Global Automotive Tail Light Market Worth to reach US$ 22 Billion in 2032; LED Sourced Lights to accrue 50% Revenue: Fact.MR Study – GlobeNewswire

June 17, 2022 by No Comments

United States, Rockville, MD, June 17, 2022 (GLOBE NEWSWIRE) — As per a recent report published by Fact.MR, the global automotive tail light market is poised to grow at a CAGR of 6% from 2022 to 2032. The market is expected to close at a valuation of US$ 22 Billion. With rising incorporation of advanced technologies in automobile components, automotive taillights have been undergoing innovation over the past decade – creating a slew of potential growth opportunities for automotive taillight manufacturers in the upcoming few years.

From 2015 to 2021, the market for automotive tail light grew at a CAGR of 4% closing at a value of US$ 11.5 Billion. As of 2022, the industry is likely to reach US$ 12.2 Billion. Prospects heightened after the growing consumer demand for sleek, lightweight, and functional vehicles; thereby fuelling innovations in each structural and functional vehicular component. Augmenting applications in plug-in hybrid (PHEV) and electric vehicles (EV). Automotive Tail Light-based batteries prevent loss of charge and ensure that PHEVs and EVs run for longer distances.

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Besides the critical need for excellent performance and uncompromised safety, the manufacturers of automotive taillights have been recently making efforts to meet the drastically ascending demand for lightweight vehicles for greater fuel efficiency. FMR’s study on the global automotive tail light market expects this as a long-term enduring trend, which will strongly trigger the consolidation of manufacturing processes and componentry.

Key Takeaways from the Market Study 

  • Global automotive tail light market to nearly double from 2022-2032 
  • LED automotive tail lights to be a top-selling category, capturing more than 50% market and flourishing at a 6% CAGR until 2032 
  • By vehicle type, automotive tail light for the automotive industry to expand at a CAGR of 5.5% 
  • North America to emerge as the fastest-growing Automotive Tail Light market, documenting a 6.6% CAGR 
  • APEJ to be the most opportunistic market, expected to be valued at US$ 6.5 Billion in 2032 

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Competitive Landscape 
The global market for Automotive Tail Light is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market. 

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