunities for automotive
manufacturers as well as providers of automotive lightings.
The automotive lighting market by application is segmented into headlamp, rear
lighting, interior lighting, CHMSL, fog lamps, and small lamps. The headlamp
holds a significant share in the market, on the other hand, interior lighting
is expected to be the fastest-growing application during the forecast period.
The uniform and accurate beam patterns are designed according to road safety
regulations for halogen headlights. Earlier, most vehicles have come with
halogen powered headlights, which is now getting replace with LED as it creates
a huge difference in terms of visibility at night.
Based on technology, the automotive
lighting market is segmented into halogen, LED, xenon, and laser. The LED is
predicted to be the fastest growing technology in the market as LEDs require
low amount of power to operate, they produce high temperature on the diode.
Therefore, heat control systems are required at the bottom of a LED headlight
to control high temperature. The LEDs have color temperature of around 6,000K,
which makes it brighter and whiter even in daylight.
The major players operating in the market for automotive lighting market are
Automotive Lighting LLC, Hella GmbH & Co. KGaA, Koito Manufacturing Co.,
Ltd., Lumileds Holding BV, Osram Continental GmbH, SL Corporation, Stanley
Electric Co. Ltd., Tungsram, Valeo SA, and Varroc Group among others.
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