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Automotive Tail Light Market

Automotive Tail Light Market

Automotive Tail Light Market by Source (LED, Halogen), by Vehicle Type (Passenger Cars, Two Wheelers, LCV, HCV), by Material Type (Plastic, Metal), by Sales Channel (Aftermarket, OEM), by Region - Global Forecast 2022-2032

Automotive Tail Light Market
FACT3MR
  • May-2022
  • List of Tables : 277
  • List of Figures : 81
  • 170 Pages
  • Automotive

Automotive Tail Light Industry Outlook (2022-2032)

The global Automotive Tail Light market is likely to be valued at US$ 12.2 Billion in FY 2022, up from US$ 11.5 Billion in 2021.

During the past year, the industry registered a Y-o-Y increase worth 6%. From 2022 to 2032, automotive tail light sales are poised to flourish at a CAGR of 6% to reach a value of US$ 22 Billion by the end of 2032.

Report Attributes Details

Anticipated Base Year Value (2021)

US$ 11.5 Billion

Expected Market Value (2022)

US$ 12.2 Billion

Projected Forecast Value (2032)

US$ 22 Billion

Global Growth Rate (2022-2032)

6% CAGR

Growth Rate of the North American Market (2022-2032)

6.5% CAGR

Expected Market Value of APEJ (2032)

US$ 6.5 Billion

Europe Market Expansion Rate (2022-2032)

4.8% CAGR

Key Companies Profiled

  • General Electric Company
  • HELLA KGaA Hueck & Co.
  • Koito Manufacturing Co. Ltd.
  • Valeo S.A
  • Koninklijke Philips N.V
  • OSRAM Licht AG
  • Phoenix Lamps Limited
  • Robert Bosch Limited
  • Sammoon Lighting and Electrical Co. Ltd.
  • Stanley Electric
  • UNOMINDA

Demand for LED automotive tail lights will continue to thrive, with a documented CAGR of 6% during the 2015-2021 historical period of assessment, while demand for automotive tail light in passenger cars proliferated at a rate of 5.5% during the same period. APEJ will dominate the global market, registering a growth opportunity worth US$ 6.5 Billion from 2022 to 2032.

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2015 to 2021 Automotive Tail Light Market Revenue Analysis vs. Market Outlook 2022-2032

Fact.MR’s recent analysis reveals that the automotive tail light market grew at a sluggish CAGR of nearly 4% from 2015 to 2021, surpassing the revenue of US$ 11.5 Billion in 2021.

According to a recent publication by Fact.MR, the global market for automotive tail lights will continue to witness a minuscule rate of growth owing to the limited scope of applicability of automotive taillights, which is expected to remain responsible for undermining the growth prospects of the global market for the automotive tail light.

Fact.MR has predicted the Automotive Tail Light market to surge at a 6% CAGR between 2022 and 2032. Growing consumer demand for sleek, lightweight, and functional vehicles is fueling innovations in each structural and functional vehicular component, including automotive tail light.

Automotive tail light market forecast by Fact.MR

Key Drivers Stimulating Automotive Tail Light Industry Expansion

Automotive adaptive lighting systems are becoming more popular because they improve driving safety. Vehicle manufacturers, on the other hand, are positioning these systems as a differentiator in the car sales market. Vehicles with adaptive lighting systems have better night vision capabilities.

Automotive adaptive lighting systems also improve a vehicle's aesthetic appeal. Rear lamps are one of such car aspects that play a crucial role in the vehicle’s appearance. A car adaptive lighting system's design and architecture provide styling variety, acting as a distinct brand trademark.

The usage of rear combination lamps for vehicles has catered plentiful benefits such as better brightness, energy, and cost-saving and also presents enhanced safety. Due to these factors, the global automotive rear combination lamp market is likely to spectate robust growth in the upcoming years.

An Adaptive Approach to Modern-day Research Needs

Key Challenges to Automotive Tail Light Industry Expansion

The poor weather conditions causing functional concerns would be a principal challenge for the car adaptive lighting market in countries like U.S & Canada.

Besides, commercial vehicles such as freight trucks drive thousands of miles regularly. Thus, the utilization of advanced lighting technologies may not be reasonable. Moreover, high cost discourages manufacturers from offering advanced lighting systems in this vehicle section. Consequently, only a few commercial vehicle creators have presented advanced lighting systems in their vehicles.

Country-wise Analysis

How Opportunistic are Growth Prospects across North America?

North America captured nearly 3/5th share in 2021 and is poised to record a CAGR of 6.5% over the forecast period. Adaptive headlights offer enhanced visualization to the driver during the night and other poor-vision conditions by altering the headlight angle and delivering the required intensity of the light.

These systems emanate white or amber light in the countries of the region, unlike other countries where white is the authorized color for automotive lighting systems.

Besides, adaptive headlights also decrease shimmer from oncoming traffic and pedestrians, and the implementation of ALS as a safety system has augmented significantly even across mid-price segment vehicles in North America. The advancement of projector lamp systems, along with developments in sensor technology, will stimulate the growth of the market significantly in the province.

Owing to the towering fatality rate in traffic accident rates in the United States on curved and dimmed light roads joined with inadequate flexibility of the static headlight systems are some of the foremost drivers thrusting the growth of the North American adaptive lighting systems market.

