Shedding Light on the Automotive Lighting Market : A Deep Dive into the $58.Billion Projection by 2030

Automotive Lighting Industry

OREGAON, PORTLAND, UNITED STATES , March 19, 2024 /EINPresswire.com/ — As per the report, the global Automotive Lighting Market was accounted for $32.31 billion in 2020, and is expected to reach $58.59 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030. Automotive lightings are used to provide a better view while driving and increase safety and security. It includes halogens, xenon/Hid, and LEDs, among which halogens have a more comprehensive application due to their lower cost and easy availability. With increase in production and sales of automobiles across the globe, the demand for adaptive lighting systems increases, leading the players operating in the region to develop new technologies to be applied in automobiles. Meanwhile, in India, the boost in the production of clean energy vehicles, enhancement of incentives for two-wheelers, and launch of production-linked incentive (PLI) scheme for the auto industry foster the growth of automobile production. During the forecast period, LED lighting technology is expected to witness the highest growth in the market. This growth is expected to be fueled by low power consumption, longer life, and compact LED lights. The decrease in cost of LED lights is expected to further fuel the market growth during the forecast period. However, halogen lighting technology is anticipated to maintain its leading position due to its low-cost advantages and widespread adoption.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 – https://www.alliedmarketresearch.com/request-sample/646

𝐌𝐚𝐣𝐨𝐫 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐠𝐫𝐨𝐰𝐭𝐡

Increase in the implementation of government regulations, rise in automobile production, and growing emphasis toward road safety have boosted the growth of the global automotive lighting market. On the contrary, fluctuating prices of raw materials and high cost of LED lights hinder the market growth. However, increased application in light commercial vehicles and rise in demand for advanced technology in vehicles are expected to open lucrative opportunities for the market players in the coming years.

𝐓𝐡𝐞 𝐋𝐄𝐃 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐝𝐨𝐦𝐢𝐧𝐚𝐭𝐞 𝐛𝐲 𝟐𝟎𝟑𝟎-

Based on light type, the LED segment contributed to nearly half of the global automotive lighting market share in 2020, and is anticipated to rule the roost by 2030, due to its longer life and better efficiency as compared to other lighting technologies to be used in vehicles. Moreover, this segment is expected to grow with the fastest CAGR of 7.4% throughout the forecast period.

𝐓𝐡𝐞 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐭𝐡𝐞 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐭 𝐬𝐡𝐚𝐫𝐞-

Based on vehicle type, the passenger vehicle segment accounted for more than half of the global automotive lighting market revenue in 2020, and is expected to lead the trail by 2030, owing to wider application of automotive lighting in passenger vehicles to provide a better view of the inner and outer environment. The electric vehicle segment, however, would register the fastest CAGR of 13.1% during the forecast period. This is due to the introduction of electric vehicle concept as a vehicle type to be used in the future.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/automotive-lighting-market/purchase-options

Factors such as growing emphasis towards road safety, government regulations, and growing automobile production foster the growth of automotive lighting market. However, high cost of LEDs hinders the growth of market. Furthermore, the rise in demand for automotive in developing nations is the factor that is anticipated to provide a remarkable growth opportunity for the players operating in the automotive lighting market.

𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐅𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬

This study presents the analytical depiction of the automotive lighting market analysis along with the current trends and future estimations to depict the imminent investment pockets.

The market opportunity is determined by understanding the profitable trends to gain a stronger foothold.

The report presents information related to market growth, key drivers, restraints, and opportunities with a detailed impact analysis.

The current market trends is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.

Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market industry.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 – https://www.alliedmarketresearch.com/purchase-enquiry/646

𝐊𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲-

Hyundai Mobis
Koninklijke Philips N.V.
ROBERT BOSCH GmbH
Valeo
ZKW
Hella KGaA Hueck & Co.
DENSO Corporation
Osram Licht AG
Koito Manufacturing Co. Ltd.
Stanley Electric Co. Ltd.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐋𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

https://www.alliedmarketresearch.com/india-automotive-lighting-market – Opportunity Analysis and Industry Forecast, 2014 – 2030.

https://www.alliedmarketresearch.com/train-lighting-market – Global Opportunity Analysis and Industry Forecast, 2023-2032

https://www.alliedmarketresearch.com/aircraft-lighting-market-A06273 – Global Opportunity Analysis and Industry Forecast, 2020–2030.

https://www.alliedmarketresearch.com/marine-lighting-market-A08504 – Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
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