The global automotive lighting market accounted for US$ 30.50 Bn in 2018 and is expected to grow at a CAGR of 3.3% over the forecast period 2019-2027, to account for US$ 40.41 Bn by 2027
NEW YORK, March 18, 2020 /PRNewswire/ --
The global automotive lighting market accounted for US$ 30.50 Bn in 2018 and is expected to grow at a CAGR of 3.3% over the forecast period 2019-2027, to account for US$ 40.41 Bn by 2027. Use of laser light for headlight, Flexible OLEDs for vehicle lighting, and bend lighting headlamps with LED are few trends that are anticipated to nurture the growth of the market further. The LED technology has provided automotive manufacturers an opportunity to differentiate their vehicles through unique functionalities and innovative lighting design. LEDs are gaining popularity drastically as their cost lowers, package size, and luminance improves. The above-mentioned factors are projected to render plenty of growth opportunities to the players of automotive lighting market during the forecast period.
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Globally, automotive lighting market is experiencing an intense growth with regards to continuous investments in the automotive lighting by government authorities.With significant advancements in the laser light technology, new opportunities are being created for the automotive lighting market players.
Audi, a luxury car manufacturer, is one of the pioneering OEMs that integrates laser headlights into passenger cars.It has integrated these intelligent lights in compact and high-resolution adaptive headlights in its Audi R8 LMX.
Asia Pacific held the largest share of the automotive lighting market in 2018 and is expected to continue its dominance during the forecast period of 2019-2027. Europe and North America held the second and third position in the global automotive lighting market in 2018 with market shares of more than 20% and 15%, respectively.
The overall automotive lighting market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the automotive lighting market.
It also provides the overview and forecast for the global automotive lighting market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the automotive lighting market.
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