PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577023
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1577023
Automotive Lighting Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
The Global Automotive Lighting Market was valued at USD 35.6 billion in 2023, and projections indicate a growth rate of over 7% CAGR from 2024 to 2032, primarily driven by the consistent rise in global vehicle production and sales. As global economies, especially in developing regions, continue to expand, there is a marked uptick in the demand for both passenger and commercial vehicles. This surge is attributed to urbanization, enhanced living standards, and increasing disposable incomes, making vehicle ownership more accessible. Notably, in the Asia-Pacific region, buoyed by robust economic growth, the automotive sector is ramping up vehicle production to cater to this escalating consumer demand.
In a significant move, Honda Motor Co. and Infineon Technologies inked a Memorandum of Understanding (MoU) in February 2024. This strategic partnership zeroes in on the semiconductor industry, with a keen focus on advancing the automotive lighting market. The collaboration seeks to synchronize the future products and technology trajectories of both firms, harnessing Infineon's semiconductor expertise to elevate Honda's automotive lighting systems.
The overall industry is divided into product, vehicle type, application and region.
The market segments include front lighting/headlamps, rear lighting, interior lighting, and side lighting. Notably, the interior lighting segment is projected to grow at a CAGR of 8.5% during the forecast period. Interior lighting covers systems like ambient lighting, reading lights, and instrument panel illumination. The emphasis is on boosting comfort, convenience, and the aesthetic allure of a vehicle's interior.
Vehicle types are categorized into passenger cars, commercial vehicles, and two-wheelers. The passenger car segment is set to lead the global market, with revenues projected to exceed USD 45 billion by 2032. The passenger car segment prioritizes lighting solutions for everyday consumer vehicles, encompassing headlights, taillights, fog lights, and interior systems that enhance visibility, safety, and aesthetics.
Asia Pacific region emerged as the dominant player in the global automotive lighting industry, capturing over 50% of the market share. This surge is largely attributed to escalating vehicle production and sales in nations like China, India, and Japan. The region's expanding middle class and increasing disposable incomes are driving the demand for both passenger and commercial vehicles, subsequently amplifying the need for sophisticated lighting systems. Furthermore, government initiatives championing energy-efficient technologies, coupled with the presence of major automotive manufacturers and suppliers, will bolster the regional market growth.
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market scope and definition
- 1.2 Base estimates and calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Vendor matrix
- 3.3 Profit margin analysis
- 3.4 Technology and innovation landscape
- 3.5 Patent analysis
- 3.6 Key news and initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Increasing vehicle production and sales
- 3.8.1.2 Rising demand for electric vehicles (EVS)
- 3.8.1.3 Focus on vehicle aesthetics
- 3.8.1.4 Growth in the aftermarket segment
- 3.8.1.5 Increasing adoption of advanced driver assistance systems (ADAS)
- 3.8.2 Industry pitfalls and challenges
- 3.8.2.1 High costs of advanced lighting technologies
- 3.8.2.2 Complexity in integration and compatibility
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Product, 2021 - 2032 (USD Million)
- 5.1 Key trends
- 5.2 LED
- 5.3 Halogen
- 5.4 Xenon
Chapter 6 Market Estimates and Forecast, By Vehicle Type, 2021 - 2032 (USD Million)
- 6.1 Key trends
- 6.2 Passenger cars
- 6.3 Commercial vehicles
- 6.4 Two wheelers
Chapter 7 Market Estimates and Forecast, By Application, 2021 - 2032 (USD Million)
- 7.1 Key trends
- 7.2 Front lighting/Headlamps
- 7.3 Rear lighting
- 7.4 Interior lighting
- 7.5 Side lighting
Chapter 8 Market Estimates and Forecast, By Region, 2021 - 2032 (USD Million)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Rest of Asia Pacific
- 8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Rest of Latin America
- 8.6 MEA
- 8.6.1 UAE
- 8.6.2 South Africa
- 8.6.3 Saudi Arabia
- 8.6.4 Rest of MEA
Chapter 9 Company Profiles
- 9.1 Continental AG
- 9.2 DENSO CORPORATION
- 9.3 General Electric Company
- 9.4 HELLA KGaA Hueck and Co
- 9.5 Hyundai Mobis Co., Ltd
- 9.6 Ichikoh Industries Ltd.
- 9.7 Koito Co, Ltd.
- 9.8 Koninklijke Philips N.V.
- 9.9 LG Electronics Inc.
- 9.10 Lumax Industries Limited
- 9.11 Magnetti Marelli S.p.A
- 9.12 Namyung Lighting
- 9.13 OSRAM GmbH
- 9.14 Robert Bosch GmbH
- 9.15 Samsung Electronics Co., Ltd.
- 9.16 Seoul Semiconductor
- 9.17 Stanley Electric Co.Ltd
- 9.18 Valeo
- 9.19 Varroc Lighting Solutions
- 9.20 ZKW Group
