PUBLISHER: BIS Research Inc. | PRODUCT CODE: 1193449
PUBLISHER: BIS Research Inc. | PRODUCT CODE: 1193449
“Global Next-Generation Automotive Lighting Market to Reach $38.85 Billion by 2031.”
The global next-generation automotive lighting market is projected to reach $38.85 billion by 2031 from $12.11 billion in 2022, growing at a CAGR of 13.83% during the forecast period 2022-2031. The growth in the global next-generation automotive lighting market is expected to be driven by technological advancements in automotive lighting systems and increasing sales of luxury vehicles around the world.
In the automotive industry, lighting plays a critical role, and its applications in the automotive sector are rising rapidly, powered by safety and aesthetics. The rapid technological progress in the automotive lighting field shows that basic light sources based on incandescent and gas-release bulbs have shifted to modern-day technologies such as light-emitting diodes (LEDs), laser technology, and organic light-emitting diodes (OLEDs). The vehicle industry is highly involved in incorporating LED lamps into cars as these lamps use less energy and last longer than halogen and high-intensity discharge (HID) lamps. In addition, LED lighting offers longevity and power, which makes it superior to all other lighting systems.
The global next-generation automotive lighting market is in the growth phase. The implementation of next-generation automotive lighting is increasing in luxury vehicles. As a result, the global next-generation automotive lighting market is expected to flourish in the forecast period.
The global next-generation automotive lighting market is driven by several factors, such as increasing production and sales of passenger cars, rising autonomous vehicles, and advanced technologies.
Moreover, increasing awareness regarding advanced lighting systems and autonomous cars and growing safety concerns are expected to increase the adoption of next-generation automotive lighting systems globally. However, currently, the higher cost concerns, along with an increase in relative costs of raw materials since the LED revolution, are gradually restricting the growth of the market.
The outbreak of COVID-19 disrupted the global supply chain. It interrupted not only global production facilities but also worldwide vehicle sales. The suspension and sale of manufacturing equipment have affected the manufacture of lighting parts for automobiles. In addition, the research and development budget allocation was affected substantially, which prevented the development of innovative solutions for the next-generation automotive lighting market. The outbreak of COVID-19 also resulted in a significant decline in vehicle production and sales, negatively affecting the demand for next-generation automotive lighting solutions.
The global next-generation automotive lighting market based on the vehicle type segment is expected to be dominated by the passenger vehicles segment throughout the forecast period 2022-2031.
Based on the end market, the OEM segment is expected to dominate the market throughout the forecast period 2022-2031.
Based on product type, the ambient lighting segment is expected to dominate the market due to increased awareness of energy-efficient lighting systems and increasing market share of luxury vehicles fitted with navigation and infotainment systems.
Based on technology type, LED is one of the fastest-growing segments and is likely to dominate the market, offering a wide scope of development in the forecast period.
North America generated the highest revenue of $3.29 Billion in 2021, which is attributed to the increased sales of luxury vehicles and the high cost of automotive lighting solutions in the region. Due to the existence of significant market players and manufacturers in the North America region, it dominates the next-generation automotive lighting market.
Following are the demand drivers for the next-generation automotive lighting market:
The market is expected to face some limitations as well due to the following challenges:
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
The competitive landscape of the global next-generation automotive lighting market includes different strategies undertaken by automotive lighting systems manufacturers to gain market presence. Some strategies adopted by them include new product launch and development activities, partnerships, collaborations, joint ventures, and mergers and acquisitions. Among all the strategies adopted, new product launches have dominated the competitive landscape and are the most widely adopted strategies among automotive lighting manufacturers.
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