The automotive light market is projected to reach USD 28.5 billion by 2027 from an estimated USD 21.9 billion in 2022 at a CAGR of 5.3% during the forecast period, driven by developments in the automotive light sector and growing LED technology adoption. For instance, in 2020, AGC Inc announced the mandates to implement automatic lights on all new vehicles, which helps to reduce the accidents due to blinding. Further, automotive light OEMs are experimenting with newer and more advanced light technologies in premium and luxury car models.
By vehicle type, passenger car is estimated to be the largest market for automotive light market owing to the largest production volume globally and growing demand for SUV and premium and luxury cars which has focus on ride safety, comfort and luxury compared to economical cars. The recent trends of making automotive light more responsive to driving speed, steering direction and terrain changes is also one of the major drivers of increasing demand for adaptive automotive light in the passenger car. Thus, developments in advanced light technologies will drive the market for passenger cars.
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Regions like the North America and Europe have introduced Day time Running lights and adaptive lights for vehicles to boost the safety and integrity of ride. Even though the adoption of adaptive light is expected to grow in north America and Europe, Asia Pacific is expected to have largest market share due to increasing sales of SUVs and feature rich cars especially in the mid-level passenger segment vehicles.
LED light is expected to have the fastest growth in market share in the given forecast period. LED lights are flexible, hence can be made into complex shapes. They consume less energy compared to halogen, therefore is very useful to use in EVs. They generate less heat which also is a added safety advantage in case of EVs. Thus, these reasons will increase the penetration of LEDs.
Asia-Pacific is estimated to be the largest-growing market due presence of major automobile manufacturers in China, India, Japan, and South Korea. Factors, such as low production costs, availability of economical labour and government initiatives for EVs and increasing safety mandates, have led to the region witnessing higher growth than the matured markets of Europe and North America. The Asia Pacific accounts for 40–45% of global vehicle production. China is the largest vehicle manufacturer in this region, followed by India. The growing consumer preference for compact SUVs and EV two wheelers is expected to significantly drive the automotive light market. Also, growing market share of premium and luxury car models is expected to prominently boost automotive light market for advanced technologies such as ambient lights, adaptive lights, OLEDs. China is the largest market for high-end luxury cars in the world.
Thus, safety standards, increasing share of premium and luxury cars and SUVs coupled with growing adoption of EV is expected to drive automotive light market globally.
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