]The growth in the number of automobiles and the advancement of safety features like lighting technology are the two primary drivers propelling the global market for automotive lighting equipment. During the projection period, it is also anticipated that rising disposable income and shifting consumer preferences for premium cars would fuel market expansion. Furthermore, it is projected that in the upcoming years, the market would benefit from strict government rules surrounding vehicle safety, an increase in demand for better visibility, and an increase in the desire for lightweight vehicles.
The demand for automotive lighting equipment stems from the requirement for increased vehicle visibility, particularly at night. The visibility range of a driver is increased by automotive lighting equipment, which also increases safety on freeways and city streets. This kind of lighting is also utilised to improve the appearance of the car overall and give it a more fashionable appearance. Additionally, the materials used to construct automobile headlights are strong and resistant to deterioration over time.
Headlights, taillights, fog lights, and side indicators are all parts of automotive lighting equipment. These lighting devices are utilised to ensure a secure driving environment for the driver and other passengers. In low light and risky weather, such as rain or thick fog, automotive lighting equipment also contributes to a more comfortable drive. Powerful LED lamps are specifically incorporated into headlights so they can brighten at night and improve road visibility. Tail lights can be altered to match the outside design of an automobile and are available in a variety of sizes, colours, and designs. The use of fog lights improves visibility for drivers in low-light conditions and facilitates safe vehicle manoeuvring on slick surfaces. Automakers created side indicators primarily to offer a stylish touch when signalling left or right turns while driving.
The Global Automotive Lighting Equipment Market is anticipated to reach an estimated value of USD 24.6 billion by 2031 and expand at a CAGR of 5.9% over the forecast period of 2021–2031.
The market is primarily driven by the rise in vehicle production and improvements in safety features like lighting technology. Additionally, during the projected period, rising disposable income, rising living standards, and a booming automotive sector are anticipated to drive the expansion of the global market for automotive lighting equipment.
High-quality automobile lighting equipment is expensive and needs to be replaced frequently, which raises the cost of manufacturing and maintenance for market participants. Furthermore, the development of this sector may be hampered by a lack of knowledge of contemporary safety measures like LED lights. The expansion of the market for automotive lighting equipment is further hampered by the availability of counterfeit goods. But, possibilities are anticipated to arise in the upcoming years due to the rising demand for premium vehicles and better visibility systems.
Major players like Magneti Marelli S.p.A, Robert Bosch GmbH, HELLA KGaA Hueck & Co., Koninklijke Philips N.V., Valeo SA, OSRAM GmbH, Koito Manufacturing Co., Ltd., Zizala Lichtsysteme GmbH, and Stanley Electric Co., Ltd. make up the competitive landscape of the global automotive lighting equipment market. To create technologically cutting-edge solutions for the automotive lighting equipment industry, these businesses continually spend on research and development projects.
The Halogen Type emerged as the Most Lucrative Segment
The market is divided into categories for halogen, xenon, LED, and others. Due to its affordability, halogen lighting equipment is the type that is most frequently utilised in automobile lighting systems. These lighting systems' extended lifespans and simple installation are other factors that contribute to their great demand.
The Most Prominent Application is the Passenger Cars Segment
Due to rising consumer demand for increased road visibility, the passenger cars category is predicted to dominate the worldwide automotive lighting equipment market. The development of the global market for automotive lighting equipment is anticipated to be fueled by a number of additional factors, including rising disposable income and rising living standards.
The APAC Region to render Ample Financing Opportunities
North America, South America, Asia Pacific, Europe, and the Middle East & Africa make up the five primary regions that make up the global market for automotive lighting equipment. Due to its dominance in vehicle production across nations like China and India, the Asia Pacific region is anticipated to lead the automotive lighting equipment market in terms of value and volume during the forecast period. Government rules that support safety features in automobiles are also a major driver of this region's growth.
COVID-19 Impact and Market Status
The COVID-19 epidemic has had a devastating effect on the market for automotive lighting equipment, causing a drop in both production and sales. Because of the lockdown and travel restrictions put in place by governments around the world, production activity was halted. This had an adverse effect on the production and supply chain, as well as the market for automotive lighting equipment globally. The market has, however, slowly rebounded as a result of the gradual removal of limitations and the restoration of car production activity in nations like China, South Korea, and India. Additionally, it is anticipated that rising R&D expenditures to create better lighting solutions will offer profitable market expansion prospects.
Recent Developments in the Automotive Lighting Equipment Market
• Adaptive Driving Beam (ADB), smart headlamps, and matrix LED technology are a few of the innovative automotive lighting solutions that Osram and Zenseact plan to create in 2019.
• In order to create a new line of cutting-edge LED headlights for next-generation vehicles, Audi teamed up with Osram in 2019.
• The debut of Valeo's new Intelligent Lighting System (ILS), which enables high-definition 3D light patterns, was slated for June 2020.
• A new line of vehicle headlights from Hella was introduced in 2021 featuring an adaptive LED matrix and digital Micro Mirror Technology that allows for real-time adaptation to various driving conditions.
• Magneti Marelli announced the arrival of its new automotive lighting system in May 2021. This system combines LED and laser technologies to increase road safety.
• The debut of Philips' cutting-edge IntelliLux LED matrix headlights and taillamps for passenger cars was announced in March 2022.
Automotive Lighting Equipment Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 24.6 billion|
|Growth Rate||CAGR of 5.9% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Magneti Marelli S.p.A, Robert Bosch GmbH, HELLA KGaA Hueck & Co., Koninklijke Philips N.V., Valeo SA, OSRAM GmbH, Koito Manufacturing Co., Ltd., Zizala Lichtsysteme GmbH, and Stanley Electric Co., Ltd.|
Key Segments of the Automotive Lighting Market
Type Overview, 2021-2031 (USD Billion)
Application Overview, 2021-2031 (USD Billion)
• Passenger Cars
• Commercial Vehicles
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa