Market Review
According to recent research information, The lighting market The global stands at USD 40.1 billion in 2019 and is estimated to reach USD 51.4 billion with a significant CAGR of 7.1% during the forecast period 2021-2027. In motor vehicles, the lighting plays an important role in providing illumination to the driver. This lighting also helps drivers and pedestrians in various things such as identifying the location of the vehicle, the size of the road and the direction of traffic.
Moreover, this lighting adds an aesthetic look to both the interior and exterior of the vehicle and increases the visibility of the vehicle. In the latest innovations, this lighting equipment is installed in different places of the vehicles such as front, top, back and interior.
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Market segmentation
According to the latest updates, the global lighting market is classified into four segments such as technology, vehicle type, application and end market.
Technological segmentation: automotive lighting technologies are divided into halogen, xenon and LED.
Vehicle type segmentation: Vehicle lighting by vehicle type is classified into three types as passenger vehicle, light commercial vehicle and heavy commercial vehicle.
Application Segmentation: Automotive lighting applications are headlights, taillights, sidelights and interior lights.
Segmentation of the end market: As far as the end market is concerned, automotive lighting is divided into OEM and Aftermarket.
The vehicle lighting system protects people to prevent accidents and enables safe driving. The government also halogen is the most common lighting technology due to its low cost and easy availability. Xenon and LED are two other prominent lighting technologies. Due to the increase in disposable income, lifestyle changes and transportation requirements, the vehicle lighting system is in high demand. The increase in the urban population leads to the expansion of automobile manufacturers into new emerging markets and increases the use of passenger vehicles, which accelerates the demand for automotive lighting technology.
The opportunities in the lighting market are the new emission standards of the government, an increase in the demand for luxury cars in the urban countries, an increase in the sales of passenger cars, an increase in the use of lighting in vehicles, an increase in the popularity of LED bulbs and the introduction of advanced technologies.
Regional analysis:
Depending on the lighting market share and other aspects, the regional market is divided into four major regions such as Asia-Pacific, North America, Europe, and Rest of the World. Out of these regions, Asia-Pacific holds the largest market share due to increasing sales of passenger cars, increasing use of lighting on vehicles, rising popularity of LED bulbs, increasing technological innovations. Moreover, North America holds the second leading position in the market due to the presence of major giants in automotive lighting. Apart from this, the growing demand for passenger cars is increasing the lighting market in this region.
The prominent key players of automotive lighting are Philips Lighting NV (Netherlands), HELLA KGaA Hueck & Co (Germany), ZKW Lichtsysteme GmbH (Austria), OSRAM GmbH (Germany), General Electric (USA), Magneti Marelli (Italy), Ichikoh Industries Ltd (Japan), Koito Manufacturing Co., Ltd (Japan), and others.
Industry news
Based on recent research, the lighting market forecast states that this lighting sector is expected to achieve tremendous growth by launching new automotive LED products. The most popular company Samsung launched an innovation of a car LED module for smart headlights called Pixel LED in April 2021. This module improves driving visibility, and contributes to industry statistics. The Adaptive Driving Beam (ADB) system improves visibility and enables safety at night and in bad weather conditions and increases overall driving comfort.
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