Automotive Lighting Market worth $30.4 billion by 2030 - Exclusive Report by MarketsandMarkets™

1. Automotive Lighting Market worth $30.4 billion by 2030 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets Jan 30, 2024, 03:00 ET  CHICAGO, Jan. 30, 2024 /PRNewswire/ -- Automotive Lighting Market is projected to grow from an estimated USD 22.5 billion in 2023 to reach USD 30.4 billion by 2030 at a CAGR of 4.4% during the forecast period, according to a new report by MarketsandMarkets™. Automotive manufacturers are highly focused on developing new and innovative lighting to increase the driver's and other road users' aesthetic appeal and safety. Automotive lighting is an integral part of every vehicle and significantly ensures safety, aesthetic appeal, and visibility. OEMs in lighting innovation create a range of concepts for interior and exterior use of LED technology. Almost all OEMs have incorporated LED technology in today's vehicles. LED daytime running and rear lights have been introduced on several vehicles, and the latest LED matrix headlights provide vastly superior characteristics for functionality and design. Recently, all the high-end four-wheelers have been typically equipped with LED lighting, which is also anticipated to fuel the overall market growth. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1133 Browse in-depth TOC on "Automotive Lighting Market". 507 - Tables 59 - Figures 378 - Pages 

2. Automotive Lighting Market Scope: Report Coverage Details Market Size USD 30.4 billion by 2030 Growth Rate CAGR of 4.4% Largest Market Asia Pacific Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2023-2030 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends By Technology (Halogen, LED, Xenon), Position and Application (Front, Rear, Side, Interior), Adaptive Lighting, Electric Segments Covered Vehicle, Two-Wheeler Position Type and Region Geographies Covered Asia Pacific, Europe, and North America Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Advancement in Lighting Technologies Key Market Drivers Lighting Regulations for better visibility and on-road safety "Exterior Lighting will remain the dominant application during the forecast period." The exterior lighting application is projected to lead the automotive lighting market during the review period. The segment's growth is mainly attributed to the compulsory fitment of several lighting components such as headlights, tail lamps, indicators, Center High Mounted Stop Lamps (CHMSL), Brake/ reverse lights, and license plates in almost all categories of vehicles. Further, continuous advancements in front & rear lighting technologies and government mandates to install daytime running lights (DRL), and adaptive lighting will prompt the growth of this segment. The exterior adaptive lighting technologies are gaining traction during the forecast period. This lighting improves the visibility of vehicles at a dimly lit intersection with the help of sensors which help to detect the steering angle to swivel based on the travelling direction of the vehicle. For instance, the European Union mandated the installation of passenger and commercial vehicles. Additionally, passenger cars produced in Japan and Canada also need to be fitted with DRLs, and other countries such as the US, China, India, and South Korea have noticed a significant uptake of LED DRLs and fog lights starting from mid- to premium range cars. Hence, advanced technologies like automatic ON/OFF, high beam assist in front lighting, and rear light signalling functions help to communicate with the driver and surroundings while driving. Thus, such advancement in exterior lighting is transforming the overall automotive lighting industry which will drive this market in upcoming years. "LED to be the fastest growing automotive lighting technology by 2030." 

