Automotive Lighting Market 2022: Industry Key Players, Share, Trend, Applications

With the increase in applications of lighting systems, especially in passenger cars, the demand for energy-efficient lighting is on the rise. Owing to the properties such as low power consumption and high design flexibility, the demand for LED lighting has grown significantly in the past few years, especially in the interior lighting segment. However, technologically advanced laser systems are also projected to evolve and gain momentum during the next five to seven years.

The Automotive Lighting Market is majorly driven by increasing vehicle production and increasing lighting applications, especially in passenger cars. Additionally, factors such as passenger and pedestrian safety regulations and increased demand for luxury, comfort, and ambiance are driving technological advancements in the automotive lighting industry. The automotive lighting market is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is expected to reach USD 29.97 Billion by 2022.

The exterior lighting business accounts for a major share in the revenue generated by the lighting manufacturers. With the increasing demand for comfort, styling, and aesthetics, the interior lighting solutions segment is estimated to grow at the fastest rate during the forecast period. The interior lighting solutions include features such as ambient lighting and mood lighting, which are now available in premium vehicles as well as a few mid-level cars. To cater to the increasing demand, car manufacturers would offer these lighting features in mid-level cars, which will directly influence the lighting market. Hence, lighting system manufacturers can focus on formulating strategies to fulfill the increasing demand for interior lighting solutions.

The exterior lighting business accounts for a major share in the revenue generated by the lighting manufacturers. With the increasing demand for comfort, styling, and aesthetics, the interior lighting solutions segment is estimated to grow at the fastest rate during the forecast period. The interior lighting solutions include features such as ambient lighting and mood lighting, which are now available in premium vehicles as well as a few mid-level cars. To cater to the increasing demand, car manufacturers would offer these lighting features in mid-level cars, which will directly influence the lighting market. Hence, lighting system manufacturers can focus on formulating strategies to fulfill the increasing demand for interior lighting solutions.

German automakers Audi AG and BMW AG entered a contest when both announced that they would be the first to bring laser technology to the market. In 2014, BMW became the first auto company to market laser light technology. Laser lights have long been criticized for their ill effects on the human eye. BMW eliminated these hazards by successfully filtering, diffusing, and eventually reflecting the light onto the road. The direct light from lasers is targeted onto mirrors. These mirrors focus the light on a lens filled with a yellow phosphor, which when excited emits intense white light. This white light is eventually reflected on the road, using a reflector. The laser light emits 1,000 times more light than LEDs, which means that laser light can be made much smaller than conventional light. Thus, with the increase in demand for luxury cars and advancement in lighting technology, there can be high demand for OLEDs and laser lights in the near future

Major players in Automotive Lighting Market

Automotive lighting system manufacturers such as Hella KGaA Hueck & Co (Germany), Magneti Marelli (Italy), Stanley Electric (Japan), Valeo (France), and Koito Manufacturing (Japan) have expanded their manufacturing facilities across various regions. Along with the expansion, these players can also focus on their R&D activities and target the upcoming lighting technologies such as adaptive lighting, OLED, and laser technology, which can leverage their business opportunity and overall revenue.

SOURCE- MarketsandMarkets

Related Links: https://automotive.electronicspecifier.com/lighting/shining-a-light-on-automotive-illumination-solutions

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