Global Automotive Lighting Market for ICE & EV (2020 to 2025) - Evolution of New Technologies Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.

The global automotive lighting market size is projected to grow from USD 27.0 billion in 2020 to USD 34.9 billion by 2025, at a CAGR of 5.3% during the forecast period.

The trend of improving illumination in premium vehicles & SUVs is driving the growth of the market. The increasing sales of these cars are expected to propel the growth of the market further. Moreover, consumers are paying more attention to aesthetically appealing lights in a car, which ultimately drives the demand for automotive lighting. Furthermore, the rising sales of electrified, semi-autonomous, and autonomous vehicles are expected to open new opportunities for the growth of the market over the next few years.

The COVID-19 pandemic has brought the production and trade of automotive components to a standstill. Challenges on the demand & supply sides, and also around the availability of finance & investments, are expected to hamper global vehicle production. Moreover, unemployment is rising due to the COVID-19-induced recession, which is likely to result in a decline in the demand for passenger cars, mainly impacting the automotive lighting market. However, despite suspended operations, OEMs are continuing to build partnerships with suppliers and vendors to ensure the availability of parts & components for effective operations once the lockdowns end. Thus, the partial opening of production facilities and gradual stability in supply chains in the coming months is expected to give the automotive lighting market modest growth opportunities.

LED technology lighting expected to be the fastest-growing segment.

The LED technology is expected to be the fastest-growing market as it provides aesthetically appealing looks to the vehicle. Moreover, this lighting technology offers better visibility to both the driver and the oncoming car in comparison to other technologies like halogen and xenon.

The passenger vehicle segment is expected to be the largest market during the forecast period.

Automotive lightings are used mostly in passenger vehicles where the customer is aware of the benefits of adaptive headlights and is ready to invest. Moreover, advancing technology catering to this vehicle segment coupled with quick consumer adaptability for these modules is expected to drive the growth of the market during the forecast period.

The Asia Pacific is the largest market for the automotive lighting market.

The Asia Pacific has been witnessing significant growth in the new car sales volume over the past few years, especially in emerging economies such as China and India. The high disposable income of consumers and quick adoption of advancing technology, especially in vehicles, is expected to drive the demand for automotive lighting. For instance, the production of the SUV segment in India grew from 0.65 million units in 2016 to 0.97 million units in 2018, and the growth is expected to continue in the near future. Production of the luxury segment (D and E) in China grew from 2.5 million in 2016 to 3.4 million units in 2018. Moreover, the production of the luxury SUV segment (SUV C and SUV D) increased from 2.31 million units in 2016 to 2.81 million units in 2018.

Market Dynamics

Drivers

• Increase in Demand for Premium Segment Vehicles
• Lighting Regulations for Better Visibility and Safety
• High Demand for Adaptive Lighting

Restraints

• High Cost of Led Lights
• Low Penetration of Advanced Lighting in Hatchback, Compact Sedan, and Entry-Level SUV

Opportunities

• Partnership Between Automotive Oems and Lighting System Manufacturers
• Evolution of New Technologies

Challenges

• Volatility of Raw Material Prices
• Increase in Competition from Local Companies Offering Counterfeit/Retrofit Solutions
• Less Penetration of Advanced Lighting in the Commercial Vehicle Segment

Companies Profiled

• Hella Kgaa Hueck & Co.
• Valeo S.A.
• Osram Gmbh
• Continental Ag
• Hyundai Mobis
• Ichikoh Industries, Ltd.
• Robert Bosch Gmbh
• Koito Manufacturing Co., Ltd.
• Stanley Electric Co., Ltd.
• Koninklijke Philips N.V.
• Magneti Holdings Co., Ltd.
• Zizala Lichtsysteme Gmbh
• Nxp Semiconductors
• Aptiv Plc
• Grupo Antolin
• Federal-Mogul Corporation
• Lear Corporation
• Gentex Corporation
• Flex-N-Gate
• North American Lighting
• Denso Corporation
• Renesas Electronics Corporation
• Keboda
• Varroc
• Lumax Industries

For more information about this report visit https://www.researchandmarkets.com/r/sm7789