Automotive Lighting Market To Attain Revenue USD 56.17 Bn By 2032

Published Date : 28 Dec 2023

The global automotive lighting market size reached USD 33.04 Billion in 2022 and is projected to hit USD 56.17 Billion by 2032, growing at a CAGR of 5.50% from 2023 and 2032.

Automotive Lighting Market Size and Growth Rate 2023 To 2032

Market Overview

The industry and market sectors devoted to the production, marketing, and sales of lightning goods and technologies intended only for use in cars are referred to as the 'automotive lighting market'. It covers parts like the headlights, taillights, interior lights, and other lighting fixtures used in automobiles. The market includes established and new lighting technologies, such as LED and adaptive lighting systems, essential for improving functionality, safety, and aesthetics in the automobile sector. Sufficient automotive illumination is vital to maintaining visibility on the road, particularly in low-light situations like night or bad weather. Manufacturers can appeal to consumer tastes and set their vehicles apart with customized lighting options.

The market expansion is mainly attributed to strict safety norms and regulations that call for cutting-edge lighting technology like LEDs and adaptive headlights. The rise in car sales and production worldwide increases the need for automotive lightning. The market is expanding due to ongoing technology developments, including intelligent lighting OLEDs and adaptive lightning. The use of lightning by automakers as a branding and design component has expanded the use of cutting-edge lighting solutions. One crucial factor is the growing need for fuel-efficient and environmentally conscious lighting alternatives, such as LEDs. Modern lighting systems improve pedestrian and vehicle safety, encouraging wider use. Increased road safety, urbanization, and infrastructure development frequently call for better vehicle lightning.

  • In November 2022, after an RMB 2.1 billion capital investment arrangement, BOE became HC Semitek's largest stakeholder. The two companies are building a Micro/Mini LED business together.
  • In February 2023, Lumax Auto Technologies signed a strategic agreement to purchase the majority of IAC Group's India business at an equity valuation of Rs. 587 crores, while Minda Corporation purchased a 15.70% share in rival Pricol for Rs. 400 crores.

Regional Snapshot

Asia Pacific holds the largest share of the automotive lighting market. This is an important region for the lightning business since it is home to some of the biggest automakers and customers in the world. Automotive lighting comes in various forms in this sector, including headlights, taillights, interior illumination, and advanced LED and OLED technology. This industry has seen a surge in innovation due to the need for sophisticated and energy-efficient lighting solutions, as well as safety and aesthetic concerns. Leading companies in the Asian automotive lighting market are China, Japan, South Korea, and India. Asia Pacific has several key players in the automotive lighting market, including Koito Manufacturing, Hella, Osram, Stanley Electric, Philips, Nippon Seiki, Magneti Marelli SpA, Valeo, and others.

  • In July 2023, a new home safety app and a selection of intelligent security cameras were introduced by Versuni, formerly known as Philips’s home appliances. It uses artificial intelligence to distinguish between motion, noise, and people, and a three-camera system: a smart indoor Wi-Fi camera, an intelligent 360 Wi-Fi indoor security camera, and a 360 Wi-Fi to reduce false alarms while providing alerts and round-the-clock control.
  • In January 2023, Koito Manufacturing Co., a current stakeholder, completed the $100 million investment that Cepton, Inc. had previously disclosed. The investment is made as convertible preferred stock, which is convertible into shares of Cepton’s common stock at an initial conversion price of $2.585 per share starting on the first anniversary of the issue date.

China is one of the biggest automobile marketplaces in the world, and a large portion of this business is the automotive lighting industry. LED technology has become more popular because of its energy efficiency and adaptability in design. LED lighting is now standard on many Chinese automakers’ automobiles. China has enacted several laws about vehicle lights to increase traffic safety. This covers laws governing daytime running lights (DRLs), color temperature, and headlight brightness. China’s automobile sector has been expanding quickly. The demand for automotive lighting components is fueled by this rise, which also includes an increase in the manufacturing and selling of automobiles.

Japan has a sizeable and developed automotive lighting industry renowned for its high-quality products and innovative solutions. It covers a broad spectrum of headlights, taillights, interior lighting, LED technologies, and other lightning systems and components used in automobiles. Japanese car lightning producers with a focus on design and technology, such as Koito, Ichikoh, and Stanley Electric, are well-known throughout the world. Their market share is substantial in both local and foreign markets. Energy-efficient and adaptive lighting solutions have recently drawn more attention, with LED and OLED technologies rising to prominence. Furthermore, customer desires and safety standards have propelled lighting innovations, including automatic lighting control systems and adaptable headlamps.

  • In November 2022, Private equity and venture capital played a significant role in India Auto. Data from venture intelligence indicates that over 27 agreements, PEs, and VCs have invested over $1.087 billion in the Indian automotive industry. Of this, the EV-specific business has received around $982 million, or 90% of the total, while the auto component industry, which includes manufacturers of EV parts, has received about $184 million.
  • In November 2022, the cutting-edge global design and business services office of Group Antolin, a global provider of technical solutions for automotive interiors, was opened in Pune. Grupo Antolin will provide automobile interior support to all major car manufacturers globally from this center, which employs over 250 people.

