Market Size of Automotive Perimeter Lighting Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Perimeter Lighting Market Analysis
The Automobile Perimeter Lighting Market was valued at USD 28.0 Billion in 2021 and is projected to grow to 41.62 Billion by 2027, registering a CAGR of 7.2% in terms of revenue during the forecast period.
The COVID-19 pandemic has affected the growth of the automotive perimeter lighting market. The decline in passenger car and commercial vehicle sales in 2020 and the temporary shutdown of vehicle and component production facilities have resulted in a decrease in the total market of automotive perimeter lighting. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the globe. The automotive industry witnessed significant growth in terms of production in 2021, which is likely to increase the demand for the perimeter lighting market during the forecast period.
Over the medium term, Automotive perimeter lighting is majorly driven by innovations in lighting technologies and improving safety and comfort. The automotive industry primarily spins around the regulatory norms on protection and environmental aspects formulated by different countries and customer preferences for upgraded style and comfort.
Currently, manufacturers are replacing halogen lights with LED lights because of their energy efficiency, requiring lesser maintenance than halogen and xenon lights. To reduce production and maintenance costs, vehicle manufacturers increase their incorporation of LED light for automotive lighting applications.
Luxury cars, sports cars, SUVs, and crossovers are usually integrated with xenon and other intelligent LED lighting systems. Mid-size cars are also increasingly deploying these systems, with the increase in the availability of cost-efficient but highly proficient perimeter lighting systems. OEMs, such as Ford and Nissan, are also deploying these lighting systems with additional features that are equally cost-effective and, at the same time, adhere to quality standards.
