May 10, 2022
According to the research report titled ‘Global Automobile Lighting Market (2021 Edition) - Analysis by Position (Front, Back, Others), Technology (LED, Halogen), Vehicle Type (PV, CV), By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026),’ available with MarketStudyReport, global automobile lighting market had reached valuation worth 20.93 billion in 2020 and is reckoned to garner massive gains during 2021-2026.
Mounting production of automobiles and consumer electronics, increasing incorporation of automotive lighting solutions, rising disposable income, technological breakthroughs, and the increasing automation in manufacturing sectors are some of the major factors driving the growth of the global automobile lighting market.
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Based on position type, the market is further divided into back, front, and others. Among these, the front segment had witnessed significant growth over the past few years and is expected to grow substantially over the forecast period, owing to higher concentration of OEMs and ODMs across various regions.
Moving on to LED technology, the market is bifurcated into Halogen and LED segments. Out of these, the LED segment is expected to account for the largest market share over the review period primarily attributed to the increasing demand for new electronic technologies.
As per vehicle type, the market is fragmented in terms of commercial vehicles and passenger vehicles.
Regionally, Asia Pacific is estimated to hold the largest market share by 2026, on account of the rising population, high disposable income, increasing manufacturing activities, and surging demand for automobile manufacturers to improve quality by eliminating errors.
The leading companies operating in the global automobile lighting market include Koito Manufacturing Co. Ltd., Stanley Electric Co. Ltd., Varroc Group, Uno Minda Group, Fiem Industries Ltd., Valeo S.A., Hella KGaA Hueck & Co., Osram Licht AG, Lumax Industries Ltd., and India Japan Lighting Private Limited.