Global Automotive Lighting Market Trends And Strategies Of Major Players In The Automotive Lighting Market 2021-2030
3 Sep, 2021
The automotive lighting market consists of sales of automotive lighting and related services. Automotive lighting and signaling devices are mounted on the front, rear, sides, and in some cases the top of a motor vehicle. The lighting system also makes the vehicle more visible especially in low light conditions.
Global Automotive Lighting Market Size And Drivers:
The global automotive lighting market is expected to grow from $24.42 billion in 2020 to $25.17 billion in 2021 at a compound annual growth rate (CAGR) of 3.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $33.78 billion in 2025 at a CAGR of 8%. The growing demand for global automotive lighting market to meet the needs of the rising emphasis on road safety is expected to drive the global automotive lighting.
Request For A Sample For The Global Automotive Lighting Market Report:
Trends In The Global Automotive Lighting Market
Companies in the automotive lighting market are investing heavily to develop fog-free lamps. This automotive lighting resolves fog issues and also fulfill requirements such temperature, humidity and vibration that were challenging earlier. For instance, in 2018, Hyundai Mobis announced that it has succeeded in developing new materials that can technically resolve fog issues. The company partnered with Initz (SK Chemical's subsidiary) in developing new material using various additives to plastic that does not emit gases. It also developed material that reduces the weight of the lamp by 20%. The development of fog-free lamps will contribute to the growth of the market.
Global Automotive Lighting Market Segments:
The global automotive lighting market is further segmented –
By Vehicle Type: Passenger Vehicle, Commercial Vehicle
By Technology: Halogen, Xenon/HID (High-intensity Discharge Lamp), LED (Light Emitting Diode)
By Application: Front/Headlamps, Rear Lighting, Side, Interior Lighting
By Geography: The global automotive lighting market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Automotive Lighting Market At:https://www.thebusinessresearchcompany.com/report/automotive-lighting-global-market-report
Automotive Lighting Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides automotive lighting market overviews, analyzes and forecasts market size and growth for the global automotive lighting market, automotive lighting market share, automotive lighting market players, automotive lighting market segments and geographies, automotive lighting market’s leading competitors’ revenues, profiles and market shares. The automotive lighting market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.