February 17, 2023/Industry News Global/ -- This new report from Stratview Research analyses the Automotive Lighting Market over the trend period from 2017 to 2020 and the forecast period from 2022 to 2028. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.

Automotive Lighting Market Overview:

The Automotive Lighting Market was estimated at USD 28.27 Billion in 2021 and is likely to grow at a CAGR of 4.95 % from 2022-2028 to reach USD 39.78 Billion in 2028.

Segment Analysis

Vehicle Trends

The market is segmented into PCV, LCV, HCV, and two-wheelers. PCV is expected to witness a significant growth rate in the market during the forecast period owing to the frequent launch of passenger car vehicle models along with multiple offers provided by vehicle manufacturers.

In addition, increasing investments by the premium and luxury car manufacturers to manufacture new products with enhanced features, and growing demand for passenger car sales in developed economies is further expected to drive the market growth during the forecast period. 

Technology Trends

The market is segmented as LED, halogen, and xenon. LED technology type is anticipated to register a high growth rate in the market owing to its attributes such as reduced power consumption, increased longevity, and power output, which are boosting the product demand in the market during the forecast period.

To meet the industry demand, major industry players are coming up with LED-focused products. Various efforts and investments are being made by automobile manufacturers to innovate better lighting solutions and enhance safety measures.

Application Trends

The market is segmented into interior lighting, side lighting, rear lighting, and front lighting. The interior lighting application is estimated to account for the major share of the market during the forecast period on account of the growing usage of lighting in automobile interiors to supply enhanced lighting attributes.

Interior lights sensitive to motion and surroundings are a preferred choice for customers who own expensive luxury and modern passenger cars.

In addition, the integration of interior lights in buses and other commercial vehicles in order to avail enhanced visibility experience for passengers is further expected to drive the market progress during the forecast period. 

Region Insights

Europe is estimated to be the leading region in the market owing to the factor that the region is home to major automobile manufacturers such as BMW, Mercedes, Volkswagen, and Volvo. These companies are the growth engines of the region contributing to the growing demand for automotive lighting products during the forecast period.

In order to expand their businesses, manufacturers such as Philips, Osram, and Samsung are likely to maintain long-term settlements with the manufacturers in the European region and this is further expected to fuel the market progress over the forecast period. North America and Asia-Pacific are also expected to offer substantial opportunities during the forecast period.

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About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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