Global Automotive Lighting Market Reached About USD 30 Billion in 2021 and Further Grow with a CAGR of ~6% During 2022 - 2030; Surge in Road Accidents and Increasing Government Regulations Regarding Road Safety to Drive Market Growth
New York, June 20, 2022 (GLOBE NEWSWIRE) -- According to World Health Organization (WHO), road traffic injuries are currently the 8th greatest cause of mortality worldwide, affecting people of all ages, and are expected to rise to the 7th major cause of death by 2030. Road traffic collisions are the top cause of death among young people worldwide, and the main cause of death among the youth (15-29).
Kenneth Research has recently issued research titled "Global Automotive Lighting Market," which contains a full analysis of the market's top players as well as an analysis of their product portfolios. The market research report, which covers the study during the forecast period, i.e., 2022-2031, contains a complete analysis of market dynamics, including growth drivers, current market trends, important market opportunities, and major barriers to market growth in the coming years. The impact of COVID-19 on market growth is also covered in the market research analysis.
The production of different type of vehicles has grown significantly over the past few years. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total production of vehicles increased from 58,374,162 units in the year 2000 to 91,786,861 units in the year 2019. However, in 2020, the automotive lighting market had a substantial downturn, owing to a decrease in vehicle manufacturing. On account of the COVID-19 pandemic, which registered 534,495,291 confirmed cases, including 6,311,088 deaths as of 15th of June 2022, had a massive negative impact on the production of internal combustion engine (ICE) cars. In the other statistics by the OICA, the production of vehicles dipped to 77,621,582 units in the year 2020, while the sales of vehicles around the globe dipped from 91,227,182 units in the year 2019 to 78,774,320 units in the year 2020. However, the demand for automotive vehicles witnessed moderate growth in the year 2021, by registering an overall production volume of 80,145,988 units and a sales volume of 82,684,788 units.
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The global automotive lighting market generated around USD 30 billion in the year 2021 and is further expected to grow with a CAGR of ~6% during the forecast period. The expansion of the market can be ascribed to an increase in the demand for automotive vehicles globally. Further, the rise in frequency of traffic accidents occurring worldwide, and the increasing availability of stringent government regulations, backed by the surge in concern about road safety are also projected to drive the market growth. In 2020, approximately 40,000 road traffic fatalities were expected in the United States, whereas in the Indian subcontinent, road accidents have been a major source of concern. In the year 2020, over 130 thousand people died in traffic accidents in the country. Road accidents cost the country between 3 and 5 percent of its gross domestic product (GDP) each year. Such facts are expected to guide the government to improve the traffic rules which in turn, is projected to expand the growth of the global automotive lighting market. Furthermore, a growing trend in the adoption of advanced lighting in vehicles is expected to propel market growth. Over the past few decades, the vehicle lighting business has been driven majorly by the strict lighting requirements in industrialized countries, such as Europe and North America. Vehicle lighting is extremely important, especially while traveling on congested roads.
The global automotive lighting market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Owing to the implementation of rigorous government road safety rules in response to rising road accidents, the Asia Pacific region is projected to hold the greatest share of the market over the forecast period. Furthermore, rising demand for innovative vehicle technology, as well as increased production and sales of automobiles, particularly commercial vehicles, owing to the growing logistics industry, are expected to boost the market forward. Additionally, the presence of nations, such as China, Japan, India, and South Korea, who are also known to be the largest producers of automotive vehicles worldwide, is also projected to create numerous opportunities for the growth of the market in the coming years. In the other statistics by the OICA, the production of vehicles in China surpassed the total productin of vehicles in America. In the year 2019, the nation registered a production volume of 25,750,650 units, while America registered a total production volume of 20,160,401 units. On the other hand, the production volume of vehicles in the same year in Europe stood at 21,575,117 units.
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The Europe region is also expected to witness the highest growth during the forecast period on the back of increasing applications of road safety regulations, and huge investments in safety technologies. With several lighting technologies, such as adaptive lighting, intelligent lighting, and next-generation lighting, vehicle manufacturers are ensuring increased vehicle safety, which is also expected to contribute to the growth of the market in the region. Moreover, with the rising concepts of autonomous driving vehicles, intelligent lighting solutions, which are largely integrated into new vehicle models are known to play a key role in the safety of vehicles. The growth of the market in the region can also be attributed to the rising demand for German-made vehicles globally, which in itself are known for their classic safety and engineering features. For instance, in the year 2021, the European Union (EU), as a whole, exported USD 144 billion worth of cars. Germany, on the other hand, was the largest exporter in the EU in terms of revenue, which held approximately USD 87.21 billion (about 61% of the total EU car exports) in the same year.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).
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The global automotive lighting market is segmented by technology into halogen, LED, xenon, and others, with the halogen sector expected to have the biggest market share owing to its low cost and widespread availability. Whereas, the demand for LEDs is expected to grow massively in the coming years, backed by the rise in trade of LED lamps globally, and owing to a variety of benefits such as reduced energy consumption, stronger light emission, and availability in a variety of shapes and styles. According to the statistics by the International Trade Center (ITC), the import of LED lamps worldwide increased from USD 5,909,780 Thousand in the year 2017 to USD 8493989 Thousand in the year 2021.
The global automotive lighting market is also segmented by vehicle type into passenger cars and commercial vehicles. The surge in demand for passenger cars globally is one of the major factors projected to drive the growth of the passenger cars segment during the forecast period. In the other statistics by the OICA, the production of cars in the year 2019 reached 67,149,196 units, whereas the production of commercial vehicles touched 24,637,665 units.
The global automotive lighting market is further segmented by application.
Global Automotive Lighting Market, Segmentation by Application
· Front Lighting
· Side Lighting
· Rear Lighting
· Interior Lighting
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Some of the prominent industry leaders in the global automotive lighting market that are included in our report are Stanley Electric Co., Ltd., Koito Manufacturing Co., Ltd., Valeo, Marelli Holdings Co., Ltd., HELLA GmbH & Co. KGaA, Robert Bosch GmbH, OSRAM GmbH, Koninklijke Philips N.V., DENSO Corporation, Hyundai Mobis, and others.
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