Automotive Lighting Market to Exhibit a CAGR of 9.2% from 2023-2030; Rising Demand for Enhanced Vehicle Lighting Systems Drives Market Growth

The global automotive lighting market size was USD 33.64 billion in 2022. The market is projected to grow from USD 36.51 billion in 2023 to USD 67.39 billion by 2030, exhibiting a CAGR of 9.2% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Automotive Lighting Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Technology (LED, Halogen, and Xenon), By Position (Rear Lighting, Front Lighting, Side Lighting, and Interior Lighting), and Regional Forecasts, 2023-2030”.

Automotive lighting systems are strategically installed in different areas of a vehicle, encompassing the front, side, rear, and interior sections. The market for automotive lighting is propelled by factors such as the escalating incidence of road accidents. The demand for vehicle lights is directly correlated with the sales volume of automobiles, wherein higher vehicle sales drive the need for lighting components.

Low Vehicle Sales and Disrupted Supply Chain Hindered Market Growth 

The global automotive supply chain experienced significant growth fluctuations due to the COVID-19 pandemic. The outbreak disrupted global manufacturing facilities and led to a decline in global vehicle sales. In particular, the demand for both conventional and electric vehicles witnessed a drop in 2020, directly impacting the automobile lighting market. Additionally, the reduced funding for research and development activities hindered the progress and innovation of new vehicle lighting solutions.

Continental AG Launched NightViu Automotive Lighting Solution for Construction and Off-Road Vehicles

Continental AG unveiled its NightViu automotive lighting solution in April 2023, designed for construction and off-road vehicles. The company expanded its NightViu product line by introducing 16 new products tailored to meet the specific requirements of construction, mining, and off-road equipment applications.

Increased Road Safety Concerns and Stringent Laws to Increase Demand for Enhanced Vehicle Lighting SystemsGovernments globally have become increasingly focused on road safety, prompted by strict lighting regulations. The importance of vehicle lighting is evident, particularly in congested highways where visibility plays a crucial role. With an alarming number of traffic collisions causing significant human and economic losses, enhancing driving conditions have become a top priority. Improving the lighting system is considered an effective measure in achieving this goal. For instance, annually, traffic collisions claim the lives of 1.3 million individuals, as reported by the World Health Organization (WHO). Moreover, road accidents lead to substantial economic repercussions, with most countries experiencing a loss of 3% of their GDP.

However, there are certain challenges that may hinder the automotive lighting market growth, such as heat management issues and the high cost associated with LED technology.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/automotive-lighting-market-101978

Competitive Landscape

Strategic Partnerships Propel Magneti Marelli's Dominance in the MarketMagneti Marelli, a dominant player in the automobile lighting market, strengthens its global market presence by forging strategic partnerships and collaborations with key industry players. These alliances enable the company to create high-end automotive components, further solidifying its position in the market.

Notable Industry Development: 

• March 2023 - Continental AG announced digital tire and lighting solutions for construction work vehicles and heavy commercial vehicles ranges at the CONEXPO in Las Vegas. The new product portfolio includes LED lights that are mounted on excavators and compact track loaders.

List of Key Players Profiled in the Report:

• Robert Bosch GmbH (Germany)


• Hella KGaA Hueck & Co. (Germany)


• OSRAM Licht AG (Germany)


• Valeo (France)


• Koito (Japan)


• Marelli Corporation (Italy)


• Continental AG (Germany)


• Hyundai Mobis (South Korea)


• Koninklijke Philips (Netherlands)


• Varroc Engineering Limited (India)


• Stanley Electric Co., Ltd. (Japan)

Further Report Findings:

• The Asia Pacific automotive lighting market share is driven by the region's significant vehicle production. The growing demand for passenger and commercial vehicles is a major factor fueling market growth.


• On the other hand, Europe is expected to experience steady growth, primarily due to its early adoption of innovative lighting solutions.

Table of Segmentation