Automotive Lighting Market Pegged for Robust Expansion by 2028

December 29, 2022/Industry News Global/ -- This new report from Stratview Research analyses the Foam Glass Market over the trend period from 2014 to 2019 and the forecast period from 2020 to 2025. The insights of the report shall enable informed decision-making and strategy formulation for the near future to capitalize on the opportunities.
Overview:
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.
What is automotive lighting?
The lighting system of an automobile incorporates lighting and signaling devices usually present in the front, rear, side, or interior of the vehicle. Automotive lights are an integral part of a motor vehicle majorly utilized in the automotive industry to enhance the visibility of the vehicle.
Drivers
• Major factors such as a surge in the production of passenger and commercial vehicles, and increasing preference towards aesthetically pleasing and technologically modern automotive lights accompanied by the growing demand from OEMs as well as aftermarket distributors.
• The rise in the disposable income of consumers mixed with growing road safety concerns related to passenger and commercial vehicles is expected to fuel the progress of the market during the forecast period.
Key Players:
• Koninklijke Philips N.V.
• Samsung Electronics
• General Electric Company
• Hella KGaA Hueck & Co.
• Hyundai Mobis
• Koito Manufacturing Co., Ltd.
• Magneti Marelli S.p.A.
• Osram Licht AG
• Valeo
• Varroc
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Regional analysis:
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.
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
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