Global automotive lighting market is valued at US$ 36.8 million in 2022, with a stable long-term projection, according to latest insights by Fact.MR Market Research. The report estimates the market to expand at over 6.4% CAGR from 2022 to 2032. Automotive lighting market is highly driven by increasing concern towards road safety and high innovation towards technological advancements in lighting components.
Automobile manufacturers are using many technological innovations for automotive lighting components. This evolution in technology has optimized the design for automotive lights and also is offering solution for stable and cost effective products which have high life expectancy and will need lesser replacement.
The demand for automotive lighting aftermarket is increased mainly due to increase in use of personal vehicles. Consumers are looking for energy efficient lighting system which are affordable for replacement in case of any road mishap as well as emit bright light for adverse road conditions.
Further, there has been a demand for customized car lightings by some vehicle owners. Many automotive accessories and repair stores provide this customized service for the customers. Custom headlights with different colors, custom sealed LED headlights and interiors with different colors are available as per the demand.
Key Takeaways from Market Study
- The global automotive lighting market is projected to expand at an impressive CAGR of 4% and be valued at US$ 68.2 billion by 2032.
- The market witnessed 6% CAGR for the period of 2017-2021.
- Under vehicle type, passenger cars automotive lighting will dominate the market and are valued at US$ 21.6 billion in 2022.
- East Asia and South Asia & Oceania dominated the market with 7% and 23.8% market share in 2021.
- Based on application, front headlights demand for vehicles is expected to reach the value of US$ 22.3 billion in 2022.
“Developing and integrating a wide and complete range of top notch solutions for automotive lighting systems will help manufacturers to gain increased share” says a Fact.MR analyst.
There is an increase in adoption of latest lighting technology by auto manufacturers. Various technologies like LED lights, halogen lights, laser technologies are used for exterior and interior lightings.
Automotive lighting manufacturers are utilizing a large part of their revenue in R&D activities for lighting components. Emergence of new technologies is accelerating the market growth. Many car manufacturers are providing components that have a better lighting performance, flexible design and low power consumption.