Automotive Lighting Market | Size, Share & Trends Analysis, By Type (LED, Halogen, and Xenon)

Overview:

Lighting plays vital role in motor vehicles with regard to the safety of occupant and the road users. Automotive lighting is important to improve the vision of the driver. The automotive lights helps the driver to detect uneven road, pedestrians, other vehicle movement, and other obstacles. Additionally, automotive lighting have wide application for various components of the vehicle including rear area, front area, side area, and interior area.

The rising demand for luxury cars and technological advancement in adaptive lighting technology is driving the growth of automotive lighting market. Moreover, increasing incidences of road accidents is boosting the demand of advanced lighting solution resulting to promote the growth of automotive lighting market. Furthermore, vehicle manufacturers are focusing on development of technologies for the advanced lighting solution to offer lightweight, small sized, and efficient lighting technology.

Additionally, advancement in lighting solutions including high beam feature of matrix LED is propelling the growth of automotive lighting market. The LED lighting component is connected to sensor for automatic activation and deactivation of light to provide better visibility. For instance, in 2019, Nichia corporation collaborated with Infineon Technologies AG to develop high-definition micro-LED matrix solution to enhance driving feature and improve safety characteristics. .

Read more at: https://www.reportsinsights.com/industry-forecast/global-automotive-lighting-market-statistical-analysis-673823

Market Dynamics:

Driver:

Rising demand for luxury vehicle and increasing adoption of advanced lighting technology is driving the growth of automotive lighting market. Rising demand for luxury vehicle and increasing adoption of advanced lighting technology is driving the growth of automotive lighting market.

The improved lifestyle and changing preferences resulting to rise the demand of premium vehicles with advanced features including Blind Spot Detection (BSD), Adaptive Cruise Control (ACC), Departure Warning (DW), and Forward Collision Warning System (FCWS) are driving the growth of automotive lighting market. Moreover, strict regulation for vehicle lighting implemented by the government is boosting the growth of automotive lighting market. For instance, European Union authorize the use of daytime running lights for new vehicles to increase road safety. Thus, increasing concern related to road accidents is driving the growth of automotive lighting market.

By Type

The type segment is categorized into LED, Halogen, and Xenon. LED segment holds major market share in the year 2022 due to rising adoption and growing preference for LED to offer better visibility. Additionally, manufacturers are focusing on advancement of LED lights to replace halogen bulbs. For instance, in 2018, Osram introduced LEDriving product to replace halogen and xenon light, to provide greater output with high beam, position lights, and turn indicator. LED segment is expected to grow during forecast period owing to excellent power output as compared to halogen lights. Additionally LED lights provide better visibility resulting to rise the growth of LED segment in automotive lighting market.

By Product

The product type segment is separated into the engine oil, gear oil, hydraulic fluid, metalworking fluid, compressor oil, turbine oil, process oil, and others. In 2022, the engine oil segment accounted for the largest share contribution in terms of value. Increased focus on extending the lifespan of engines and decreased fuel consumption along with CO2 emissions supports the demand for engine oil to optimize engine performance and efficiency. Also, the compressor oil segment is anticipated to witness significant growth during the forecast period. The usage of such oil in industrial machinery for oxidation resistance and thermal stability is expected to support the segmental demand for the maintenance of clean compressors. Such usage of compressor oils helps to keep up with longer running periods between oil changes and scheduled maintenance.

By Vehicle type

The vehicle type segment is classified into Passenger cars and Commercial vehicles. Passenger cars segment accounted major market share for automotive lighting market due to rising usage and increasing production of passenger cars as compared to the commercial vehicles. Additionally rising demand of luxury vehicle and changing preferences is driving the growth of passenger cars in automotive lighting market. Passenger cars segment is expected to grow during forecast period owing to rising demand of premium vehicles to offer high convenience. Thus, rising demand for luxury cars for better visibility is propelling the growth of passenger cars in automotive lighting market.

By Application

The application segment is divided into Rear, Front, Side, and Interior. The front segment accounted largest revenue share in the year 2022 owing to continuous advancements in headlamps. The rising adoption of LED lights for headlamps to provide better visibility is driving the growth of front segment in automotive lighting market. The rear segment is projected to grow during forecast period due to usage automotive lighting system for the vehicles. By Region The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Europe holds major market share for automotive lighting market due to presence of key manufacturers including Hella, Osram, Robert Bosch, and ZKW. Additionally, Europe have implemented safety standards for vehicles, focusing on the safety of both passengers and pedestrians. Moreover, rapid technological developments are driving the growth of Europe in automotive lighting market. For instance, in November 2020, Hella introduced compact work light series mounted directly on the wall of vehicle to ensure homogeneous illumination of the area.