Automotive Lighting Market Size, Share & Trends Analysis Report By Solution, By Technology (Halogen, Xenon/HID, LED), By Application, By Sales Channel, By Region, And Segment Forecasts, 2024 - 2030

Automotive Lighting Market Size, Share & Trends Analysis Report By Solution, By Technology (Halogen, Xenon/HID, LED), By Application, By Sales Channel, By Region, And Segment Forecasts, 2024 - 2030

Automotive Lighting Market Growth & Trends

The global automotive lighting market size is estimated to reach USD 48.73 billion in 2030, growing at a CAGR of 5.95% from 2024 to 2030, according to a new report by Grand View Research, Inc. Strict government policies and rising safety concerns are likely to propel growth over the forecast period. In addition, growing consumer awareness concerning the significance of adaptive lighting including dynamic bend light and a glare-free high beam is also expected to have a positive impact on the exterior lighting market.

Increasing apprehensions about using energy-efficient methods coupled with rising consumer disposable income are expected to drive the industry. In addition, growing demand for vehicles and technological advancements in the automotive industry is expected to propel utilization. Attractive growth opportunities for new entrants are expected in the industry owing to the growing number of total vehicles purchased y-o-y across BRIC nations. However, there is a need for legislative authorities to collaborate with light sourcing technology suppliers to develop flexible design techniques.

THE Automotive LED market is estimated to demonstrate considerable growth at a CAGR of over 12.0% from 2015 to 2022. Halogen lights contributed to over 66.0% of overall industry revenue in 2014, followed by LED and xenon. It has gained prominence on account of easy availability, low purchasing costs, and low replacement costs. However, rising fuel prices are expected to pose a threat to the industry.

Automotive Lighting Market Report Highlights

• LED segment accounted for the largest market revenue share of 46.4% in 2023.
• Front lighting/headlamps accounted for the largest market revenue share in 2023. The evolution of vehicle design and styling has elevated the importance of headlamp aesthetics.
• Original Equipment Manufacturers (OEMs) accounted for the largest market revenue share in 2023. The increasing production and sales of vehicles globally directly contribute to OEMs' demand for automotive lighting systems.
• The passenger vehicle segment accounted for the largest market revenue share in 2023. The increasing consumer preference for aesthetically appealing and technologically advanced vehicles is boosting the demand for innovative lighting solutions in passenger vehicles.
• North America automotive lighting market dominated the market in 2023.

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