Automotive Lighting Market Revenue, Future And Business Analysis By Forecas

According to ESOMAR-certified Future Market Insights (FMI), automotive lighting market share sales have been increasing significantly in response to the growing demand for better safety systems across the globe. As per the study, the global automotive lighting market is anticipated to grow at around 6.3% CAGR through the forecast period.

Key Takeaways from FMI’s Automotive Lighting Market Study

“In order to gain competitive edge, leading automakers are partnering with automotive part manufacturers to foster innovations. Besides some of the leading car manufacturers, small and mid-sized companies are also expected to join the bandwagon,” says the FMI analyst.

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The global sales of automotive lighting are anticipated to surpass 1.813 million units in 2021. FMI presents a positive growth outlook for the market. In terms of volume, the automotive lighting market is predicted to expand at 5.2% CAGR over the course of the assessment period.

The Europe market is projected to register an average growth of 5.2% per annum during the forecast period.

Rising demand for automation in vehicles for improved safety and high performance is encouraging original equipment manufacturers (OEMs) to design lightweight automotive lighting with superior efficiency

This also has resulted in the incorporation of light-emitting diode (LED) lighting to offer greater durability and low power consumption in automotive lighting. Thanks to shifting consumer preference and surging competition, these developments are no longer limited to the luxury vehicle segment.

An increasing number of automakers are incorporating latest technologies such as superior performing and lightweight automotive lighting in their vehicle models. This will guarantee impressive growth in the market through the assessment period.

For instance, Volkswagen partnered with Hella, a leading German-based auto part manufacturer, to develop IQ. LIGHT LED headlamps. This novel component was included in Volkswagen’s new luxury class Touareg SUV.

According to the report, the global sales of automotive lighting are anticipated to increase in 2021 with volume sold reaching over 1.813 million units. FMI presents a positive growth outlook for the market. In terms of volume, the automotive lighting market is predicted to expand at 5.2% CAGR with sales reaching around 3.114 million units over the course of the assessment period.

For more insights: https://www.futuremarketinsights.com/reports/automotive-lighting-market

Competitive Landscape

Automotive lighting market is highly competitive market owing to presence of numerous players. Market players are focusing on employing organic market strategies to consolidate their market position.

They are also looking towards developing innovative products and improve value chain. Manufacturers are also participating in strategic collaboration with distributors to cater to the increasing demand.

Prominent players operating in the automotive lighting market are: -

Automotive Lighting Market by Category

By Application:

By Vehicle Type: