Automotive Lighting Market Size
The global automotive lighting market shall expand at a value CAGR of 5% during the forecast period (2020-2030). However, the COVID-19 outbreak has disrupted the industry, attributed to the shutdown of manufacturing units, disruption of the supply chain, and declining demand. Owing to these factors, the sales of automotive lighting systems decreased both in the OEMs and in the aftermarket. Therefore, the automotive lighting market is estimated to experience a considerable drop in the short term forecast. Although, as the automotive market bounces back, it is estimated that the global automotive lighting market is foreseen to witness significant growth and is set to be valued at ~US$ 65 bn by the end of the forecast period.
Automotive Lighting Market Share by Application
Amongst all the applications, the front headlight segment is estimated to account for nearly 60% of the automotive lighting market over the forecast period. As the manufacturing cost of front headlights is high, automakers are investing significantly in formulating new ways to increase the price to performance ratio along with better aesthetics for front headlights. Additionally, it is the most attractive component which is garnering consumer focus. Based on the aforementioned trends, the front headlights segment shall generate an absolute $ Opportunity of US$ ~12 Bn between 2020 and 2030.
Automotive Lighting Market Share by Technology
In the automotive sector, different technologies are evolving in the same way as automotive lighting. Earlier, vehicles were mounted with incandescent and halogen bulbs. Presently, vehicle manufacturers are using HID & LED technology in order to save energy as well as increase efficiency. The automotive industry currently enjoys a vast array of lighting systems. According to Fact.MR, in the light source category, halogen is leading in the market however LED is estimated to grow at a positive CAGR of 6.5% through the forecast period.
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Automotive Lighting Market Share by Region
Owing to the increasing production & sales of vehicles and the re-opening of manufacturing units in China after lockdown, East Asia is expected to remain dominant in the global automotive lighting market over the forecast period. In 2019, China alone accounted for over ~15% of the global revenues to reach a valuation of US$ ~17 Bn by 2030 end. However, Europe is foreseen to offer significant growth opportunities, with the strong presence of automotive giants and the growing use of energy-efficient lighting sources such as LEDs and laser lights. The European automotive lighting market is estimated to grow at a CAGR of 4.8% during the forecast period (2020-2030).
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Automotive Lighting Market Trends and Companies
The automotive lighting market is fragmented, with the presence of a large number of local and regional players involved in the manufacturing of automotive lighting across the globe. Some of the prominent market players are, Hella KGaA Hueck & Co., Valeo SA, Magneti Marelli, Koito Manufacturing Co., Ltd., Stanley Electric Co., Ltd., Hyundai Mobis, LG Electronics, Robert Bosch GmbH, among others. Globally, the prominent players focus on creating affordable automotive LED lighting for automotive markets. For this, the light makers launch new products and focus on research and development activities to develop efficient and innovative technologies. Moreover, market players have been channelizing efforts towards strengthening their distribution channels while also focusing on establishing long term supply contracts with automobile manufacturers. For Instance, in 2018, Koito Manufacturing Co., Ltd. developed an innovative XLS (exchangeable LED signal lamp) lamp with different light versions to facilitate signal applications in vehicles.
COVID-19 Impact Insights
The ongoing coronavirus pandemic has led to a significant downturn in global economic growth and is projected to have a negative impact on the automotive lighting market. Owing to lockdowns in various countries, including the United States, the United Kingdom, Japan and India, the automotive manufacturing units are completely closed down. With that, new sales of automotive lighting will be affected due to declining automotive demand, and is estimated to continue throughout the short term forecast. However, due to resumption of the automotive production & sales in China, the automotive lighting market will experience a V-shape recovery growth curve in the long term forecast period (2020-2030).
Analyst Viewpoint
“Ongoing outbreak of COVID-19 will hinder growth of the automotive lighting market as it is expected to witness sharp downfall in demand for next couple of years. However, a resurgence in the market is anticipated in the post-pandemic scenario.”
Global Automotive Lighting Market: Scope of the Report:
The recent global automotive lighting market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global automotive lighting market. A detailed segmental analysis, based on application, vehicle type, light source, and sales channel has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global automotive lighting market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the automotive lighting market.
Automotive Lighting Market - Scope of the Report
Fact.MR recently published a market study on the global market for automotive lighting. The study provides detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the automotive lighting market structure. The market study presents exclusive information about how the Automotive lighting market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the Automotive lighting market in the forecast period.
The study is relevant for stakeholders in the automotive lighting market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the automotive lighting market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the automotive lighting market. It also offers actionable insights based on future trends in the automotive lighting market. Furthermore, small businesses and new entrants in the automotive lighting market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of the Automotive Lighting Market
Fact.MR’s study on the automotive lighting market offers information divided into five important segments— application, vehicle type, light source, sales channel and regional analysis. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
|
Application |
Vehicle Type |
Light Source |
Sales Channel |
Region |
|
Front Headlights |
Passenger Cars
|
Halogen |
OEM |
North America |
|
Fog Lights |
LCVs |
LEDs |
Aftermarket |
Latin America |
|
Rear Lights |
HCVs |
Xenon |
Europe |
|
|
Side Lights |
Electric Vehicles
|
|
|
East Asia |
|
Interior Lights |
Two Wheelers
|
|
|
South Asia |
|
|
|
|
|
Oceania |
|
|
|
|
|
MEA |
Key Questions Answered in the Fact.MR Automotive Lighting Market Report
- Which regions will continue to remain the most profitable regional markets for the automotive lighting market players?
- Which factors will induce a change in the demand for automotive lighting during the assessment period?
- How will changing trends impact the automotive lighting market?
- How can market players capture the low-hanging opportunities in the automotive lighting market in developed regions?
- Which companies are leading the automotive lighting market?
- What are the winning strategies of stakeholders in the automotive lighting market to upscale their position in this landscape?
Automotive Lighting Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the Automotive lighting market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production of the Automotive lighting market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Automotive Lighting Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030