Fact.MR’s recent analysis reveals that the North American market for Automotive Tail Light is estimated to surpass US$ 3 Billion by 2032 end, estimated at nearly US$ 1.5 Billion in 2021.

Why are Automotive Tail Light Providers Venturing into APEJ?

APEJ is estimated to foster the demand for the automotive tail light at a substantial rate; backed by the gradual introduction of automotive manufacturing facilities. The launch of products like interior cabin lights that comprise sterilization features in vehicles may also nurture vehicle sales, further propelling the automotive lighting market.

In terms of country-wise growth, China, the global manufacturing hub, has been one high-potential market for automotive taillight over the years. The lower-Price points in terms of raw material as well as labor will continue to enable the Chinese market for automotive tail light to remain the key revenue generator over 2022-2032.

The market value is forecasted to exceed US$ 6.5 Billion, following a growth rate of 6.6% throughout the forecast period. In 2021, the market evaluated nearly US$ 3.2 Billion.

Additionally, prominent manufacturers in this region are concentrating on technological advancements, including lighting, therefore, thrusting the demand for automotive lighting. The rise in consumer per capita income and high sales of SUVs in emerging economies such as India will drive the market further.

Region-wise Value CAGRs for Automotive Tail Light (2022-2032)

North America

6.5%

APEJ

6.6%

Europe

4.8%

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Category-wise Insights

Which Vehicle Type is Most Preferred in the Automotive Tail Light Market?

The passenger car segment accounted for 4/5th market share in 2021. The commercial vehicle segment is also anticipated to show lucrative growth in the market over the forecast period due to governments' initiatives for improving commercial vehicle safety standards.

With a market valuation of nearly US$ 5 Billion in 2022, passenger cars are foreseen to remain the most attractive vehicle type for automotive taillight manufacturers.

By Technology Type, which Automotive Tail Light is expected to Dominate?

LEDs last 20 time longer than conventionally used incandescent bulbs, making an excellent attribute for adoption for the former. Moreover, while conventional lamps achieve an electrical conversion of up to 10%, LEDs have been proven to convert nearly 90% of the energy into light.

Several manufacturers are also focusing on providing LED tailgate light bars for an additional safety and functionality element in heavy transport and commercial vehicles. Despite holding the largest value share of over 50% in the global automotive tail light market, the performance of halogen is presumed to face rigorous competition by LED, which is anticipated to exhibit a higher CAGR through 2032.

Competitive Landscape

Prominent automotive tail light providers are reliant on partnerships, collaborations, acquisitions, and new software launch to stay afloat in the global market. Constant innovations to ensure a seamless client-customer relationship are the main focus of prominent market players.

  • In August 2021, the lighting and electronics specialist HELLA and French automotive supplier Faurecia signed an agreement on the combination of the two companies. As part of the transaction, Faurecia will acquire the 60 percent stake held by HELLA pool shareholders. In addition, Faurecia has announced a voluntary public tender offer to acquire the remaining HELLA shares at an offer price of € 60 per share
  • In April 2022, Bosch is further ramping up its play in the automated vehicle market with the acquisition of automated driving startup Five. While the financial details of the deal remain undisclosed, the acquisition will enable Bosch to further its development of self-driving cars and will see the respective software engineering teams merge. Five will form part of Bosch's cross-domain computing solutions division.

Key Segments Covered in the Automotive Tail Light Industry Survey

  • Automotive Tail Light Market by Source :

    • LED Automotive Tail Light
    • Halogen Automotive Tail Light
  • Automotive Tail Light Market by Vehicle Type :

    • Automotive Tail Light for Passenger Cars
    • Automotive Tail Light for Two-Wheelers
    • Automotive Tail Light for HCVs
    • Automotive Tail Light for LCVs
  • Automotive Tail Light Market by Material Type :

    • Plastic Automotive Tail Lights
    • Metal Automotive Tail Lights
  • Automotive Tail Light Market by Sales Channel :

    • Automotive Tail Light Sales via Aftermarkets
    • Automotive Tail Light Sales via OEM
  • Automotive Tail Light Market by Region :

    • North America Automotive Tail Light Market
    • Latin America Automotive Tail Light Market
    • Europe Automotive Tail Light Market
    • APEJ Automotive Tail Light Market
    • Japan Automotive Tail Light Market
    • Middle East & Africa Automotive Tail Light Market

- FAQs -

As of 2021, Fact.MR estimated the automotive tail light market to have reached US$ 11.5 Billion
By 2022, Fact.MR expected demand for automotive tail lights to reach US$ 12.2 Billion
From 2015-to 2021, the automotive tail light market grew at a 4% value CAGR
From 2022-to 2032, automotive tail light demand is likely to surge at a 6% CAGR
By 2032, the market for automotive tail lights is likely to be valued at US$ 22 Billion
By 2032, Fact.MR expects the North American market for automotive tail light to flourish at a CAGR of 6.5%
APEJ is expected to register a 6.6% CAGR in the automotive tail light industry
Europe is expected to document a CAGR worth 4.8% in the automotive tail light market
LED automotive tails light will be most sought after, capturing 50% revenue
Passenger car automotive tail lights will remain most preferred, expanding at a CAGR of 5.5% until 2032

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