The automotive lighting market is expected to grow by USD 8.69 billion during 2020-2024. The report also provides competitive insights into the market impact and new opportunities created due to the COVID-19 pandemic. According to the latest market research report by Technavio, the impact is going to be significant in the first quarter. It will eventually lessen the subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Lighting Market 2020-2024 (Graphic: Business Wire)
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The growing customer demand for visual appeal is encouraging vehicle manufacturers to improve cabin lighting systems such as ambient lighting to provide a premium feel. Also, the growing competition in the automotive industry has led many automakers to introduce ambient lighting in mid-segment cars and SUVs to attract customers. For instance, in August 2019, Kia Motors Corp. launched the Seltos SUV in India. The car offers a multi-color ambient lighting system, with a music sync feature and six multi-color and eight mono themes. Such developments among automakers will fuel the growth of the market during the forecast period.
As per Technavio, the rise in penetration of LED lighting will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
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Automotive Lighting Market: Rise in Penetration of LED Lighting
Automotive OEMs are increasing the use of LEDs to overcome various disadvantages of halogen and xenon lamps. Besides, technological advancements have led to the introduction of features such as glare-free adaptive drive beam (ADB) that has enhanced the performance of automotive LED systems. Moreover, the decline in the cost of manufacturing LEDs has further increased its penetration in the automotive industry. This trend will positively influence the growth of the automotive lighting market during the forecast period.
“The development of autonomous vehicles and stringent regulations on road safety will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Automotive Lighting Market: Segmentation Analysis
This market research report segments the automotive lighting market by Application (Passenger cars and commercial vehicles) and Geography (APAC, Europe, North America, and South America, and MEA).
The APAC region led the automotive lighting market in 2019, followed by Europe, North America, and South America, and MEA respectively. Due to the rising production of automobiles, the APAC region can register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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