Lighting Market | Latest Development and Market Trends By 2022

According to the new market research report "Lighting Market for ICE & EVs by Technology (Halogen, LED, Xenon), Position (Front, Side, Rear, Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting & Region - Forecast to 2022", published by MarketsandMarkets™, The Lighting market for Automotive, by value, is projected to grow at a CAGR of 6.80% from 2017 to 2022, to reach USD 29.97 billion by 2022.

In addition to growing vehicle demand and increasing lighting applications, factors such as safety regulations and rising demand for comfort and luxury are expected to fuel the demand for advanced technologies such as adaptive lighting systems.

"LED technology is estimated to showcase fastest growth and is expected to lead in future lighting market"

The market for front LED technology, by value, is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. This growth can be attributed to the benefits offered by LED technology, such as energy efficiency, low power consumption, lightweight, and flexibility. These benefits help to minimize the design constraints as compared to halogen lamps. The technology is estimated to lead the front lighting segment with applications such as Daytime Running Lamp (DRL), and projector headlamps as well as interior lighting segment where its applications are dashboard, glovebox, reading, dome, and rear view mirror lights.

"Front Adaptive Lighting to have the largest market in automotive adaptive lighting"

The front adaptive lighting market is expected to be the largest and fastest growing segment in the Lighting market for Automotive, by adaptive lighting. This growth can be attributed to stringent safety regulations in Europe and increased adoption of adaptive lighting features in premium cars in the Asia-Oceania region.

"Asia-Oceania region to dominate the market growth"

Asia-Oceania is estimated to dominate the Lighting market for Automotive, by value. It is projected to grow at the highest CAGR of 7.02% during the forecast period. This can be attributed to emerging economies such as China and India. In Asia-Oceania, the growth of automotive lighting solutions has been observed owing to the easy availability of raw materials and strong government support, which have boosted vehicle production and the overall lighting market.

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The Lighting Market for Automotive ecosystem consists of manufacturers and Tier 1 suppliers such as Hella KGaA Hueck & Co. (Germany), Osram (Germany), Magneti Marelli (Italy), Koito Manufacturing Co., Ltd (Japan), and Stanley Electric (Japan); OEMs such as Volkswagen Group (Germany), Mercedes-Benz (Germany), Ford (U.S.), Hyundai (South Korea), Toyota (Japan), TATA (India), and Mahindra and Mahindra (India).

China and India together contribute 35% of the global vehicle production and approximately 34% of the global passenger car production. Due to this, Asia-Oceania is estimated to be the largest and fastest growing market for automotive lighting. The Chinese buyers, in particular, are becoming sophisticated as they are ready to upgrade to newer and better models. Also, technologies such as ambient lighting and adaptive lighting are gaining pace in these markets. Hence, these factors contribute to a positive growth in the Asia-Pacific automotive lighting market.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.