LONDON--(BUSINESS WIRE)--The automotive lighting market is expected to grow by USD 8.69 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Automotive interior lights enhances the visual appeal of vehicles. These lights accentuate the space and create a perception of increased cabin space in vehicles. In May 2015, Chevrolet introduced the concept of dynamic internal lighting for its Camaro 2LT and Camaro SS models with its interior spectrum lighting. This lighting system offers 24 diverse lighting effects in vehicle interiors, including dashboards, door panels, and cup holders. Ambient lighting in an automotive cabin highlights the texture of the seat and mimics the feel of a premium vehicle. Vehicle manufacturers have been increasing the number of light sources in their vehicles to attract buyers. Thus, the increase in the use of interior lighting, also in mid-segment cars, is expected to drive the demand for automotive lighting during the forecast period.
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As per Technavio, the development of autonomous vehicles 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.
Automotive Lighting Market: Development Of Autonomous Vehicles
Companies such as Delphi, Continental, Bosch, Daimler, Scania, and Volvo are working toward expanding the autonomous driving concept. Campaigns and promotions have widened the market acceptance of semi-autonomous features in passenger and commercial vehicles. Self-driving cars may become a reality toward the end of the forecast period, and in a decade, a sizeable number of self-driving vehicles are estimated to ply on the road. The mentioned prominent automotive vendors have reached advanced levels in their research on autonomous vehicles. In addition, the development and testing of a wide gamut of features in advanced driver-assistance systems (ADAS) and telematics/connected vehicle applications and services are estimated to increase. As a result, the demand for automotive lighting market is also expected to increase, which will drive the growth of the market during the forecast period.
“Factors such as the increasing demand for electronic vehicles, and the advances in lighting systems will have a positive impact on the growth of the automotive lighting market value 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 (North America, APAC, Europe, South America and MEA).
The APAC region led the automotive lighting market in 2019, followed by Europe, North America, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increase in demand for LED lighting systems and the rise in automotive production.
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Some of the key topics covered in the report include:
- Passenger cars
- Commercial vehicles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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