The Automotive Lighting Market is driven by increasing vehicle production, technological advancements, stringent regulations, and increased demand for luxury vehicles.
The Automotive Lighting Market is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is expected to reach USD 29.97 billion by 2022.
With the increase in applications of lighting systems, especially in passenger cars, the demand for energy-efficient lighting is on the rise. Owing to the properties such as low power consumption and high design flexibility, the demand for LED lighting has shown substantial growth in the past few years, especially in the interior lighting segment. However, technologically advanced laser systems are also expected to evolve and gain momentum during the next 5-7 years.
With increasing focus on passenger and pedestrian safety, several advancements have led to the improvement in lighting technology, functions, and effectiveness. Light Emitting Diode (LED) headlights are a potential solution for low to mid-level car segment in the automotive industry. Leading manufacturers such as Hella KGaA Hueck & Co. (Germany) and Koito Manufacturing Co. Ltd. (Japan) offer LED as the prominent product and are doing technological advancement to gain traction in the market. Alternatively, the adaptive lighting systems are gaining traction in the market with the increase in demand for luxury cars. As these cars are equipped with the high-end functions such as auto dimming, headlight leveling, or cornering lights, the demand for the lighting units has increased. Hence, the manufacturers can focus on their R&D activities to formulate new designs and specifications in LED lighting technology or adaptive lighting to flourish in the Automotive Lighting Market.
The exterior lighting segment accounts for a major share in the revenue generated by the automotive lighting manufacturers. With the increase in demand for comfort, styling, and aesthetics, the market for interior lighting solutions is expected to grow at the fastest rate during the forecast period. The interior lighting solutions include features such as ambient lighting and mood lighting, which are now available in premium vehicles as well as a few mid-level cars. With the increase in demand, it would be possible for the car manufacturers to offer these features in the mid-level car segment, which will directly influence the Automotive Lighting Market. Hence, lighting manufacturers can focus on formulating strategies to meet the increasing demand for interior lighting solutions.
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China and India together contribute 35% of the global vehicle production and approximately 34% of the global passenger car production. Due to this, Asia-Oceania is estimated to be the largest and fastest-growing lighting market for automotive. The Chinese buyers, in particular, are becoming sophisticated as they are ready to upgrade to newer and better models. Also, technologies such as ambient lighting and adaptive lighting are gaining pace in these automotive lighting markets. Hence, these factors contribute to positive growth in the Asia-Pacific market.
Automotive lighting system manufacturers, such as Hella KGaA Hueck & Co (Germany), Magneti Marelli S.p.A. (Italy), Stanley Electric Co., Ltd. (Japan), Valeo S.A. (France), and Koito Manufacturing Co. Ltd. (Japan) have expanded their manufacturing facilities across regions. Along with the expansion, these players can also focus on R&D activities and formulate new products such as adaptive lighting, Organic Light-Emitting Diode (OLED), and Laser technology, which can leverage their business opportunity and overall revenue.