Electric Vehicle Lighting Market Size, Share, and COVID-19 Impact Analysis, By Light Type (LED, Xenon, and Halogen) By Vehicle Type (Electric Two Wheeler, Electric Passenger Vehicles, and Electric Commercial Vehicles), By Sales Channel (OEM and Aftermarket), and Regional Forecast, 2024-2032

Lighting is one of the essential components in a vehicle as it helps improve the visibility of the road while driving, making our ride safer. Proper lighting assists the driver in multiple ways, including detecting other vehicle movements, pedestrians, uneven road tracks, and other roadblocks. It significantly increases the aesthetic appeal of the vehicle while ensuring improved visibility of other passing vehicles.

Strict lighting regulations in vehicles globally have pushed manufacturers to complement sufficient lumen to meet the benchmark. According to WHO, road traffic collisions kill nearly 1.3 million people yearly. Hence it is imperative to provide a conducive driving environment, part of which can be achieved by proper illumination by vehicles on the road

The increasing demand for premium EVs and car owners’ desire for aesthetically pleasing lights in their vehicles will significantly grow the electric vehicle lighting market. The proliferating need for adaptive lighting systems, which automatically adjust the lamps and their lumen according to the road conditions for enhanced visibility, will also fuel the growth of the electric vehicle lighting market. The introduction of high-end commercial EV trucks, which require advanced lighting systems, is also anticipated to grow the lighting market.

The growing awareness of environmental concerns is a driving factor making consumers shift toward electric vehicles. As the overall automobile industry is moving more toward electrification and automation, more is the use of advanced lightings, such as High-Intensity Discharge lamps (HID), to make the ride safer and more convenient at the same time. Hence, manufacturers are constantly motivated to develop and integrate advanced technology to cater to consumers' rising needs.

Impact of COVID-19 on the Electric Vehicle Lighting Market

The pandemic introduced a temporary worldwide shutdown in many sectors. This temporary shutdown impacted various industries negatively, leading to revenue decline, loss of product sales, slowed production rate, unemployment, and many other severe impacts. Moreover, it caused an economic downturn as the majority of the manufacturing facilities were suspended or working at half capacity.

It is quite intuitive that the growth of the electric vehicle lighting market is directly proportional to the growth of the overall EV market. As COVID-19 hit the world in early 2020, all the major economies had multiple setbacks due to lockdowns and supply chain bottlenecks. China and Japan play a vital role in passenger car production; both countries had to cut back on their production significantly. FY-20 was disappointing as passenger car sales throughout the globe dropped as consumer sentiments and preferences took a massive shift. Consumers started refraining from buying luxury goods.

Although demand started picking up in FY-21, the shortage of semiconductor chips, an essential part of car manufacturing, controlling air conditioning systems, operating infotainment systems, or ensuring proper working of multiple sensors involved, severely affected the automotive industry, resulting in lower car production. The closure of production plants and shortage of workforce due to stricter social distancing norms also affected the production of new vehicles. Another issue was regarding the procurement of raw materials. The supply chain tailback affected the companies to procure sufficient raw materials to meet their production needs, and at the same time, the elevated inflation has significantly raised the cost of production.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships


• Porter's Five Forces Analysis


• Technological Developments


• Impact of COVID-19 on the Electric Vehicle Lighting Market

Regional Analysis

Asia Pacific is predicted to dominate the electric vehicle lighting market over the coming years. Multiple factors that strengthen our notion of the regional dominance include the rising populace migrating to the middle-income bracket, rising disposable income, multiple presences of OEM in China and Japan. Cheap access to labor, the advent of 5G, and proliferation in technology adoption, among others. Additionally, Asia Pacific's growth is optimistic as China controls a colossal market of lithium, a critical metal used to make batteries for EVs, which gives the regional manufacturers superiority over other regions. Increasing regulations and stricter environmental norms have forced manufacturers and consumers to shift from IC engine vehicles to electric and automated vehicles, which extensively use advanced lighting to achieve aesthetic, safety, and high tech specification, resulting in a growth of the electric vehicle lighting market.

Key Players Covered

The report includes the profiles of key players such as Denso Corporation, Hyundai Mobis, Koito Manufacturing Co. Ltd., Koninklijke Phillips N.V., Osram GmbH, Robert Bosch GmbH, Stanley Electric Co. Ltd., Valeo Lighting Systems, ZKW Group, Marelli, Varroc Lighting Systems and Hella.

Segmentation

Key Industry Developments

• May 2021 – Osram Continental and Rehau partnered to integrate lighting into exterior components, offering automotive manufacturers create lighting solutions with enhanced design flexibility and functionality.


• January 2020 – Hella introduced Hella Flat Light technologies, a groundbreaking lighting innovation for rear combination lamps.


• September 2019 – Osram introduced the world’s first hybrid LED, "Eviyos,” specially designed for cars.