Get actionable insights on how COVID-19 is impacting your business sector.Enquire now
AUTOMOTIVE LIGHTING MARKET SIZE TO CROSS $50 BILLION BY 2024, GROWING AT A CAGR OF OVER 6% DURING THE PERIOD 2018–2024
Automotive Lighting Market size, share, trends, analysis report by Product (Exterior lighting (headlamps, rear lamps, fog lamps, and others) and Interior lighting (roof console, reading lights, car body, and ambient lighting)), Vehicle (economy, mid-priced, and luxury), Installation (OEM and aftermarket), and Geography (APAC, Europe, North America, Latin America, and Middle East & Africa) Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Market Share & Forecast, 2018–2024
The report also offers insights in terms of value ($ billion) and unit shipment(million units).
GLOBAL AUTOMOTIVE LIGHTING MARKET REPORT SCOPE
|MARKET SIZE (REVENUE)||
Revenue (2024): $50 Billion
Compound Annual Growth Rate (CAGR): Over 6%
North America, Europe, APAC, Latin America, and Middle East & Africa
China, India, Japan, Germany, Spain, UK, US, Mexico, Canada, Brazil, UAE, and South Africa
The increasing use of exterior and interior lighting systems that enhances the users driving experience and convenience is fueling the growth of the global automotive lighting market shares. The growing concerns for road safety and innovations in lighting systems will create lucrative opportunities for the leading vendors. The rapid adoption of ADAS technology and development of futuristic automotive lighting technologies such as laser headlamps and OLED lights are driving innovation in the automotive industry. The introduction of LEDs and OLEDs are leading to the adoption of advanced systems. The growing demand for additional systems such as navigation, entertainment, and ambient lighting will fuel the growth of the market. The exponential growth of electric cars and the development of autonomous vehicle platforms are positively impacting the evolution of the market. The declining prices of LED, advancements in the OLED technologies, increasing demand for luxury vehicles, and promotion of sustainable and green technology are some of the major factors attributing to the growth.
The implementation of electronics such as collision avoidance systems, infotainment, connected systems, and drive-by-wire technologies will lead to the adoption of the automotive lighting products. The introduction of anti-lock braking systems (ABS), engine control units (ECUs), electronic fuel injection systems, and automated locking systems will promote the development of safety electronics.
The introduction of laser light technology is one of the major factors attributing to the growth of the global automotive lighting market. The use of laser light technology will offer double the power without sacrificing the electrical efficiency and offers OEMs the flexibility to add additional technologies. Laser lights are becoming an extremely crucial component in the exterior lighting systems market. The various advantages of laser lighting technologies will boost the adoption of these devices over the next few years.
Automotive Lighting Market Segmentation
This research report includes a detailed segmentation by products – exterior & interior lighting, vehicle, installation, and geography.
Insights by Exterior Lighting
Introduction of LED and laser headlights to revolutionize the global automotive lighting market
Headlamps dominated more than half of the total share in 2018, growing at a CAGR of more than 6% during the forecast period. The introduction of LED and laser headlights is one of the primary factors attributing to the development of the segment. Technological advancements and increasing investments in the R&D of manufacturing new components will propel the demand for innovative devices. The government initiatives to promote safety regulations will impact the growth and development of the headlamps segment over the next few years. The implementation of the advanced front-lighting system (AFS), a technology that provides effective lighting depending on numerous factors such as steering angle, GPS, and road curves will boost profitability.
Insights by Interior Lighting
The popularity of autonomous vehicle platform is driving the demand for ambient lighting segment
Ambient lighting systems are the fastest growing segment, at a CAGR of around 8% during the forecast period. The growing demand for systems that increase the safety by illuminating vehicle interiors without driver distraction is propelling the growth of this segment. The manufacturers are offering innovative systems to gain a maximum number of consumers and gain a larger market share over the next few years. The ambient lighting systems help to make the vehicle more attractive and spacious simultaneously maintaining safety without distracting the driver. The increasing adoption and popularity of electric vehicles and autonomous vehicle platform will fuel the development of this segment.
Insights by Installation
Promotion of sustainable technologies will create lucrative investment opportunities for OEMs in the global automotive lighting market
OEM segment occupied the majority of total automotive lighting market share in 2018, growing at a CAGR of more than 6% during the forecast period. The regional economic performance, automotive demand, and the adoption of stringent safety regulations are some of the key factors contributing to the growth of this segment. Supportive government policies will encourage the adoption of the latest automotive technologies. The rapid electrification of engine components and the promotion of sustainable technologies will encourage development and investment in the OEM segment. The growing focus on reducing operational costs and rising demand for LED systems will boost revenues.
The increasing growth than wear-and-tear and crash-relevant parts is driving the demand for aftermarket services in the market. The rapid technological advancements and consolidation among suppliers will contribute to the development of aftermarket services segment.
Insights by Vehicle
Rising demand for crossovers and compact SUVs to drive demand for mid-priced cars
Mid-priced cars are the fastest growing segment, at a CAGR of over 9% during the forecast period. The increasing demand for crossovers and compact SUVs is majorly driving the growth of mid-priced cars segment. The rising focus on installing powertrain and chassis system, body electronics, safety and security system, telematics, and infotainment systems in mid-priced cars will transform the global market over the next few years. The emergence of connected and autonomous cars has increased the demand for LED interior lighting systems. The vendors are developing cost-effective LED systems for mass-market vehicles to gain a larger global automotive lighting market share.
Vendors are integrating power electronic devices that are used for various safety components such as airbag systems or ECS systems and tire pressure monitoring systems in economy cars to attract a new group of consumers. Leading OEMs such as Tesla, Chevrolet, BMW, and Volvo are developing electric vehicles.
Insights by Geography
OEMs setting up new manufacturing units will boost profits in the global market
APAC dominated around half of the total share in 2018, growing at a CAGR of approximately 7% during the forecast period. The growing demand for economy and luxury vehicles and leading OEMs setting up manufacturing units will contribute to the development of the APAC region. The growing demand for SUVs in countries such as China and Japan will drive the growth of the automotive industry in the APAC region. The automotive production industry is growing exponentially in the Indian region and is contributing to the rising revenues in the APAC region. The presence of Toyota, Honda, Suzuki, and Nissan will help develop the technological expertise in the region. The growing demand for premium and luxury cars in the APAC region will attract new investments.
Germany, Spain, and the UK are contributing to the increased revenues in the Europe region. The growing popularity of electric, connected, and autonomous vehicles across North America will boost the demand for innovation. The vendors expanding their business to the UAE, Iran, Saudi Arabia, and South Africa will fuel growth in the global automotive lighting market.
Key Vendor Analysis
The global market is witnessing competitive pricing and the presence of several competitors. The increasing production and adoption of electric vehicles are enabling APAC to emerge as the world leader in the global market. The increase in export activities by global giants such as Toyota, Honda, and Suzuki will intensify the competition levels. The top players are focusing on product differentiation to gain a larger global market share. The increasing investment in the innovation and business expansion will fuel the development of the global market.
The automotive lighting market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
By Exterior Lighting
- Rear Lamps
- Fog Lamps
By Interior Lighting
- Roof Console
- Reading Lights
- Car Body
- North America
- Latin America
- South Africa
Key Questions Answered
- What is the automotive lighting market size and growth rate during the forecast period?
- Which product/vehicle type/region is generating the largest revenue in the North America region?
- What are the drivers, trends, and restraints influencing the growth of the Europe automotive lighting market?
- Who are the leading vendors in the automotive lighting market, and what are their market shares?
- What are the factors driving the growth of Asia Pacific automotive lighting market shares?
FILL IN YOUR DETAILS BELOW TO GET FREE SAMPLE OF THIS REPORT
Our reports have been used by over 10K customers, including:
CEO, Co-founder Audink Inc., DBA Audios
The report by Arizton was spot on. It not only gave us insight into the pro audio market, we used it to raise funds for our company. The data proved (to the VC we pitched to) that the market was large enough for our company to not only survive but also grow.
Senior Product Manager Interstates
I recently purchased a key Arizton Industry Outlook & Forecast in order to better understand growth for specific market segments and the macro environmental factors impacting this growth. I found Arizton’s coverage of the market dynamics and key takeaways to be insightful and valuable. The segmentation breakouts gave me the information I needed to guide strategic considerations.
Manager Market Analyst Power
Generation & Energy Rolls-Royce Power Systems AG
The provided information by Arizton really met my expectations. Especially the deep information about the datacenter ecosystem was very helpful. Furthermore, I absolutely appreciate the optimal service from the key account managers of Arizton. It was always a pleasure working with them.