CHICAGO, June 30, 2020
CHICAGO, June 30, 2020 /PRNewswire/ -- According to the new market research report "Automotive Lighting Market for ICE & EV by Technology (Halogen, LED, Xenon/HID), Position & Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Automotive Lighting Market size is estimated to be USD 27.0 billion in 2020 to USD 34.9 billion in 2025, at a CAGR of 5.3%.
Rising disposable income has resulted in an increase in consumer spending capability to purchase premium vehicles, which, in turn, is expected to drive the growth of the market. Government initiatives for implementing adaptive lighting to increase the driver's safety is another key factor anticipated to fuel market growth.
Browse in-depth TOC on "Automotive Lighting Market"
393 – Tables
69 – Figures
302 – Pages
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Passenger Car segment expected to be the largest segment for the automotive lighting market
Passenger cars are expected to be the largest segment for the Automotive Lighting Market on account of the rapid adoption of advanced lighting systems. Moreover, increasing sales of premium vehicles with pre-installed adaptive headlights, adaptive taillights, and ambient lights are expected to augment the growth of the segment further. Additionally, visual appeal is considered as a premium feature, and lighting is one of the vital parameters that add value to the visual appeal of the vehicle.
Historically, vehicle production declined from 2017 to 2019, which also impacted the Automotive Lighting Market. Due to the COVID-19 pandemic, the production & sale of vehicles have witnessed a major decline and are expected to see a 20% decline in 2020 (MarketsandMarkets™ analysis). Thus, the Automotive Lighting Market could register a further decline in 2020.
The LED technology is expected to be the fastest-growing segment
The LED technology is expected to grow at the fastest rate as this offers a better package in terms of adaptive technology. Moreover, LED consumes less power in comparison to other technologies such as halogen and xenon. LED headlights also offer better visibility to the driver and reduce the illumination effect on the eyes of the driver in the opposite direction.
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Asia Pacific to continue being the largest consumer of the automotive lighting market
China was the largest manufacturer and consumer of the automotive lighting due to the presence of a robust automobile production base and huge domestic sales of cars. Other Asian countries such as Japan, Korea, and India showcased promising growth during 2017 and 2018, and this trend is likely to continue till 2025. Asia Pacific is one of the main production bases for several European and North American automotive lighting manufacturers. Thus, the growing global sales of automobiles are expected to drive the growth of the automotive lighting industry.
However, the Asia Pacific automotive industry has faced major challenges due to the COVID-19 pandemic. For instance, the production activities of major OEMs, like General Motors, Honda, Nissan, Peugeot, and Renault, have been disrupted, thereby impacting the Automotive Lighting Market as well. For instance, two-thirds of automotive production has been directly affected by China's industrial lockdown, impacting the suppliers of lighting system components as well. Additionally, the shortage of Chinese-made parts has impacted global production.
The key players Automotive Lighting Market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan), and Zizala (Austria).
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