Automotive Lighting Market to Garner $58.59 Billion, Globally, by 2030 at 6.3% CAGR: Allied Market Research – PRNewswire
PORTLAND, Ore., Feb. 22, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Automotive Lighting Market by Light Type (Halogen, Xenon/HID, and LED), Vehicle Type (Passenger ICE Vehicle, Commercial ICE Vehicle, and Electric Vehicle), Position (Front Lighting, Rear Lighting, Side Lighting, and Interior Lighting), and Sales Channel (Original Equipment Manufacturers (OEMs), and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030.” As per the report, the global automotive lighting industry was accounted for $32.31 billion in 2020, and is expected to reach $58.59 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
Major determinants of the market growth
Increase in the implementation of government regulations, rise in automobile production, and growing emphasis toward road safety have boosted the growth of the global automotive lighting market. On the contrary, fluctuating prices of raw materials and high cost of LED lights hinder the market growth. However, increased application in light commercial vehicles and rise in demand for advanced technology in vehicles are expected to open lucrative opportunities for the market players in the coming years.
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- The outbreak of Covid-19 severely impacted the global automotive lighting industry, as several automotive industries have stopped their operations or delayed their projects to curb the spread of the virus.
- Due to the imposed lockdown across the globe, automobile & transportation activities came to halt, thus affecting the automotive industry across the globe.
- Due to the pandemic the global supply chain has disrupted and various manufacturing industries have halted their production activities, thus hampering the global automotive lighting market.
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The LED segment to dominate by 2030-
Based on light type, the LED segment contributed to nearly half of the global automotive lighting market share in 2020, and is anticipated to rule the roost by 2030, due to its longer life and better efficiency as compared to other lighting technologies to be used in vehicles. Moreover, this segment is expected to grow with the fastest CAGR of 7.4% throughout the forecast period.
The passenger vehicle segment to maintain the dominant share-
Based on vehicle type, the passenger vehicle segment accounted for more than half of the global automotive lighting market revenue in 2020, and is expected to lead the trail by 2030, owing to wider application of automotive lighting in passenger vehicles to provide a better view ofthe inner and outer environment. The electric vehicle segment, however, would register the fastest CAGR of 13.1% during the forecast period. This is due to the introduction of electric vehicle concept as a vehicle type to be used in the future.
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Asia-Pacific, followed by North America, garnered the major share in 2020-
Based on region, Asia-Pacific, followed by North America, garnered the major share in 2020, holding nearly half of the global automotive lighting market. This is attributed to the growing production and sales of vehicles across the region. However, the market across LAMEA would cite the fastest CAGR of 8.4% from 2021 to 2030. This is due …….