Automotive Smart Lighting Market to be Dominated by Asia Pacific Region Through 2028
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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