[212+ Pages Report] The latest finding surrounding the “Global Automotive Lighting Market” published by Facts & Factors offers a neatly packaged and comprehensive read. We at Facts & Factors estimated the global automotive lighting market to reach a value of USD 35.4 Billion by 2026 with a growth rate of 4.9% CAGR from an initial value of USD 26.7 Billion in the year 2020.
Global Automotive Lighting Market: Overview
Automotive lighting systems are the set of equipment that are installed in automobiles for enhancing visibility in low-light areas that are often required for ensuring the safety of pedestrians and other drivers. Additionally, the integration of brake lights and indicators acts as a viable method for alerting passenger about vehicle passengers and travel about the moving vehicle. Automotive lightings installments are often installed inside the cabin of the car which helps the user detect and modify stuff in the dark.
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Global Automotive Lighting Market: Growth Factors
The primary driving forces for the significant growth of the global automotive lighting market can be contributed to rising sales pertaining to premium and SUV sales coupled with advancements in lighting technology to name a few. Additionally, rising number of road accidents coupled with rising adoption of new technology is expected to increase the footprint of the global automotive lighting market during the advent of the forecast to a higher boundary. Moreover, rising number of regulatory norms implemented by various governing bodies coupled with integration of high beams headlights is expected to boost the growth of the global automotive lighting market during the advent of the forecast period.
The global automotive lighting market is expected to be driven by the rising number of reliable vendors and OEMs coupled with rising demands for pedestrian safety to name a few. Factors pertaining to rising number of commercial & passenger vehicles coupled with integration of ADAS with amplified lighting measures is expected to boost the growth of the global automotive lighting market during the advent of the forecast period. However, a higher cost of LED lighting is expected to decrease the growth of the global automotive lighting market during the advent of the forecast to some extent.
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Global Automotive Lighting Market: Segmentation
The global automotive lighting market is segmented into application, technology, vehicle type, and region.
On the basis of application, the global automotive lighting market is divided into front lighting, side lighting, rear lighting, and interior lighting. The front lighting segment is expected to witness the largest market share during the advent of the forecast owing to the continuous development cycle in the headlamp sector coupled with the rising adoption of LED headlamps when compared to its counterparts. Based on technology, the global automotive lighting market is categorized into LED, halogen, and xenon. The segment pertaining to LED is expected to witness the largest market share during the advent of the forecast owing to lower power consumption and a higher power output when compared to its counterparts to name a few. On the basis of vehicle type, the global automotive lighting market is fragmented into passenger cars and commercial vehicles. From which, thepassenger cars segment is expected to occupy the largest market share during the advent of the forecast owing to rising sales and production of passenger cars coupled with rising consumer inclination toward SUVs and crossovers to name a few.
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Global Automotive Lighting Market: Regional Analysis
Europe is expected to witness the largest market share during the advent of the forecast owing to rising norms imposed by the regulatory bodies in the region coupled with the early adoption of advanced automotive lighting techniques to name a few. Additionally, the rising number of interior lighting products coupled with a well-established automobile sector is expected to increase the footprint of the automotive lighting market during the advent of the forecast period. Rising number of key market participants in the region coupled with increasing amount of premium and luxurious automobiles is expected to fuel the growth of the automotive lighting market during the advent of the forecast period. The rising number of mergers & acquisitions coupled with rising export figures is further expected to increase the consumer base for the automotive lighting market during the forecast period.
Global Automotive Lighting Market: Competitive Players
The key market participants for the automotive lighting market are Hella, Osram, Valoe, Continental, Philips, Bosch, Hyundai Mobis, Varroc Group, Hella, Denso, Lear Corporation, Magnetic Marelli, Stanley Electric Co. Ltd., Zizala Lichsysteme, and Samsung Electronics, among others.
Browse detail report with in-depth TOC @ Global Automotive Lighting Market, 2021-2026
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