The global automotive lighting market is witnessing significant growth, driven by emerging markets, increased safety standards, and extensive investments in research and development. As an essential component of vehicles, lighting plays a crucial role in enhancing the safety of vehicle occupants and other road users.
Market Size and Growth:
The increasing demand for high-efficiency automotive lighting propels the market's growth, with a high rise in automobile demand expected to drive market expansion further. With the growing global population and improved living standards, the need for vehicles is skyrocketing.
According to a report, 18 individuals per 1000 own vehicles in India compared to 809 individuals per 1000 in the USA, 519 individuals per 1000 in the UK, and 101 individuals per 1000 in China. The worldwide automotive industry is projected to grow to nine trillion U.S. dollars by 2030, with new vehicle sales accounting for around 38% of this value.
Market Opportunities:
Content: Technological advancements in the automotive lighting sector offer numerous opportunities for market growth. Companies like OSRAM, the world's largest lighting supplier to the automotive industry, lead the charge in developing cutting-edge technologies such as laser lights in headlights, µAFS LED headlights, bend lightning headlamps with LED, and flexible OLED for vehicle lighting.
These innovations enhance vehicle performance and safety and contribute to striking designs that attract customers.
Market Analysis:
Experts predict that vehicle safety standards will continue to drive market growth in the automotive lighting sector. Adaptive headlights, which use sensors to monitor the vehicle's elevation and illuminate the road more effectively while reducing glare for oncoming drivers, are becoming necessary for vehicles seeking high safety levels.
The American Automobile Association (AAA) suggests that low-quality headlights may only emit around 20% of the light transmitted by new headlights and contribute to about 50% of all nighttime car crashes. By replacing headlights with original manufacturer parts, drivers can restore lighting ability to 100%, significantly improving safety.
Market Drivers and Challenges:
Content: While market growth is primarily driven by increased safety standards and technological advancements, challenges exist. The high cost of LED bulbs compared to halogen and HID headlamps hampers the overall demand for automotive lighting. Although aesthetically appealing and efficient, LED lights require cooling systems due to the heat they produce during operation, further adding to the expense. An average halogen bulb costs about USD 3. In contrast, an LED bulb costs around USD 10 – USD 15, with additional expenses required for setting up a cooling device to prevent damage caused by heat produced during LED operation.
Future of Automotive Lighting Market with Market Drivers and Challenges:
With the global automotive lighting market experiencing impressive growth, it is essential to understand the market drivers and challenges to make informed decisions.
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