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According to the new research report published by The Insight Partners, titled “Automotive lighting Market - Global Analysis and Forecast to 2027”, the global automotive lighting market is expected to reach US$ 40.41 Bn in 2027, registering a CAGR of 3.3% during the forecast period 2019-2027.
In 2018, Asia Pacific was estimated to hold the largest market share and is expected to be fastest region with a CAGR of 3.9%.
The increasing sales of premium and luxury car owing to rising disposable income, and stringent government regulations regarding automotive lighting are the major factors driving the market. The rise in the sales of vehicles, in particular passenger cars, can be attributed to the steady increase in the disposable incomes of consumers, especially during the post-recession era. In the western countries where consumers have high disposable incomes, it has been observed that with the rise of the vehicular population, consumer preferences for buying passenger cars differs.
The automotive industry in APAC region has witnessed growth in past years, and the western OEM and automotive manufacturers have shifted their focus toward strengthening their position in the region. The rapidly growing economies have translated into rising per-capita incomes and consumer expenditures. As a result, APAC witnessed high growth in automobile sales in recent times. The higher number of automobiles on the road demands higher production of vehicles and thus present large potentials for vehicle lighting manufacturers to expand their business base in APAC.
The demand for automotive lighting in North America is growing owing to the increasing demand for passenger cars in the region. The automakers in the region are focusing on integrating advanced lighting solutions in vehicles to provide better driving experience and avoid accidents that are caused due to low lights. The market for automotive lighting in North America is competitive, and the automotive lighting manufacturers are focusing on gaining a significant market share by taking various business initiatives. For instance, in 2019, Varroc announced the opening of State-Of-The-Art Manufacturing Hall in Nový Jiín. Through this new facility indulged in the manufacturing of rear lamps and fog lamps to reach the highest standards of production logistics, automation, and safety across the Europe region. Similarly, in 2018, Lumileds developed new Philips Ultinon LED headlights, which is 160% brighter than the usual light that permits the driver to see more and react faster, as well as up to 6,200 K color temperature delivers the vehicle with a new and slick modern look.
Key findings of the study:
APAC held the largest market in 2018 in the automotive lighting market. China led the automotive lighting market in the region. China is the largest automotive manufacturing country across the world, and the country produced 27,809,196 vehicles in 2018. The country houses a few major automotive manufacturers such as SAIC Motor, Dongfeng, FAW, and Chang'an. Also, a few western automakers are focusing on expanding in China to cater to a broader set of audiences. Also, regional players are focusing on developing an efficient lighting solution to achieve a strong market position. Therefore, a strong automotive sector and increasing focus of western automakers toward expansion to the country are the major factors that are expected to drive the growth of the automotive lighting market in the country.
The global automotive lighting market is anticipated to witness impressive growth during the forecast period, as Audi, BMW, and General Motors are adopting efficient lighting systems to provide differentiated services to their customers. These luxury carmakers already have an established market in developed countries. Further, these automakers have also witnessed a surge in the sales of their premium cars segment in emerging markets, such as India and China. During the forecast period of 2019 to 2027, interior lighting is expected to drive the demand for automotive lighting worldwide. Passenger Car by vehicle type in 2018 led the automotive lighting market, whereas LCV is expected to be the fastest-growing vehicle type during the forecast period 2019-2027 growing at a high CAGR value.
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