3. The LED lighting market will become a prominent technology in the automotive industry by the end of 2030 as it is more efficient than other technologies and is useful for adaptive lighting features. Due to this, LED headlamps and taillights have experienced an upsurge in demand in the passenger vehicles segment. On the other hand, mid-priced cars are getting installed with hybrid lighting, which combines halogen and LED lighting. Moreover, certain government norms encourage the usage of LED lighting. For instance, in February 2022, the US Department of Transportation's National Highway Traffic Safety Administration (NHTSA) issued a final rule allowing automotive OEMs to install adaptive driving beam headlights on newly produced vehicles. Further, advancements in LED technologies such as OLED and matrix LED are prominently available in high-end cars for headlight application; however, they are expected to see a noticeable adoption in mid-range cars, especially in developing countries. Other than exterior applications, the adoption of LEDs for dashboards, gloveboxes, and dome lamps is growing rapidly. Leading OEMs such as Hyundai, Toyota, Volkswagen, BMW, and Nissan among others have adopted LED technology in interior and exterior applications to improve the vehicle's appearance. Some major commercial vehicle manufacturers, such as Daimler, Volvo, Scania, and MAN Trucks among others, are offering LED headlamps in some of the heavy trucks segment. Thus, the extended lighting range of LED technology with design flexibility and shifting consumer inclination towards LED technology will propel the adoption of LED technology in the coming years. "Europe is the second largest market for automotive lighting." Europe is estimated to remain the second largest region for the automotive lighting market. The region's growth is mainly driven by stringent government regulations and the presence of prominent OEMs and tier-1 suppliers that invest in advanced technology to improve vehicle and passenger safety. For instance, the use of Daytime Running Lights (DRLs) has been mandated by European authorities for almost all vehicle types. These regulations by the European Union have compelled automotive OEMs to incorporate advanced lighting systems. The European Union has set a target to reduce road fatalities by 50% by 2030, and advanced automotive lighting solutions are seen as a critical technology in achieving this goal. Regarding country-wise analysis, Germany is estimated to account for the largest share of the European automotive lighting market. Class C and above passenger vehicles contribute around 90% of the total passenger cars produced in Germany. The demand for trending LED technology in headlights, taillight, and in-cabin lighting is higher in premium sedans, coupe, and mid & full-size SUVs. Other major EU countries, including Spain, France, and the UK, have a higher adoption of 

4. luxury cars. LED technology has higher adoption in these vehicles due to advancements specific to this technology, like matrix LED, OLED, and adaptive headlights that adjust the light beam based on driving conditions, enhancing visibility without causing glare for oncoming traffic. The technology provides flexibility to create many new design possibilities, enabling functional and aesthetical adjustments in numerous ways. Due to this, Tier-1 suppliers such as OSRAM, Magnetic Marelli, and Hella offer this technology to automakers like AUDI, BMW, and Mercedes-Benz as a standard feature. Similarly, the development and adoption of smart automotive lighting systems under ADAS technology, like headlamps responding to the steering angle, suspension movements, road curvatures, and forward traffic, is increasing in the region. This will drive the demand for the adaptive headlamp market. These features are gaining popularity in Mercedes-Benz, Audi, Volvo, Volkswagen, and other passenger car models. European legislation focuses on decreasing fatalities by encouraging the inclusion of these safety systems in vehicles. Further LCVs offered by OEMs such as Mercedes-Benz and Volkswagen incorporate advanced lighting systems, including LED headlights for improved visibility and energy efficiency. These factors will fuel the region's demand for advanced automotive lighting market. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp? id=1133 Key Market Players: The major players in Automotive Lighting Companies include Koito Manufacturing (Japan), Magnetic Marelli (Italy), Valeo (France), HELLA GmbH & Co. KGaA (Germany) and Stanley Electric (Japan) Recent Developments 

5. in November 2023, HELLA launched its new HELLA Value Fit BLADE auxiliary headlamp series primarily for trucks and off-road vehicles. These auxiliary headlamps are equipped with innovative LED lighting technology and provide a new growth path entry into the world of LED vehicle lighting. In July 2023, HELLA and Porsche launched the world's first high-resolution headlamp powered by matrix LED technology. This raised automotive lighting technology to a new level. In July 2022, HELLA introduced the next generation of ambient lighting. The new HELLA Slim Light System can indirectly set the interior scene and enable wide-area lighting, such as in the door. The most striking feature of this system is its slim design and lightweight. It can be embedded between several layers, not exceeding a thickness of eight millimeters. By way of comparison, current systems measure around 20 millimeters. Get 10% Free Customization on this Report:https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1133 Browse Adjacent Market:Automotive and Transportation Market Research Reports & Consulting Related Reports: Automotive LiDAR Market - Global Forecast to 2030 Automotive Glazing Market - Global Forecast to 2025 Automotive Ambient Lighting Market - Global Forecast to 2027 Autonomous / Self-Driving Cars Market - Global Forecast to 2030 About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating

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