Automotive Lighting Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 34.69 Billion
Projected Forecast Revenue by 2032 USD 56.17  Billion
Growth Rate from 2023 to 2032 CAGR of 5.50%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Market Dynamics

Drivers

Safety and visibility

Manufacturers are always trying to improve headlamp technology to increase pedestrian visibility and driving safety. This includes improvements in adaptive lighting systems, such as steering angle and speed-adaptive headlights, and LED or laser technology that produces sharper, brighter lighting. Furthermore, by facilitating communication between automobiles and infrastructure, intelligent lighting systems can improve safety by reducing the risk of accidents and enhancing visibility under different driving circumstances. The government sets standards for headlight performance and alignment to preserve road safety, and regulations and standards also play a big part in guaranteeing safety and visibility in the vehicle lighting sector.

Technological advancements

LEDs, or light-emitting diodes, are becoming more and more common in vehicle lightning because of their extended lifespan, flexibility in design, and energy efficiency. Adaptive headlights enhance safety and visibility by modifying their direction and intensity in response to changing road conditions. Compared to traditional headlights, they consume even less energy and produce a brighter, more concentrated beam of light that improves nighttime vision. Organic LEDs provide a tiny, adaptable, and aesthetically pleasing lighting option for ambient lighting and displays in car interiors.

Restraints

Environmental concerns

Conventional car lightning systems like halogen or incandescent bulbs consume more energy than LED and OLED illumination. Because LED technology uses less energy and leaves a less carbon imprint on vehicles, it has grown in popularity. Light pollution harms the environment and human health. It can be caused by headlights from moving vehicles shining too brightly or glaringly lightning components production and disposal is crucial, particularly for bulbs that contain hazardous compounds that can hurt the environment. The development of recyclable materials and the promotion of appropriate disposal are becoming increasingly important.

Supply chain disruption

Microcontrollers and sophisticated LEDs are essential components of many contemporary vehicle lighting systems, and the recent scarcity of semiconductors has caused significant disruptions in automotive lighting components that were impacted by the global disruption of supply chains caused by the COVID-19 epidemic. Shipping problems abroad, such as overcrowded ports and a lack of available containers, might cause delays in the supply of lightning components. Lightning component availability may be impacted by shortages of vital elements needed in producing LEDs, such as rare earth metals.

Opportunities

Increase in electric vehicles

The automobile industry's transition to more environmentally friendly transportation has been greatly aided by electric vehicles or EVs. Their increased range and shorter charge periods, coupled with advances in battery technology, have made them more popular. They are also environmentally friendly. In EVs, LED is frequently utilized for headlights, taillights, and interior lighting because it is energy-efficient and improves the vehicle's appearance. Some EV manufacturers have added cutting-edge lighting features to improve the driving experience, including adjustable ambient lighting and adaptive headlights.

Customization trends

The consumer can select various hues and designs for interior illumination, taillights, and headlights. The brightness and intensity of the headlights or interior lightning can be changed using confident modification choices. This could enhance visibility or produce a distinctive atmosphere. Depending on their tastes and performance requirements, car owners can choose between several headlamps' kinds, such as halogen, LED, or HID headlights. Customers can improve the appearance and use of their vehicles by adding different lighting accessories, including LED strips, fog lights, and underbody illumination.

Recent Developments

  • In October 2023, SUSS MicroOptics, a leading producer of micro-optics for industrial and automotive uses, announced the release of its MiraLuz. Paul Henry Matha, COO of Driving Vision News, and Patrick Heissier, chief strategy officer of SUSS MicroOptics, introduced the device at the International Symposium on Automation Lightning.
  • In July 2023, a leading provider of optical solutions worldwide, OSRAM, unveiled a new technology that makes it much easier to integrate dynamic, color-intensity changing arrays of hundreds of RGB LEDs for interior automobile illumination.

Key Market Players

  • DENSO Corporation
  • HellaKGaAHueck& Co.
  • Hyundai Mobis
  • Valeo
  • Koito Manufacturing Co. Ltd.
  • OsramLicht AG
  • Koninklijke Philips N.V.
  • Stanley Electric Co. Ltd.
  • ROBERT BOSCH GmbH
  • ZizalaLichtsysteme GmbH

Segments Covered in the Report

By Technology

  • LED
  • Halogen
  • Xenon/HID

By Product Sale

  • Aftermarket Products
  • Original Equipment Manufacturers (OEMs)

By Vehicle Type

  • ICE
  • Commercial Vehicle
  • Passenger Vehicle
  • Electric Vehicle
  • Hybrid Electric Vehicle (HEV)
  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)

By Application

  • Front/Headlamps
  • Side
  • Rear Lighting
  • Interior Lighting

Buy this Research Report@ https://www.precedenceresearch.com/checkout/1079

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333