DUBAI, U.A.E. — A latest market analysis on the automotive lighting market by ESOMAR-certified consulting firm Future Market Insights (FMI) projects a lucrative growth outlook. The market is anticipated to reach US$ 34.7 Bn in 2021, exhibiting a healthy 6.3% CAGR through 2031.
Increasing technological advancements such as adaptive lighting and daytime running lamp (DRL) in the automotive sector are driving innovations in the automotive lighting market. Rising sales of electric vehicles across the globe are fuelling the demand for low-power consuming lighting systems. These trends are expected to bode well for the global market.
The vehicles require highly advanced lighting systems, including light-emitting diode (LED) lights. Such trends are encouraging original equipment manufacturers OEMs to launch effective and advanced automotive lighting products.
Consistently rising sales of two-wheeled vehicles in countries including India, China, and Brazil is further spurring demand for automotive lighting. Additionally, increasing cases of road accidents have underscored the need for advanced lighting equipment, driving innovations in automotive lighting products for better safety.
Increasing sales of vehicles will directly impact the demand for front headlights. FMI projects demand in front headlights to soar in the coming years, contributing towards over 60% of automotive lighting sales in terms of application in 2021. Meanwhile, the demand for fog lights and interior lights for installation in luxury vehicles also will propel growth in the market.
As per FMI’s market survey, North America will emerge as the most lucrative market between 2021 and 2031. Popularity of electric vehicles in the U.S., coupled with the presence of top market players including Tesla will further promote sales of automotive lighting during the assessment period.
“Increasing sales of electric vehicles, coupled with advancements in automotive lighting technologies are anticipated to shoulder growth throughout the assessment period. As focus on strengthening global footprint rises among market players, their emphasis on products launches will increase,” says the FMI analyst.
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- Front headlights will dominate the applications segment, owing to increasing demand for safety systems and design aesthetics in automotive vehicles.
- Growing demand for interior and exterior lighting décor in passenger cars will provide tailwinds to automotive lighting sales.
- Light emitting diodes (LED) lights will garner significant revenue due to features like minimal maintenance and low power consumption.
- North America will emerge as a lucrative market owing to increasing demand for advanced lighting systems from electric vehicle manufacturers.
- Increasing sales of two-wheelers in Brazil will augment the growth of the automotive lighting market.
- Growing demand for luxury vehicles in China will spur demand for automotive lighting as a ripple effect.
- India will offer opportunities for expansions for players in the automotive lighting market, due to increasing sales of passenger vehicles in the country.
- Innovations in lighting technologies aligned with safety concerns will boost sales in the market.
- Demand aesthetically pleasing interior and exterior automotive lighting in passenger cars will shape the sales outlook positively.
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Top manufacturers in the automotive lighting market are emphasizing on collaborations and joint ventures with regional players to expand their geographical footprint. Additionally, advancements in product portfolio and improvements in distribution networks will remain widely adopted growth strategies for players in the market. For instance:
- In July 2021, HexaTech Inc. released an expanded 2-inch diameter, deep UV transparent single crystal aluminum nitride substrate (AIN) product line, expanding its offerings in the automotive lighting market.
- In July 2021, Cepton, an MMT Lidar solutions provider, partnered with Koito Manufacturing Co. to manufacture Cepton’s MMT-based Vista-X90 automotive-grade lidar. The partnership helped Cepton secure a path-breaking ADS Lidar series production award, which is the industry’s biggest award to date