Integration of Automation Module with Lighting System in Electric Vehicles Will Push Automotive Lighting Demand: FMI
According to ESOMAR-certified Future Market Insights (FMI), automotive lighting sales have been increasing significantly in response to the growing demand for better safety systems across the globe. As per the study, the global automotive lighting market is anticipated to grow at around 6.3% CAGR through the forecast period from 2021 to 2031.
Automotive Lighting Market
A recent market study published by Future Market Insights on the automotive lighting marke...
Rising demand for automation in vehicles for improved safety and high performance is encouraging original equipment manufacturers (OEMs) to design lightweight automotive lighting with superior efficiency
This also has resulted in the incorporation of light-emitting diode (LED) lighting to offer greater durability and low power consumption in automotive lighting. Thanks to shifting consumer preference and surging competition, these developments are no longer limited to the luxury vehicle segment.
An increasing number of automakers are incorporating latest technologies such as superior performing and lightweight automotive lighting in their vehicle models. This will guarantee impressive growth in the market through the assessment period.
For instance, Volkswagen partnered with Hella, a leading German-based auto part manufacturer, to develop IQ.LIGHT LED headlamps. This novel component was included in Volkswagen’s new luxury class Touareg SUV.
According to the report, the global sales of automotive lighting are anticipated to increase in 2021 with volume sold reaching over 1.813 million units. FMI presents a positive growth outlook for the market. In terms of volume, the automotive lighting market is predicted to expand at 5.2% CAGR with sales reaching around 3.114 million units over the course of the assessment period.
Key Takeaways from FMI’s Automotive Lighting Market Study
- The U.S is expected to offer lucrative growth opportunities on the back of growing demand for lightweight passenger vehicles.
- Rapid economic growth, increasing traffic congestion, and high demand of two wheelers in Brazil will drive the automotive lighting market growth.
- Advancement in the electric vehicle section along with government initiatives towards reducing carbon emission will boost the automotive lighting market in China.
- Rapid development and modernization of automotive industry and booming passenger vehicles segment in India will create growth opportunities.
- Utilization of front headlights as a part of safety system as well in aesthetic design of the premium vehicles will drive the market growth in upcoming years.
- Shales in passenger vehicles segment will surge at a high pace over the forecast period.
- Introduction of LED matrix headlamps and LED daytime running lights in two wheelers and electric vehicles for safety purposes will further push automotive lighting market growth.
“In order to gain competitive edge, leading automakers are partnering with automotive part manufacturers to foster innovations. Besides some of the leading car manufacturers, small and mid-sized companies are also expected to join the bandwagon,” says the FMI analyst.
Automotive lighting market is highly competitive market owing to presence of numerous players. Market players are focusing on employing organic market strategies to consolidate their market position.
They are also looking towards developing innovative products and improve value chain. Manufacturers are also participating in strategic collaboration with distributors to cater to the increasing demand.
Prominent players operating in the automotive lighting market are:-
- Koito Manufacturing Co. Ltd.
- Hella KGaA Hueck & Co.
- Stanley Electric Co.
- Valeo SA
- Osram Licht AG
- Magnetti Marelli
- Varroc Group
More Insights on Global Automotive Lighting Market
In its latest report, FMI offers an unbiased analysis of the global automotive lighting market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application (front headlights, fog lights, rear lights, side lights, and interior lights), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, electric vehicles, and two wheelers), light source (LED, halogen, and xenon), sales channel (OEM and aftersales), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa)
About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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