Automotive Lighting Market 2022-2027: Growth Drivers & Regional Statistics
Automotive lighting market is witnessing a robust expansion in North America with a considerable rise in automobile production and demand in the region. According to a recent flash report published by MarkLines, sales of new vehicles in the U.S. were recorded as 1,300,930 units for June 2021 which represents a 16.4% rise as compared to June 2020 despite various dealerships being affected by pandemic. Besides, implementation of stringent norms pertaining to road safety in the U.S. and Canada is further influencing the business expansion in the region.
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Growing demand for smart and luxury cars around the world is one of the prominent factors impelling the product demand and thus favoring the market expansion. Consumers are largely inclined on buying high-end cars endowed with advanced features including smart and mood-sensitive lighting. The prominent automakers are also focusing on offering cars with more enhanced lighting features that can cater to the customers’ requirements. For instance, in 2021, renowned Indian automotive firm Mahindra & Mahindra unveiled its new XUV700 SUV that comes with Auto Booster Headlamps that provide better visibility without driver’s intervention. The company claims that these headlamps offer over 1.6 times higher illumination.
The Automotive Lighting Market to cross USD 45 billion by 2027. Over the recent years, demand for passenger as well as commercial vehicles has increased drastically with improving mobility and rising disposable income. The burgeoning vehicle demand has urged the automakers around the world to focus on incorporating innovative features that can offer an enhanced customer experience. An important part of such features is automobile lighting system, which provides illumination to the driver that helps in preventing and offer a clear view of the environment.
Growing consumer proclivity towards enhanced vehicle lighting systems and accessories has largely encouraged the market players to develop and launch new offering that can effectively meet the consumer demand. To illustrate, in 2021, auto parts specialist arm of the Hyundai Group- Hyundai Mobis, developed a novel lighting and moving grille technology, which according to the company is a response to the emerging trend of electric vehicles and autonomous vehicles. The company has announced to commence the automobile lighting production in 2022. Apparently, the product launch will help the company gain a competitive advantage in the market.
The market was negatively impacted to some extent due to the COVID-19 crisis during the last quarter of 2019 and first three quarters of 2020 due to the lockdown restrictions across the globe. However, it is expected to witness a steady growth during 2022 with gradual rise in the manufacturing and sales of the vehicles.
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Some Point from Table of Contents:
Chapter 5 Automotive Lighting Market, By Technology
5.1 Key trends by technology
5.2 LED
5.2.1 Market estimates and forecast, 2017 – 2027
5.3 Halogen
5.3.1 Market estimates and forecast, 2017 – 2027
5.4 Xenon
5.4.1 Market estimates and forecast, 2017 – 2027
Chapter 6 Automotive Lighting Market, By Vehicle Type
6.1 Key trends by vehicle type
6.2 Passenger cars
6.2.1 Market estimates and forecast, 2017 – 2027
6.3 Commercial vehicles
6.3.1 Market estimates and forecast, 2017 – 2027
6.4 Two-wheelers
6.4.1 Market estimates and forecast, 2017 – 2027
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