According to a new report, published by KBV research, The Global Automotive Lighting Market size is expected to reach $56.6 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 2,127.5 million Units experiencing a growth of 7.2% (2019-2022).
The Front Lighting segment is generating the highest revenue in the Global Automotive Lighting Market, By Position in 2022; thereby, achieving a market value of $23.3 Billion by 2030. Due to ongoing advancements in headlamp technology, the front illumination (also referred to as headlights) segment is expected to dominate. Implementing novel technologies, such as laser lighting, within the front illumination system is expected to stimulate the expansion of the front lighting segment. Properly functioning headlamps ensure the vehicle is visible to other drivers, pedestrians, and cyclists, reducing the risk of accidents, especially in low-light conditions or during nighttime driving.
The Passenger Vehicle segment is registering a CAGR of 6.2 % during the forecast period. A passenger car is a standard mode of transportation globally. The increasing passenger vehicle sales and advancement in lighting technology are anticipated to boost the segment's growth. Also, increasing demand for electric vehicles is expected to propel the market growth as all-electric cars are equipped with high-end lighting setups. Moreover, the increase in per capita income is a significant factor driving passenger vehicle sales, indirectly boosting market growth.
The LED segment led the Global Automotive Lighting Market, By Technology in 2022; thereby, achieving a market value of $26.6 Billion by 2030. The primary reason for this is its wide range of applications, which includes brake lights and indicators. In addition, their advantages, including energy conservation, optimal performance, and continuous illumination, are significant drivers behind their widespread implementation in the automotive lighting sector. At this time, LEDs have been integrated into nearly all sectors of automotive illumination, including headlamps.
The OEM segment is growing at a CAGR of 6.8 % during the forecast period. Original Equipment Manufacturers (OEMs) constitute a substantial market segment. They, being automotive manufacturers, incorporate illumination systems into the production process of new vehicles. As sales and production of cars increase, original equipment manufacturers' demand for automotive illumination continues to rise. When selecting vehicle illumination systems, OEMs value quality, performance, design reliability, and regulatory compliance.
The Asia Pacific region dominated the Global Automotive Lighting Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $22.2 Billion by 2030. The Europe region is anticipated to grow at a CAGR of 6.4% during (2023 - 2030). Additionally, The North America region would witness a CAGR of 6.6% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/automotive-lighting-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Koninklijke Philips N.V., General Electric Company, ams-OSRAM AG, Valeo SA, Stanley Electric Co. Ltd., LG Electronics, Inc. (LG Corporation), KOITO MANUFACTURING CO., LTD, HELLA GmbH & Co. KGaA, Marelli Holdings Co., Ltd. and Robert Bosch GmbH
By Position (Volume, Million Units, Revenue, USD Billion/Millon, 2019-30)
By Vehicle Type (Volume, Million Units, Revenue, USD Billion/Millon, 2019-30)
By Technology (Volume, Million Units, Revenue, USD Billion/Millon, 2019-30)
By Sales Channel (Volume, Million Units, Revenue, USD Billion/Millon, 2019-30)
By Geography (Volume, Million Units, Revenue, USD Billion/Millon, 2019-30)
Companies Profiled
Unique Offerings 
