DUBLIN, Jan. 26, 2023 /PRNewswire/ — The “Next-Generation Automotive Lighting Market – A Global and Regional Analysis: Focus on Application, Product, and Country-Level Analysis – Analysis and Forecast, 2022-2031” report has been added to ResearchAndMarkets.com’s offering.
The global next-generation automotive lighting market is projected to reach $38.85 billion by 2031 from $12.11 billion in 2022, growing at a CAGR of 13.83% during the forecast period 2022-2031. The growth in the global next-generation automotive lighting market is expected to be driven by technological advancements in automotive lighting systems and increasing sales of luxury vehicles around the world.
Market Lifecycle Stage
In the automotive industry, lighting plays a critical role, and its applications in the automotive sector are rising rapidly, powered by safety and aesthetics. The rapid technological progress in the automotive lighting field shows that basic light sources based on incandescent and gas-release bulbs have shifted to modern-day technologies such as light-emitting diodes (LEDs), laser technology, and organic light-emitting diodes (OLEDs). The vehicle industry is highly involved in incorporating LED lamps into cars as these lamps use less energy and last longer than halogen and high-intensity discharge (HID) lamps. In addition, LED lighting offers longevity and power, which makes it superior to all other lighting systems.
The global next-generation automotive lighting market is in the growth phase. The implementation of next-generation automotive lighting is increasing in luxury vehicles. As a result, the global next-generation automotive lighting market is expected to flourish in the forecast period.
Market Segmentation
Segmentation 1: by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
The global next-generation automotive lighting market based on the vehicle type segment is expected to be dominated by the passenger vehicles segment throughout the forecast period 2022-2031.
Segmentation 2: by End Market
- OEM
- Aftermarket
Based on the end market, the OEM segment is expected to dominate the market throughout the forecast period 2022-2031.
Segmentation 3: by Product Type
- Adaptive Lighting
- Ambient Lighting
- Communicable Lighting
- Flexible Lighting
Based on product type, the ambient lighting segment is expected to dominate the market due to increased awareness of energy-efficient lighting systems and increasing market share of luxury vehicles fitted with navigation and infotainment systems.
Segmentation 4: by Technology Type
- Halogen
- Xenon
- LED
- Laser
Based on technology type, LED is one of the fastest-growing segments and is likely to dominate the market, offering a wide scope of development in the forecast period.
Segmentation 5: by Region
- North America
- Europe
- U.K.
- China
- Asia-Pacific and Japan
- Rest-of-the-World (RoW)
North America generated the highest revenue of $3.29 Billion in 2021, which is attributed to the increased sales of luxury vehicles and the high cost of automotive lighting solutions in the region. Due to the existence of significant market players and manufacturers in the North America region, it dominates the next-generation automotive lighting market.
Recent Developments in the Next-Generation Automotive Lighting Market
- In June 2022, Magna International Inc. launched a breakthrough lighting solution, which is used on the thermoplastic liftgate called Liftgate, which integrated the company’s exterior and lighting expertise and provided new opportunities for customers to connect and customize their vehicles.
- In January 2022, J.W. Speaker Corporation partnered with UK Automotive Products (UKAP), which is a top supplier of automotive LED lighting for commercial vehicles. Through this new partnership, UKAP customers would have access to J.W. Speaker’s extensive line of LED lighting solutions, including signal, combination, work, warning, and forward lighting for autobody shops, shops that modify vehicles to a customer’s specifications, and factories that produce trucks, cars, and motorcycles.
Business Dynamics
Business Drivers
- Increase in Demand for Luxury Cars
- Growing Popularity of Autonomous Vehicles
- Stringent Safety Regulations for Lighting Systems
Business Restraints
- Higher Cost Concerns with Next-Generation Automotive Lighting
- Increase in Costs of Raw Materials Since LED Revolution
Business Opportunities
- Development of Advanced Adaptive Driving Beam (AADB)
- Advent of New Services for Automotive Lighting
Trends
- Industry Dynamics Defining the Future Trends in the Next-Generation Automotive Lighting Market
- Flexible Organic Light-Emitting Diode (OLED)
- Micro AFS LED Headlights
- Human-Centric Lighting
- Integration of LiDAR in Headlamps of Vehicles
- Laser Light for Headlights
Key Market Players
- Marelli Holdings Co., Ltd.
- HELLA GmbH & Co. KGaA
- OSRAM GmbH
- Valeo Group
- KOITO Manufacturing Co. Ltd.
- Hyundai Mobis Co., Ltd.
- Varroc Group
- Magna International Inc.
- Flex-N-Gate Corporation
- DRAXLMAIER GROUP
- Sigma International Inc.
- J.W. Speaker Corporation
- Faurecia
- LG Innotek Co., Ltd.
- Stanley Electric Co., Ltd.
Key Topics Covered:
1 Markets
2 Applications
3 Products
4 Regions
5 Markets – Competitive Benchmarking & Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/az6xad-generation?w=5
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