United States Automotive Lighting Industry is expected to reach US$ 4.8 Billion by 2032: Fact.MR Analysis
Sales for automotive lighting are expected to surpass US$ 45 Bn by registering a positive CAGR of 6% through the forecast period 2021-2031. Increasing demand for LED lights along with halogen lights is propelling the demand for automotive lighting.
Historically, from 2016 to 2020, the sales of automotive lighting exceeded the sales of US$ 20 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, sales of vehicles observed a decline in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted. This, in turn, is expected to upsurge the sales of automotive lighting.
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Manufacturers of automotive lighting are focusing on improving the efficiency of lights. In addition, these lights consume lesser energy. Due to the factors mentioned above, the demand for automotive lighting has increased over time. As of 2021, the expected valuation for the market is US$ 25 Bn.
Key Takeaways from the Market Study
- By vehicle type, passenger vehicles are expected to hold 50% of market share for automotive lighting.
- By light source, halogen and xenon are expected to possess 40% of market share for automotive lighting.
- China is expected to be the most lucrative market, expected to capture 60% of global market demand
- 2/5th of the global market demand for automotive lighting to be fuelled by the U.S
- India to be an opportunistic market, expected to account for nearly 3 out of 5 sales
What is the Scope for LED Automotive Lighting?
LED lights are highly energy efficient, compared to halogen or other headlights. LED lighting technology is used in many luxury and high-end vehicles, but nowadays, manufacturers have slowly started to use LED lighting solutions across vehicle types due to constant development in lighting technology.
In addition, they draw less energy from the vehicle which in turn increases energy efficiency, thus enabling automobile users to economize on costs. Thus, LED lights are expected to possess 40% of market share for automotive lighting.
Competitive Strategies
With a sizable number of manufacturers functioning in the market, the automotive lighting market is moderately competitive. Some market participants are concentrating on securing the largest possible market share by introducing the most cutting-edge technology through research & development tactics.
Lighting manufacturers are also doing strategic collaborations with OEMs and maintaining long term relations with these OEMs for future business as well. Many big players are also using mergers & acquisitions as a key strategy for expanding their geographical presence and for more business in terms of revenue like Magnetti Marelli which operates under the name Marelli was acquired by Calsonic Kansei Corporation which is a leading automotive component supplier.
- In September 2021, HELLA KGaA introduced a new Modular Lightbar equipped with advanced LED technology for municipal vehicles. This light helps ensure optimum signalling effects as well as homogeneous illumination of the working area
- In December 2020, OSRAM Licht AG introduced the Ostune E1608 and E3030 automotive interior lighting, offering a wide color temperature range from 2700 to 6500 K, which are highly energy-efficient
Fact.MR has provided detailed information about the price points of key manufacturers of automotive lighting positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Eminent Players
- Osram Licht AG
- Hella Kgaa
- Infineon Technologies AG
- LG Electronics
- Valeo SA
- Marelli Magnetti
- Hyundai Mobis
- Varroc
- Koito Manufacturing Co Ltd
- Robert Bosch GmbH
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Market Structure
- Application
- Front Headlights
- Fog Lights
- Rear Lights
- Side Lights
- Interior Lights
- Vehicle Type
- Automotive Lighting for Passenger Cars
- Automotive Lighting for Light Commercial Vehicles (LCVs)
- Automotive Lighting for Heavy Commercial Vehicles (HCVs)
- Automotive Lighting for Electric Vehicles
- Automotive Lighting for Two Wheelers
- Light Source
- Halogen Automotive Lighting
- Xenon Automotive Lighting
- LED Automotive Lighting
- Sales Channel
- Automotive Lighting through OEMs
- Automotive Lighting through Aftermarket
Key Highlights
- Sales of Automotive lighting In 2023
- Competitive Analysis of Automotive lighting
- Automotive lighting and Analysis of Automotive lighting
- Key Trends of Supply Side Analysis of Automotive lighting
- Outlook of Automotive lighting
- Insights of Automotive lighting
- Analysis of Automotive lighting
- Survey of Automotive lighting
- Size of Automotive lighting
A short viewpoint offered in the report elucidates the macro-economic aspects that influence the growth drivers of Automotive lighting , which includes global GDP of Automotive lighting growth rate, various industries growth rate, such as cosmetics, pharmaceuticals, food and others.
This newly published and insightful report compounds sheds light on key dynamics, Key Trends of Automotive lighting and their impact on the overall value chain from Automotive lighting to end-users, which are expected to transform the future of the Automotive lighting sales.
Check out more related studies published by Fact.MR Research: https://www.globenewswire.com/news-release/2023/04/05/2642111/0/en/Global-Train-Control-and-Management-Systems-Market-Is-Estimated-To-Reach-A-Valuation-Of-US-5-78-Billion-By-The-End-Of-2031-Fact-MR-Study.html
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