As per the TechSci Research report titled "Automotive Smart Lighting Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F", the global automotive smart lighting market is predicted to experience rapid growth due to the increasing sales of electric vehicles and advancements in technology that enhance both interior and exterior lighting systems. Lighting technology is crucial for vehicle safety, particularly in motorized vehicles. To differentiate themselves in the competitive automotive industry, automakers are seeking new strategies to create unique exterior and interior lighting system styles. Automotive designers can now define their own styles and appearances while taking advantage of modern technologies that provide greater flexibility and scalability across various applications and vehicle types. LED technology has progressed to allow for advanced vehicle lighting applications, including Glare-Free High Beam, Adaptive Driving Beam, and Rear Lighting.
Many automakers have expressed their long-term interest in installing smart lighting in their vehicles since they consume less power and last longer than traditional lighting. The increasing prevalence of electric vehicles is also driving the demand for the automotive lighting industry. The intelligent automotive lighting market is mainly propelled by the growing number of luxury vehicles on the road. Asia-Pacific is currently the leading market due to its substantial number of smart lighting-equipped vehicle sales and overall annual growth, followed by North America and European countries. Within the Asia-Pacific region, China holds the largest market share.
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The global automotive smart lighting market is categorized into various segments based on vehicle type, propulsion type, application, technology, region, and company. Vehicle type segment comprises Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle. Propulsion type segment is further classified into ICE vehicles and electric vehicles. Technology segment includes Halogen, Xenon, LED, and Other Technologies.
Passenger car holds the majority share in the automotive smart lighting market due to consumer preference towards personal vehicles. ICE vehicles currently hold the maximum share in the propulsion type segment, but the electric vehicle segment is expected to have a higher CAGR in the forecasted year. Companies are also developing and integrating a wide range of solutions for external vehicle lighting systems, as well as innovative sensors to support future ADAS capabilities, including LiDAR sensor technology.
According to World Health Organisation, part of road accidents happens due to improper lighting system in vehicle. Hence, the companies are investing in R&D and innovation to develop smart lighting with driver assistance and proximity sensors which further boost the demand for automotive smart lighting market
Some of the major companies operating in the global automotive smart lighting market include:
- Hella GmbH & Co. KGaA
- Stanley Electric Co., Ltd.
- Hyundai Mobis
- Valeo Group
- ZIZALA Lichtsysteme GmbH
- Koninklijke Philips N.V.
- General Electric
- Denso Corporation
- Robert Bosch GmbH
- Magneti Marelli SpA
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
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“In 2022, Asia-Pacific region accounted for the largest market share while leading the global automotive smart lighting market and the trend is likely to continue through 2028. Following Asia-Pacific, North America led the market due to greater number of luxury vehicles on road. Automotive smart lighting shows promising development in extending range of electric vehicle.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Automotive Smart Lighting Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” has evaluated the future growth potential of global automotive smart lighting market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive smart lighting market.
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About TechSci Research:
TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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