Automotive Lighting Market

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Automotive Lighting Market - 2030oooo• Latin AmericaooJapanSouth KoreaSingaporeRest of Asia-PacificBrazilMexico• Middle East & AfricaooooRest of Latin AmericaIsraelUAERest of Middle East & AfricaTo Gain More Insights into the Market with a Detailed Table of Content and Figures, ClickHere: https://www.meticulousresearch.com/product/automotive-lighting-market-5472Based on vehicle type, the automotive lighting market is segmented into 2-wheelers, passengervehicles, and commercial vehicles. In 2023, the passenger vehicles segment is expected to account forthe largest share of the global automotive lighting market. The increase in demand for passengervehicles due to the surge in the middle-income group population, growing adoption of advancedlighting in passenger cars and rising production of passenger cars worldwide are major factorsattributed to the large market share of this segment.According to Organisation Internationale des Constructeurs d'Automobiles (OICA), there were57,054,295 passenger cars produced globally in 2021. In addition, growing consumer inclinationtowards these vehicles due to the availability of economic options is expected to support the growthof this segment as it is also projected to register the highest CAGR during the forecast period.Based on application, the automotive lighting market is segmented into interior lighting and exteriorlighting. In 2023, the exterior lighting segment is expected to account for the largest share of the globalautomotive lighting market. Automotive exterior lighting ensures safety in road traffic and helps thedriver illuminate the lane and recognize the road, obstacles and traffic signs. The headlights with thehigh beam, low beam and fog light functions are primarily used for this purpose.All exterior lighting of a vehicle is subject to country-specific legal regulations to ensure safe driving.In addition to the legal regulations, branding and aesthetics also contribute significantly to thissegment's large market share. However, the interior lighting segment is projected to register the highestCAGR during the forecast period.Based on lighting technology, the automotive lighting market is segmented into halogen, xenon, LED,and other lighting technologies. In 2023, the LED segment is expected to account for the largest shareof the global automotive lighting market. LEDs are increasingly being used in automotive applicationsdue to energy efficiency, weight reduction and space-saving qualities. Vehicle manufacturers areshowing great interest in integrating LED lights in vehicles, as these lights consume less power andhave a longer life when compared to halogen and HID lights.© Meticulous Research| sales@meticulousresearch.comPage 3 of 5
Automotive Lighting Market - 2030In addition, several automotive lighting manufacturers are introducing advanced LED lighting forvarious applications. For instance, in September 2021, HELLA GmbH & Co. KGaA (Germany)launched its Modular Lightbar with advanced LED technology for municipal vehicles. This light helpsensure optimum signaling effects as well as homogeneous illumination of the working area. Thissegment is also projected to register the highest CAGR during the forecast period.Request Customization Here: https://www.meticulousresearch.com/requestcustomization/cp_id=5472Based on geography, the automotive lighting market is segmented into North America, Asia-Pacific,Europe, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account forthe largest share of the automotive lighting market. This segment is also projected to register thehighest CAGR during the forecast period. Factors such as a rise in the emphasis toward road safety,an increase in the implementation of government regulations, and growing automobile production areexpected to drive the growth of the automotive lighting market in Asia-Pacific. In addition, the easyavailability of raw materials and enormous demand for cost-effective electrical and mechanicalcomponents from nations such as Japan, China, and India are expected to support the market growth.Key Players:The key players operating in the automotive lighting market are KOITO MANUFACTURING CO.,LTD (Japan), Stanley Co., Inc. (U.S.), Valeo (France), Marelli Holdings Co., Ltd. (Italy), HELLAGmbH & Co. KGaA (Germany), Tungsram (Hungary), Lumax Industries (India), OSRAM GmbH(Germany), Koninklijke Philips N.V. (Netherlands), ZIZALA Lichtsysteme GmbH (Austria), RobertBosch GmbH (Germany), ICHIKOH INDUSTRIES, LTD. (Japan), Continental AG (Germany),Hyundai Mobis (South Korea), Varroc Group (India).You can Buy Report from Here: https://www.meticulousresearch.com/Checkout/76681244Key questions answered in the report-• Which are the high-growth market segments based on vehicle type, application, lightingtechnology and sales channel?• What was the historical market for automotive lighting?• What are the market forecasts and estimates for the period 2023–2030?• What are the major drivers, restraints, and opportunities in the automotive lighting market?• Who are the major players, and what shares do they hold in the automotive lighting market?• How is the competitive landscape in the automotive lighting market?• What are the recent developments in the automotive lighting market?• What are the different strategies adopted by the major players in the automotive lightingmarket?• What are the key geographic trends, and which are the high-growth countries?• Who are the local emerging players in the global automotive lighting market, and how do theycompete with the other players?© Meticulous Research| sales@meticulousresearch.comPage 4 of 5
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Automotive Lighting Market

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