Automotive Lighting Market to be Worth $31.45 Billion by 2030

Automotive Lighting Market by Vehicle Type (2-Wheelers, Passenger Vehicles, Commercial Vehicles), Application (Interior, Exterior (Headlamps, Fog Lamps, Tail lights)), Lighting Technology (Halogen, Xenon, LED), Geography - Global Forecasts to 2030

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Automotive Lighting Market by Vehicle Type (2-Wheelers, Passenger Vehicles, Commercial Vehicles), Application (Interior, Exterior (Headlamps, Fog Lamps, Tail lights)), Lighting Technology (Halogen, Xenon, LED), Geography—Global Forecasts to 2030.’

According to this latest publication from Meticulous Research^®, the automotive lighting market is projected to reach $31.45 billion by 2030, at a CAGR of 5.1% from 2023 to 2030. Some of the major factors driving the growth of this market are the increasing adoption of advanced lighting in vehicles, stringent government regulations on lighting for better visibility and safety, and increasing automobile production in emerging economies.

The automotive lighting market is segmented by vehicle type, application, lighting technology, and sales channel. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on vehicle type, the automotive lighting market is segmented into 2-wheelers, passenger vehicles, and commercial vehicles. In 2023, the passenger vehicles segment is expected to account for the largest share of the global automotive lighting market. The increase in demand for passenger vehicles due to the surge in the middle-income group population, growing adoption of advanced lighting in passenger cars and rising production of passenger cars worldwide are major factors attributed to the large market share of this segment.

According to Organisation Internationale des Constructeurs d'Automobiles (OICA), there were 57,054,295 passenger cars produced globally in 2021. In addition, growing consumer inclination towards these vehicles due to the availability of economic options is expected to support the growth of this segment as it is also projected to register the highest CAGR during the forecast period.

Based on application, the automotive lighting market is segmented into interior lighting and exterior lighting. In 2023, the exterior lighting segment is expected to account for the largest share of the global automotive lighting market. Automotive exterior lighting ensures safety in road traffic and helps the driver illuminate the lane and recognize the road, obstacles and traffic signs. The headlights with the high beam, low beam and fog light functions are primarily used for this purpose.

All exterior lighting of a vehicle is subject to country-specific legal regulations to ensure safe driving. In addition to the legal regulations, branding and aesthetics also contribute significantly to this segment's large market share. However, the interior lighting segment is projected to register the highest CAGR during the forecast period.

Based on lighting technology, the automotive lighting market is segmented into halogen, xenon, LED, and other lighting technologies. In 2023, the LED segment is expected to account for the largest share of the global automotive lighting market. LEDs are increasingly being used in automotive applications due to energy efficiency, weight reduction and space-saving qualities. Vehicle manufacturers are showing great interest in integrating LED lights in vehicles, as these lights consume less power and have a longer life when compared to halogen and HID lights.

In addition, several automotive lighting manufacturers are introducing advanced LED lighting for various applications. For instance, in September 2021, HELLA GmbH & Co. KGaA (Germany) launched its Modular Lightbar with advanced LED technology for municipal vehicles. This light helps ensure optimum signaling effects as well as homogeneous illumination of the working area. This segment is also projected to register the highest CAGR during the forecast period.

Based on geography, the automotive lighting market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the automotive lighting market. This segment is also projected to register the highest CAGR during the forecast period. Factors such as a rise in the emphasis toward road safety, an increase in the implementation of government regulations, and growing automobile production are expected to drive the growth of the automotive lighting market in Asia-Pacific. In addition, the easy availability of raw materials and enormous demand for cost-effective electrical and mechanical components from nations such as Japan, China, and India are expected to support the market growth.

Key Players:

The key players operating in the automotive lighting market are KOITO MANUFACTURING CO., LTD (Japan), Stanley Co., Inc. (U.S.), Valeo (France), Marelli Holdings Co., Ltd. (Italy), HELLA GmbH & Co. KGaA (Germany), Tungsram (Hungary), Lumax Industries (India), OSRAM GmbH (Germany), Koninklijke Philips N.V. (Netherlands), ZIZALA Lichtsysteme GmbH (Austria), Robert Bosch GmbH (Germany), ICHIKOH INDUSTRIES, LTD. (Japan), Continental AG (Germany), Hyundai Mobis (South Korea), Varroc Group (India).

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Key questions answered in the report-

Which are the high-growth market segments based on vehicle type, application, lighting technology and sales channel?
What was the historical market for automotive lighting?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, and opportunities in the automotive lighting market?
Who are the major players, and what shares do they hold in the automotive lighting market?
How is the competitive landscape in the automotive lighting market?
What are the recent developments in the automotive lighting market?
What are the different strategies adopted by the major players in the automotive lighting market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global automotive lighting market, and how do they compete with the other players?

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