Automotive Lighting Market Overview:
The global automotive lighting market is garnering substantial traction. The market growth attributes to reformed government regulations and increasing demand for enhanced safety in automobiles. Besides, rising trends of growing sales of passenger vehicles and the disposable income of middle-income groups drive the market demand. Moreover, the spurting demand from the OEM and aftermarket sectors escalates market sales.
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According to Market Research Future (MRFR), the global automotive lighting market valuation is expected to reach over USD 32,800.0 MN by 2025, growing at 6.0% CAGR during the review period (2019 – 2025). Growing urban population and expansion of global auto-manufacturers into new emerging markets positively influence market growth. Also, changing consumer demands accelerate the development of the market, driving the aftermarket industry.
Additionally, the augmenting demand for the highest quality and reliable lighting solutions influence the growth of the market. Efficient lighting is the most essential aspect of automobiles; therefore, they are much in demand. Longer-lasting and energy-efficient lighting systems have an enormous impact on the automotive industry’s economy. Over the last decade, automobiles’ production and sales have spurted worldwide, which in turn, substantiates the demand in the market.
The automotive industry is increasingly focusing on ensuring minimal inconvenience to drivers by facilitating optimized operational techniques. This adds up significant growth prospects to the market. Rising R & D investments to develop automotive lighting systems and upgrade the performance and efficiency of existing lighting systems push market growth. Moreover, rapid advances in lighting technologies such as halogen, xenon, and LED, influence the growth of the market.
LEDs would be the predominant light source in car headlights/ front lights as their compactness and energy efficiency are significant advantages over conventional technologies. Also, LEDs make it easy to achieve the brightness values in rear lights, sidelights, and interior lights required by today’s customers.
The report is segmented into five dynamics;
By Technology : Halogen, Xenon, LED, and others.
By Vehicle Type: Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles.
By Application : Front Lights, Rear Lights, Side Lights, and Interior Lights.
By End-Market : OEM and Aftermarket.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Automotive Lighting Market Growth and Regional Analysis