Global automotive lighting market anticipated to reach USD 28,754.84 Million by 2026 and is growing at 5.44% CAGR from 2020 to 2026.
NEW YORK, UNITED STATES, February 11, 2020 /EINPresswire.com/ — Facts and Factors has authored “Automotive lighting market By Type (Halogen, Xenon, LED, Others), and By Application (Commercial Vehicle, Passenger Vehicle): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026”.
According to the research report, the global automotive lighting market in 2019 is approximately USD 19,784 Million and is anticipated to reach around USD 28,754.84 Million by 2026. The anticipated CAGR for the global automotive lighting market is around 5.44% from 2020 to 2026.
Lighting plays an important role as part of vehicles and has a vital role in the safety of automotive. The vehicles are manufactured with a variety of lights to give proper visibility particularly in the bad weather condition as well in darkness. Lighting consisted of devices for signaling, which has fixed with a different location like the right side, left side, front, back, and interiors. Lighting provides sufficient brightness for clear visibility to the driver as well as other drivers who are running with vehicles on the road, and pedestrians to notice movement, direction, size, and position.
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The growth of the global automotive lighting market is mainly attributed to the increasing demand for lighting for better visibility and safety. Moreover, stringent government regulation, high demand for adaptive lighting and rising production of new electric cars are amongst the major driving factors for the growth of the automotive lighting market in the near future. Furthermore, rising disposal income paired with continuous new product launches by the market participants is predicted to flourish the growth of the automotive lighting market in the near future. However, the high cost of LED lights is predicted to have an adverse impact on the growth of the global automotive lighting market. Even so, advancement in technologies is estimated to offers new growth opportunities for the market participants in the coming years.
The global automotive lighting market is categorized on the basis of type and application segment. Halogen, Xenon, LED, and others are the type segment of the market. The halogen segment acquired the largest revenue share in the global automotive lighting market and accounted for over 36.92% in 2019. In addition, the report is bifurcated into the passenger vehicle and commercial vehicle application segment. The passenger vehicle segment held the largest revue share in 2019.
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The report also provides you the regional analysis based on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific emerged as a leading region in the global automotive lighting market and held over 40.61% of revenue share in 2019. The growth of the Asia Pacific automotive lighting market is mainly driven by the rising production of the vehicle in China, Japan and India coupled with stringent rules and regulation by government. Europe is another lucrative market for the global automotive lighting market and expected to contribute significantly in the coming years.
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Major market participant operative in global automotive lighting market are Continental, Grupo Antolin, Lear Corporation, Philips, Bosch, Varroc, Hyundai Mobis, Hella, Marelli, Osram, Valeo, Koito, Denso, North American Lighting, Renesas, Lumax, Aptiv, Grupo Antolin, Keboda, NXP, Gentex, FlexNGate, Federal-Mogul, and Stanley Electric amongst others.
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This report segments the global automotive lighting market as follows:
Global Automotive Lighting Market: Type Segment Analysis
Global Automotive Lighting Market: By Applications Segment Analysis
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