Market Size of Automotive Lighting Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 35.03 Billion |
| Market Size (2029) | USD 48.11 Billion |
| CAGR (2024 - 2029) | 6.55 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Lighting Market Analysis
The Automotive Lighting Market size is estimated at USD 35.03 billion in 2024, and is expected to reach USD 48.11 billion by 2029, growing at a CAGR of 6.55% during the forecast period (2024-2029).
Global sales of cars and SUVs fell to just under 77 million units in 2020, down from a peak of almost 94.35 million units in 2017. The sector is projected to experience a downward trend on the back of a slowing global economy and the advent of the coronavirus pandemic in all key economies.
Vehicle manufacturers are showing great interest in integrating LED lights in vehicles, as these lights consume less power and have a longer life when compared to halogen and HID lights. Furthermore, LED lights offer durability and strength, have high-quality light-emitting diodes, and are superior to all other forms of lighting technology.
The automotive manufacturers are developing new lighting technologies and are focusing on the major lighting components, such as headlights. They are entering into partnerships to be ahead in the competition within the market. Headlights are a major factor in providing a safe environment for driving at night. For instance, Volkswagen partnered with Hella to develop IQ.LIGHT LED headlamps. The new luxury-class Touareg SUV uses the IQ.LIGHT-LED Matrix Headlamps and 256 LEDs.
