Increasing adoption of green vehicles and demand of luxury vehicles drives the global automotive smart lighting market through 2028.
According to TechSci Research report, “Automotive Smart Lighting Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, Global automotive smart lighting market is forecast to grow at brisk rate on account of rapidly escalating electric vehicle sales and advancements in technology improving the demand of both interior and exterior lighting system. For the safety of the vehicle, lighting technology is essential in motorised vehicles. Automakers are increasingly looking for strategies to stand apart in the challenging automotive industry by creating new exterior and interior lighting system style traits. Automotive designers are now able to define their unique style, appearance, and take advantage of modern technologies that provides greater flexibility and scalability across a variety of applications and vehicle types. LED technology has developed to enable advanced vehicle lighting applications such as Glare Free High Beam, Adaptive Driving Beam, and Rear Lighting.
Given that smart lighting consumes less power and last longer than traditional lighting in vehicles, many automakers are expressing their long-term interest in installing them in their vehicles. With the increasing prevalence of electric vehicles, the demand for automotive lighting industry is increasing. The intelligent automotive lighting market is largely driven by the increasing number of vehicles including luxury vehicles. Asia-Pacific is the market leader due to its substantial number of vehicle sales with smart lighting and overall annual growth compared to other regions, followed by North America and then European countries. China holds the largest market share in the Asia Pacific region
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Global automotive smart lighting market can be segmented based on vehicle type, propulsion type, application, technology, region, and by company. Based on vehicle type, the market is segmented into Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle. Based on propulsion type, it is further divided into ICE vehicles and electric vehicles. Based on Technology, the automotive smart lighting market is divided into Halogen, Xenon, LED, and Other Technologies.
Based on vehicle types, passenger car holds the majority because of consumer preference towards personal vehicle. Based on propulsion type, currently ICE vehicles hold the maximum share but in forecasted year, electric vehicle segment is expected to account for the higher CAGR. In addition, companies are developing and integrating a wide range of solutions for external vehicle lighting systems, as well as innovative sensors to support future ADAS capabilities, including LiDAR sensor technology.
According to World Health Organisation, part of road accidents happens due to improper lighting system in vehicle. Hence, the companies are investing in R&D and innovation to develop smart lighting with driver assistance and proximity sensors which further boost the demand for automotive smart lighting market
Some of the major companies operating in the global automotive smart lighting market include:
- Hella GmbH & Co. KGaA
- Stanley Electric Co., Ltd.
- Hyundai Mobis
- Valeo Group
- ZIZALA Lichtsysteme GmbH
- Koninklijke Philips N.V.
- General Electric
- Denso Corporation
- Robert Bosch GmbH
- Magneti Marelli SpA
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
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“In 2022, Asia-Pacific region accounted for the largest market share while leading the global automotive smart lighting market and the trend is likely to continue through 2028. Following Asia-Pacific, North America led the market due to greater number of luxury vehicles on road. Automotive smart lighting shows promising development in extending range of electric vehicle.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Automotive Smart Lighting Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” has evaluated the future growth potential of global automotive smart lighting market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive smart lighting market.
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