What Are The Factors Driving Automotive Lighting Market During COVID-19 Pandemic?

The COVID-19 pandemic has greatly impacted several business functions across all industries, including the automotive lighting market. The existence of government initiatives to slowdown the coronavirus impact such as social-distancing and partial lockdowns are further hampering business operations and production abilities of manufacturers.

The incorporation of intelligent sensor technologies in passenger cars and commercial vehicles along with the development of efficient automobile lighting solutions will ensure better safety by facilitating clear vision while driving at night. Vehicle lighting demand will be augmented by vigorous innovations and the development of new products in the market.

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According to a Global Market Insights, Inc., report, global automotive lighting market size is projected to surpass US$38.5 billion by 2026.

The application of halogen technology in vehicles renders high efficiency and is expected to observe substantial demand from the automotive lighting industry. Halogen lamps render several advantages such as easy replacement and low cost of purchase. Contrastingly, the introduction of LED automobile lighting and Xenon lights, which are comparatively more advanced, might hinder the demand for halogen technology Automotive Lighting Market.

Companies are partnering up to strengthen their portfolio of different lighting solutions. For example, in a bid to develop perceptive and customized sensing systems for automotive lighting, HELLA announced a partnership with AEye, Inc. in January 2019. This partnership strengthened HELLA’s technological capabilities by leveraging AEye’s prowess in LiDAR technology.

Headlamps and front lighting, that help guide the vehicle in adverse weather conditions are observing consistent deployment as they are one of the most integral components of every vehicle. The incorporation of laser headlamps and bend lighting systems in motor vehicles are driving the market trends.

The consistent rising demand for front lighting solutions from automotive OEMs is positively impacting the market expansion. However, the reduced sale of automobiles is contributing to hinder the market to some extent amid the pandemic.

The automotive lighting market in North America is projected to grow at a steady rate in the coming years on account of the robust production of automobiles and a growing focus on EVs. According to a Bureau of Transportation 2019 report, the overall production of motor vehicles during 2019 in the U.S. observed a considerable rise by 1.2% as compared to 2018. The presence of strict road safety regulations in countries like the U.S. and Canada will propel regional market expansion.

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Reportedly, Moody’s Investor Service in a forecast has slashed up to 20% of the global auto sales outlook in 2020 as compared to the previous estimate on account of the coronavirus concerns. However, the credit rating agency has also estimated a healthy regain with a growth of 11.5% in global sales in 2021. Prominent manufacturers of automotive lighting solutions nclude Varroc, KGaA, Osram Group, HELLA GmbH & Co., Valeo, General Electric, Samsung Electronics Co. Ltd, Koninklijke Philips N.V., Magneti Marelli S.p.A., and Hyundai MOBIS.

Table of Contents (ToC) of the report:

Chapter 1. Methodology and Scope

1.1.    Definitions & forecast parameters

1.1.1. Definitions

1.1.2. Methodology and forecast parameters

1.2.    Data Sources

1.2.1. Secondary

1.2.2. Primary

Chapter 2. Automotive Lighting Market Summary

2.1.    Automotive lighting industry 360° synopsis, 2015 – 2026

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Technology trends

2.1.4. Vehicle type trends

2.1.5. Application trends

Chapter 3. Automotive Lighting Industry Insights

3.1.    Industry segmentation

3.2.    Impact analysis of coronavirus COVID-19 pandemic

3.2.1. Global outlook

3.2.2. Impact by region    North America    Europe    Asia Pacific    Latin America    MEA

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