Market Research Report
Automotive Lighting Market Size By Technology, By Vehicle Type, By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027
|Automotive Lighting Market Size By Technology, By Vehicle Type, By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027|
Published: July 9, 2021
Global Market Insights Inc.
Content info: 160 Pages
Delivery time: 2-3 business days
The automotive lighting market is estimated to observe significant growth by 2027 driven by the proliferating demand for these systems across the globe. Additionally, increasing focus on technological advancements is projected to further boost market growth through the forecast timeline.
Driven by successful immunization drives across leading regions in response to the COVID-19 pandemic, the automotive industry is now seeing an upsurge in demand. Subsequently, mounting automotive sales have immensely enhanced market dynamics.
Notably, the boom in computer processing power has been beneficial for cars. Automakers have leveraged these computing capabilities to make cars safer and smarter. Moreover, technological upgradation has also improved the functionality of automotive lighting systems.
For instance, in July 2021, Renault Samsung Motors, the South Korean car manufacturer, highlighted some of the features of its SM6 sedan. The company said that the SM6 is the first mid-size car that is equipped with LED Matrix Vision head lamps.
These headlamps claim to improve vehicle safety as their high-tech lighting system identifies road conditions through a front-vehicle camera, which can automatically adjust the level of light. As a result, advancements in product technology have positively impacted industry expansion globally.
The automotive lighting market is categorized on the basis of technology, vehicle type, application, and region. With respect to technology, the market has further been divided into xenon, LED, and halogen.
The halogen technology segment is estimated to grow at a sizable pace to amass a respectable valuation by 2027. Low cost, easy manufacturing, and early adoption of halogen lighting in the automotive lighting market are some major factors that are expected to contribute to segmental growth over the following years.
By vehicle type, the market has been bifurcated into commercial vehicles, passenger cars, and two wheelers. The commercial vehicles sub-segment is projected to see notable growth in the forthcoming years, progressing at a robust pace over 2021-2027. Surging demand for commercial vehicles, including vans, buses, and trucks, across the globe, coupled with increasing integration of improved lighting systems in vehicles, is speculated to fuel segmental demand in the future.
On the basis of application, the market has been segregated into rear lighting, front lighting/head lamps, side lighting, and interior lighting. The front lighting/head lamps sub-segment is anticipated to hold a considerable share in the automotive lighting market by 2027, expanding at a prominent CAGR through the assessment timeframe. These lights play a vital role in reducing accidents by illuminating the area in the front of the vehicle, allowing the driver to have a clear view of the surroundings, which is set to foster market outlook across the globe.
On the regional spectrum, the North America automotive lighting market is slated to generate a respectable valuation by the end of 2027. The implementation of stringent regulations associated with road safety in the U.S. and Canada is likely to play a vital role in the regional market growth over the coming years.