Press Release Description

Next-Generation Automotive Lighting Market to Amplify with Surging Demand for the Passenger Vehicles

The Global Next-Generation Automotive Lighting market is projected to grow at a CAGR of around 5.40% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The surging adoption of advanced automotive lighting systems by the automobile manufacturers like BMW, Tesla, etc., to improve the efficiency of vehicles & boost the visibility of the driver is facilitating the demand. These lighting systems are energy-efficient & lead to lower fuel consumption. Thus, automotive manufacturers seek to incorporate these lighting systems to provide end-users with extra distance range. Further, the economy of the countries is dependent on the labor force & the increasing death rates due to road accidents are affecting the economic stability of the countries such as European nations & others. Hence, governments across the globe are taking measures to incorporate or integrate advanced technology instead of conventional lighting systems.

Moreover, the prevalence of road accidents or car crashes owing to the reasons like poor visibility, bad weather conditions, and several others, is also raising, owing to which the government of the countries like India, Japan, the US, and others is laying out policies to encourage the automobile makers to use the advanced lighting solutions to lower the risk of the accidents across the globe. Additionally, individuals are now more focused on making expensive purchases comprising luxury cars & sports cars. The inclination of consumers towards luxury or high-end cars is leading to an increase in the demand for this lighting from luxury car automakers. Thus, the increasing production of passenger vehicles across the globe is augmenting the demand for next-generation automotive lighting.

Further, the emergence of new advanced technology with features to adapt to the consumers' or drivers' behavior is also gaining traction & the automakers are gradually adopting new technologies to provide consumers with additional safety features. Hence, the gradual adoption of the latest technology by automotive manufacturers would further enhance the market in the ensuing years, further states the research report, “Global Next-Generation Automotive Lighting Market Analysis, 2023.”

Global Next-Generation Automotive Lighting Market

Inclination Towards the Personalized Lighting Options Amplifying the Demand for the Ambient Lighting

Based on the Product Type, the market is further bifurcated into Adaptive Lighting, Ambient Lighting, Communicable Lighting, and Flexible Lighting. Of them all, Ambient lighting witnessed significant growth in the historical years owing to the features such as aesthetic appeal & unique styling options. These lighting systems enhance the safety of the vehicles by altering the color before the onsite of any potential risks. Therefore, manufacturers are amalgamating them in their vehicle range to minimize the risk of any prospective road accident. 

Moreover, to improve the exterior & interior layout of the automobile, the manufacturers are leaning on ambient lighting, consequently raising their market share. Furthermore, adaptive lighting is also emerging as a potential alternative solution for lighting since these systems change their lighting according to consumer behavior & weather conditions. Hence, the improved features of adaptive lighting solutions would further result in the extensive adoption of lighting systems in the forthcoming years.

Prevalence of Automotive Industry in the Asia-Pacific to Strengthen the Market Growth

Geographically, the automotive industry is witnessing significant growth in the Asia-Pacific region owing to the surging demand for passenger vehicles & the expansion of production/manufacturing facilities in the countries like China, India, and others. Individuals in the Asia-Pacific nations are experiencing a surge in the growth of their net disposable income, due to which there has been a substantial demand for passenger vehicles. Hence, to cater to the growing requirement, the automakers are scaling up the production of motor cars, consequently leading to the rise in the necessity for next-generation automotive lighting. Moreover, the regional countries are also witnessing a surge in road accidents. As a result, the government is implementing strict regulations & policies to compel the automakers to incorporate advanced lighting systems, thus influencing the market.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (Marelli Holdings Co., Ltd., HELLA GmbH & Co. KgaA, OSRAM GmbH, Valeo Group, KOITO Manufacturing Co. Ltd.CORA, Hyundai Mobis Co., Ltd., Varroc Group, Magna International Inc., Flex-N-Gate Corporation, DRÄXLMAIER GROUP, Sigma International Inc., J.W. Speaker Corporation, Faurecia, Stanley Electric Co., Ltd., Continental AG, Others., etc.) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various countries?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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