The global automotive lighting market size was valued at USD 32.31 billion in 2020, and is projected to reach USD 58.59 billion by 2030, registering a CAGR of 6.3% from 2021 to 2030.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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Front lighting application finds the most extensive application in automotive, followed by rear lighting. Government regulations and increase in demand related to efficient front lighting in vehicles drive the growth of the automotive lighting industry. The interior lighting segment is also expected to witness growth due to increase in trend of installing LED lights inside the vehicle to enhance the looks. With their dominant market share in the total vehicle segment, passenger vehicles are to be the most prominent vehicle type segment for automotive lighting. The rise in demand for aesthetic lighting features is expected to support the demand for lights in private and commercial cars.
Lighting, being a vital component in automotive vehicles, plays a crucial role in automotive safety. Automotive vehicles consist of various lights, which increase visibility in darkness and bad weather conditions. In addition, the lights can increase the conspicuity of vehicles. The lighting system comprises lighting and signaling devices. The lighting equipment is placed at different vehicle locations, including front, rear, top, and interiors. Lighting provides illumination for drivers, helping other vehicle drivers and pedestrians on the road to detect other vehicles’ positions, the direction of movement, and size. Further, it also adds an aesthetic look to the vehicle's interior and exterior parts.
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Regional Analysis:
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 to the increased demand for advanced vehicles with advanced safety features such as adaptive lighting to be present in vehicles running across the region.
