IMARC Group, a leading market research company, has recently releases report titled “Automotive Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global automotive lighting market size, share, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Automotive Lighting
Automotive lighting refers to the system of lights installed in and on a vehicle to provide visibility, safety, and communication with other road users. It comprises various forms, such as headlights, taillights, turn signals, brake lights, and interior cabin lights. It is manufactured using efficient lighting solutions like light-emitting diode (LED), high-intensity discharge (HID) lights, and halogen bulbs. It serves multiple functions, including illuminating the road, signaling intentions to other drivers, and indicating vehicle status like braking or turning. It also ensures safe driving conditions, reducing accidents and minimizing pedestrian risk.
How Big Is the Automotive Lighting Market?
The global automotive lighting market size reached US$ 32.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 54.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.9% during 2024-2032.
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What are the growth prospects and trends in the automotive lighting industry?
The increasing integration of clearer signaling mechanisms in vehicles to maintain road safety represents one of the crucial factors impelling the market growth. Besides this, the growing development of adaptive headlights, which adjust according to road conditions, is offering a favorable market outlook.
Moreover, the increasing popularity of self-driving cars that rely on advanced lighting systems, sensors, and light detection and ranging (LiDAR) technology is contributing to the growth of the market. In addition, the growing trend of vehicle customization is driving the demand for advanced lighting systems as consumers seek unique and stylish lighting options.
Furthermore, the increasing purchase of electric vehicles (EVs) as they are sustainable and reduce the dependence on fossil fuels is supporting the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technology:
- Halogen
- Xenon/HID
- LED
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Sales Channel:
- Original Equipment Manufacturers
- Aftermarket
Breakup by Application:
- Front Lighting/Headlamps
- Rear Lighting
- Side Lighting
- Interior Lighting
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Continental AG
- HELLA GmbH & Co. KGaA (Faurecia SE)
- Hyundai Mobis (Hyundai Motor Group)
- Koito Manufacturing Co. Ltd.
- Koninklijke Philips N.V.
- LG Electronics Inc.
- Lumax Industries Limited
- Marelli Holdings Co. Ltd.
- Osram Licht AG (ams AG)
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Stanley Electric Co. Ltd.
- Valeo
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