Automotive Lighting Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Summary

Major players in the automotive lighting market are Hella, Koito Manufacturing Co. Ltd., Osram Licht AG, Koninklijke Philips N.V., Magnetti Marelli, Grupo Antolin, Flex Automotive GmbH, Lumax Industries Limited, Valeo Lighting Systems and Bosch Lighting Technology.

The global automotive lighting market is expected to grow from $24.42 billion in 2020 to $25.17 billion in 2021 at a compound annual growth rate (CAGR) of 3.1%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $33.78 billion in 2025 at a CAGR of 8%.

The automotive lighting market consists of sales of automotive lighting and related services.Automotive lighting and signalling devices are mounted on the front, rear, sides, and in some cases the top of a motor vehicle.

The lighting system also makes the vehicle more visible especially in low light conditions.

During the historic period, a growing emphasis on road safety contributed to the growth of automotive lighting market.The demand for safety features along with the adaptive lighting system has increased due to an increase in the number of road accidents worldwide.

According to the National Crime Records Bureau (NCRB), 2019 data, 4,37,396 road accidents were recorded across India, resulting in the death of 1,54,732 people and injuries to another 4,39,262.Vehicles with adaptive and advanced lightings can provide optimum road illumination and detect objects on the road, thereby enabling the driver to take appropriate actions.

These factors are leading to the growth in demand for adaptive and better lighting systems in vehicles and will thereby drive automotive lighting market.

During the forecast period, the rapid increase in the number of LED modules in automobile lighting brings in new requirements on system hardware for the automotive lighting market.The reduced component size to fit additional electronics in the same space to improved energy efficiency and performance within the same or lower thermal budget is posing to be a significant challenge for the manufacturers.

The main challenge arises while installing the connected supporting and flexible architectures that enable multiple configurations as well as accurate control to preserve LED light characteristics. Thus, the sudden demand for LED modules in automobile lighting is expected to restrain the market.

The automotive lighting market covered in this report is segmented by vehicle type into passenger vehicle, commercial vehicle by technology: halogen, xenon/hid (high-intensity discharge lamp), led (light emitting diode) and by application into front/headlamps, rear lighting, side, interior lighting.

Companies in the automotive lighting market are investing heavily to develop fog-free lamps.This automotive lighting resolves fog issues and also fulfill requirements such temperature, humidity and vibration that were challenging earlier.

For instance, in 2018, Hyundai Mobis announced that it has succeeded in developing new materials that can technically resolve fog issues.The company partnered with Initz (SK Chemical’s subsidiary) in developing new material using various additives to plastic that does not emit gases.

It also developed material that reduces the weight of the lamp by 20%. The development of fog-free lamps will contribute to the growth of the market.

In October 2019, Minda Industries, a supplier of automotive solutions to original equipment manufacturers, acquired Delvis for approximately €21 million ($23.06 million). The acquisition will enhance the technological capabilities in the existing product line in Minda Industries. Delvis is an innovative automotive lighting systems engineering and design company and worked closely with German car makers like Volkswagen, Audi, and Porsche.

Methodology

Our market research methodology is designed to provide the clients with comprehensive and accurate information on various industries and markets. It includes data collection, primary interviews, macro-economic factor analysis, country-level data analysis etc.

The data is gathered from a wide range of sources, including industry reports, government statistics, and company financials. This data is then analyzed and cross-referenced to ensure its accuracy and reliability. Next, primary interviews are conducted with industry experts and key stakeholders to gather their insights and perspectives on the market. This information is then combined with the data collected to provide a complete picture of the market. Macro-economic factor analysis is also carried out to understand the impact of external factors on the market. Finally, country-level data analysis is performed to understand the market dynamics in specific regions and countries.

Reportlinker's market research methodology is designed to provide clients with a clear understanding of the market, its trends, and its future potential.

Related Topics

• Automotive Lighting
• Heavy Industry
• Automotive
• Auto Parts
• Electronics
• Industrial Electronics
• Lighting

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