Automotive lighting is expected to exceed US$ 45 billion by registering a positive CAGR of 6% during the forecast period 2021-2031. The growing demand for LED lights along with halogen lights is driving the demand for automotive lighting.
Historically, from 2016 to 2020, automotive lighting sales exceeded US$20 Bn in sales at the end of the said period. As the COVID-19 pandemic took hold, vehicle sales saw a decline in the initial quarters, attributed to a substantial reduction in automotive output amid the mandatory lockdown. However, since Q4 2020, the restrictions have been lifted. This is expected to increase the sales of automotive lighting.
Automotive Lighting Market Drivers:
LIDAR based light enhancement
The modern automotive industry is implementing a breakthrough lighting technology—the LiDAR system—that senses any obstacle in a 360-degree horizontal observable area. Effective 3D scanning technology allows the peripheral area around the vehicle to be probed using infrared laser technology. Currently, Septon Technologies is collaborating with Japanese Koito Lighting System manufacturing company to design new headlamps using LiDAR lighting without compromising on the overall aesthetic appearance of the car. This will enable the rotary LiDAR sensor to detect and track persons or objects, while allowing the automotive vehicle or driver to react simultaneously thereby avoiding major road accidents.
Increasing use of adaptive lighting
Adaptive illumination is not just limited to night driving, but is also important in conditions such as wind, fog, dust or snow. According to the National Safety Council, in 2019, vehicle accidents resulted in a total of 4.9 million medical consultation injuries and total accident losses recorded in the same year at $463.8 billion. The road considers the glare generated by new age headlights unacceptable and the driver liable for the risk of collision. While the lighting industry in the automotive sector is growing, the industry is still searching for efficient, competitive and, most importantly, more secure lighting solutions in the automotive lighting market. Adaptive headlights are sensitive to vehicle speed and altitude and automatically adapt to the road. The incidence of traffic accidents is increasing and much of this contributes to the increasing deaths of pedestrians. Automotive lighting is an essential factor that plays an important role in driver and pedestrian safety.
Impact of COVID-19
The COVID-19 pandemic continues to alter the development of various industries, however, the immediate impact of the outbreak is varied. While some industries will register a decline in demand, many others remain unheard and show promising growth opportunities. COVID-19 will have less impact on the automotive lighting market.
For more information about this report https://www.factmr.com/report/4795/automotive-lighting-market
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583