December 26th,2021/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Automotive Lighting Market.

The automotive Lighting Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed decision-making king and growth strategy formulation based on the opportunities present in the market.

The Automotive Lighting Market was estimated at USD 28.27 Billion in 2021 and is likely to grow at a CAGR of 4.95 % from 2022-2028 to reach USD 39.78 Billion in 2028.
 
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Segment Analysis

By Vehicle Type

The market is segmented into PCV, LCV, HCV, and two-wheelers. PCV is expected to witness a significant growth rate in the market during the forecast period owing to the frequent launch of passenger car vehicle models along with multiple offers provided by vehicle manufacturers.

In addition, increasing investments by the premium and luxury car manufacturers to manufacture new products with enhanced features, and growing demand for passenger car sales in developed economies is further expected to drive the market growth during the forecast period.
 
By Technology Type

The market is segmented as LED, halogen, and xenon. LED technology type is anticipated to register a high growth rate in the market owing to its attributes such as reduced power consumption, increased longevity, and power output, which are boosting the product demand in the market during the forecast period.

To meet the industry demand, major industry players are coming up with LED-focused products. Various efforts and investments are being made by automobile manufacturers to innovate better lighting solutions and enhance safety measures.

By Application Type

The market is segmented into interior lighting, side lighting, rear lighting, and front lighting. The interior lighting application is estimated to account for the major share of the market during the forecast period on account of the growing usage of lighting in automobile interiors to supply enhanced lighting attributes.

Interior lights sensitive to motion and surroundings are a preferred choice for customers who own expensive luxury and modern passenger cars.

In addition, the integration of interior lights in buses and other commercial vehicles in order to avail enhanced visibility experience for passengers is further expected to drive the market progress during the forecast period.
 
By Region

Europe is estimated to be the leading region in the market owing to the factor that the region is home to major automobile manufacturers such as BMW, Mercedes, Volkswagen, and Volvo. These companies are the growth engines of the region contributing to the growing demand for automotive lighting products during the forecast period.
In order to expand their businesses, manufacturers such as Philips, Osram, and Samsung are likely to maintain long-term settlements with the manufacturers in the European region and this is further expected to fuel the market progress over the forecast period. North America and Asia-Pacific are also expected to offer substantial opportunities during the forecast period.

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