LONDON--(BUSINESS WIRE)--The global automotive lighting market size is expected to grow by USD 8.69 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Automobile manufacturers are increasingly focusing on using interior lightings to promote their brand by using a specific colored light for their vehicle cabin as brand identification. For instance, BMW and Mercedes Benz use orange and yellow colored cabin lights, respectively, to distinguish their brands. The increase in competition in the automotive industry has even led manufacturers of mid-segment cars and SUVs to use ambient lighting to differentiate their products. Ambient lighting in an automotive cabin highlights the texture of the seat and mimics the feel of a premium vehicle. Automotive interior lights increase the visual appeal of vehicles for customers. These lights accentuate the space and create a perception of increased cabin space in vehicles. As a result, the demand for effective interior lighting is increasing, thereby driving the market growth.
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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.
Automotive Lighting Market: Rise in Penetration of LED lighting
LED headlamps were introduced in 2007; however, their high cost restricted their adoption to just the luxury vehicle segment. Therefore, mainly halogen and Xenon were used in mid-segment vehicles for exterior lightings such as head, rear, and small lamps. Although halogen lights are economical compared with LED lamps, their key disadvantages include high-power consumption and high heat generation that affect the overall performance of headlamps. Similarly, the major disadvantages of Xenon lights were strong glare that can affect the visibility of drivers in oncoming vehicles. These disadvantages led automotive OEMs to focus on LED headlamps and lightings. Standardization of LED modules and the ease in designing lighting systems have provided design flexibility to automotive OEMs. Furthermore, innovations in technologies aid in enabling features such as glare-free adaptive drive beam (ADB), which enhances the performance of LED lighting systems in the automotive segment. Furthermore, the decline in the price of LED lamps and their high energy-efficiency features have increased their adoption in the mid-range automobile segment.
“Other factors such as the development of autonomous vehicles, and the increasing demand for electric vehicles will have a significant 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 (APAC, Europe, North America, and South America and MEA).
The APAC region led the automotive lighting market share in 2019, followed by Europe, North America, and South America and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the development of autonomous vehicles.
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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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