Global Automotive Lighting Market is Projected to USD 29.53 Billion by 2021

Date: 2016-04-19

The automotive lighting market, by value, is projected to grow at a CAGR of 7.22% from 2016 to 2021 reaching USD 29.53 billion. Major factors driving market growth include growing concern regarding safety especially at night and in low visibility circumstances, rising demand for advanced technologies like adaptive lighting systems to enhance driver’s sight without disturbing the on-coming traffic and overall increasing vehicle sales around the globe. 

The market for LED technology is projected to grow at the highest CAGR in terms of value and volume compared to other technologies during the forecast period. This high demand can be substantiated with reasons such as their energy efficiency as LED lights consume less power as compared to halogen lamps, lightweight, and flexibility factor is higher in LED which minimizes design constraints faced by OEMs. Moreover, market for LED technology is also influenced positively by regulatory mandates in Europe. 

Asia-Oceania region is estimated to dominate the automotive lighting market in terms of value. It is projected to grow at the highest CAGR during the forecast period. This can be attributed to emerging economies like China. Growth in this region is due to factors such as lenient labor laws, economical labor and raw materials, strong state support that supports growth in vehicle production. 

Companies Mentioned:

General Electric
Hella KGAA Hueck & Co.
Hyundai Mobis
Ichikoh Industries Ltd
Koito Manufacturing Co. Ltd
Koninklijke Philips N.V.
Magneti Marelli
Osram GmbH
Stanley Electric Co., Ltd
Valeo S.A.
Zizala Lichtsysteme GmbH (ZKW)

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