Global Automotive Lighting Market: Size And Trends With Impact Of COVID-19 And Forecast Up To 2028

The report provides insight into the automotive lighting market based on the geographical operations, namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
DELHI, India - Oct. 27, 2023 - PRLog -- Automotive lighting refers to the lighting systems integrated into vehicles for the purpose of illumination, visibility, and safety. These lighting components include headlights, taillights, brake lights, turn signals, and various auxiliary lighting elements. One of the reasons leading to the rising demand for automotive lighting in recent years is the increased emphasis on safety and visibility. As automotive technology advances, there is a growing awareness among consumers and regulatory bodies about the crucial role that lighting systems play in ensuring road safety. Thus, representing a need and large market opportunity for the automotive lighting market. The global automotive lighting market in 2022 stood at US$33.67 billion, and is likely to reach US$48.80 billion by 2028.

According to WHO, approximately 1.3 million people die each year as a result of road traffic crashes globally and this huge rise in road accidents prompt regulatory authorities to enforce stricter safety standards, potentially leading to mandatory upgrades or enhancements in automotive lighting technology. Some other factors driving the rise in automotive lighting demand include the rising disposable income and improved lifestyle which has led to increased sales of automobiles globally.

Competitive Landscape and Recent Developments:

Global automotive lighting market is competitive with the top six players controlling more than 75% of the global market. It is estimated that Valeo leads the global automotive lighting market along with Koito.

Key players of global automotive lighting market are:

SL Corporation
Stanley Electric Co., Ltd.
Valeo S.A.
LG Electronics (ZKW)
Lumax Industries Ltd.
Koito Manufacturing Co., Ltd.
Plastic Omnium
Koninklijke Philips NV.
Marelli Holdings Co., Ltd

The key players are constantly investing in strategic initiatives, such as adoption of new technologies, introducing their services to emerging markets, mergers and acquisitions, and more, to maintain a competitive edge in this market. For instance, recently, Faurecia acquired Hella and Plastic Omnium acquired Varroc/Osram. Faurecia and Plastic Omnium are becoming important players in the automotive lighting (AL) market following the respective acquisitions of Hella and Varroc/Osram. They join Valeo, a historic major market player. Now, the three largest listed French OE suppliers are directly involved in global AL, with two in the top three and Plastic Omnium immediately joining the top ten.

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