Next-Generation Automotive Lighting Market Growing at a Robust 5.40% CAGR: MarkNtel Advisors

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Next-Generation Automotive Lighting Market, The Global Next-Generation Automotive Lighting Market is projected to grow at a CAGR of around 5.40% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight sustainable materials, rising demand for luxury customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Next-Generation Automotive Lighting Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook Forecasts:

Forecast Period: 2023-2028
CAGR (2023-2028): 5.40%

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Global Next-Generation Automotive Lighting Market Segmentation Breakdown:

The Next-Generation Automotive Lighting Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Product Type
- Adaptive Lighting- Market Size Forecast 2018-2028, USD Million
  - Auto ON/OFF-- Market Size Forecast 2018-2028, USD Million
  - Bending/Cornering Lights-- Market Size Forecast 2018-2028, USD Million
  - High Beam Assist-- Market Size Forecast 2018-2028, USD Million
  - Headlight Leveling-- Market Size Forecast 2018-2028, USD Million
- Ambient Lighting-Market Size Forecast 2018-2028, USD Million
- Communicable Lighting- Market Size Forecast 2018-2028, USD Million
- Flexible Lighting- Market Size Forecast 2018-2028, USD Million

The surge in the inclination towards customized lighting solutions in cars has significantly increased the demand for Ambient Lighting during the historical period.

By Vehicle Type
- Passenger Vehicles- Market Size Forecast 2018-2028, USD Million
- Commercial Vehicles- Market Size Forecast 2018-2028, USD Million
By Propulsion Type
- Internal Combustion Engine Vehicles- Market Size Forecast 2018-2028, USD Million
- Electric Vehicles- Market Size Forecast 2018-2028, USD Million
By End User
- OEM- Market Size Forecast 2018-2028, USD Million
- Aftermarket- Market Size Forecast 2018-2028, USD Million
By Technology Type
- Halogen- Market Size Forecast 2018-2028, USD Million
- Xenon- Market Size Forecast 2018-2028, USD Million
- LED- Market Size Forecast 2018-2028, USD Million
  - OLED-- Market Size Forecast 2018-2028, USD Million
  - Mini LED-- Market Size Forecast 2018-2028, USD Million
  - Micro LED-- Market Size Forecast 2018-2028, USD Million
  - Matrix LED-- Market Size Forecast 2018-2028, USD Million
- Laser-- Market Size Forecast 2018-2028, USD Million

Light Emitting Diodes (LED) are highly energy-efficient, compact, and have a longer life span. As a result, they were used widely by automotive manufacturers during the historical period.

By Application
- Front Lighting- Market Size Forecast 2018-2028, USD Million
  - Headlights-- Market Size Forecast 2018-2028, USD Million
  - Foglights-- Market Size Forecast 2018-2028, USD Million
  - Daytime Running Lights (DRL) -- Market Size Forecast 2018-2028, USD Million
- Rear Lighting- Market Size Forecast 2018-2028, USD Million
  - Tailights-- Market Size Forecast 2018-2028, USD Million
  - Centre High-Mount Stop Light-- Market Size Forecast 2018-2028, USD Million
  - License Plate Lamp-- Market Size Forecast 2018-2028, USD Million
- Sidelighting- Market Size Forecast 2018-2028, USD Million
  - Sidelight-- Market Size Forecast 2018-2028, USD Million
  - Side Rearview Mirror Indicator-- Market Size Forecast 2018-2028, USD Million
- Interior Lighting- Market Size Forecast 2018-2028, USD Million
  - Dashboard-- Market Size Forecast 2018-2028, USD Million
  - GloveBox-- Market Size Forecast 2018-2028, USD Million
  - Reading Light-- Market Size Forecast 2018-2028, USD Million
  - Dome Lights-- Market Size Forecast 2018-2028, USD Million
  - Rearview Mirror Interior Lights-- Market Size Forecast 2018-2028, USD Million

Geographical Growth Insights:

By Region

North America
South America
Europe
The Middle East Africa
Asia-Pacific

The prevalence of the automotive industry in the Asia-Pacific countries like China, India, etc., has led the region to acquire a significant share in the Global Next-Generation Automotive Lighting market.

MarkNtel Advisors Highlights Key Market Drivers for Next-Generation Automotive Lighting Market:

Rising Demand for the Autonomous Vehicles

Over the past few years, there has been a surge in the stipulation for connected vehicles owing to their advantages, such as enhanced safety, personalized driving experience, etc., over traditional motor vehicles. This has led the automobile manufacturers like Ford, Tesla, and several others, to integrate cars with digitally advanced technologies, including the Internet of Things (IoT), Artificial Intelligence (AI), and others, resulting in a substantial boost in demand for next-generation automotive lighting.

Moreover, these lighting systems are energy efficient, therefore resulting in lower fuel consumption providing a longer distance range. Thus, reducing the carbon footprint of the vehicles lowering the emissions by the motor vehicles. Additionally, automobile manufacturers are also seeking to utilize the solution to deliver the consumers with excellent safety features. Hence, they are actively integrating next-generation lighting to minimize potential road accidents, further enhancing the Global Next-Generation Automotive Lighting market size.

A Comprehensive Analysis of Leading Companies in Global Next-Generation Automotive Lighting Market

Marelli Holdings Co., Ltd.
HELLA GmbH Co. KGaA
OSRAM GmbH
Valeo Group
KOITO Manufacturing Co. Ltd.CORA
Hyundai Mobis Co., Ltd.
Varroc Group
Magna International Inc.
Flex-N-Gate Corporation
DRÄXLMAIER GROUP
Sigma International Inc.
W. Speaker Corporation
Faurecia
Stanley Electric Co., Ltd.
Continental AG
LG Innotek Co., Ltd.
Lumileds Holding B.V.
Ichikoh Industries,Ltd.
DEPO Auto Parts Ind. Co., Ltd.
Others

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Global Next-Generation Automotive Lighting Market Recent Developments

2023: Marelli Holding Co. Ltd. announced to demonstrate the latest innovations at the Auto Shanghai 2023 to offer the consumer an interactive engaging experience. The company would showcase its automotive lighting sensing technologies to create a future of mobility with the technology partners.

Global Next-Generation Automotive Lighting Market Growth Opportunity:

Growing Demand for the Electric Vehicles to Amplify the Market Growth

The surge in the adoption of electric vehicles due to reasons such as government policies incentives to use Electric Vehicles (EVs) instead of conventional fuel-based automobiles is driving the demand for these technologies. Individuals government agencies across the globe are gradually adopting electric vehicles in light of the Paris 2030 agreement, where more than 195 countries signed a pact to lower their carbon emissions by embracing alternative solutions. Thus, the inclination of individuals in lieu to shield the environment contribute towards a green climate is facilitating the demand for electric cars across the globe.

The mitigation of individuals towards electric vehicles is augmenting the requirement for these vehicles, consequently leading to the surge in the usage of these technologies since these lighting systems are used during the manufacturing of these vehicles to enhance the feature of the motor cars. Hence, the upliftment of electric motor vehicles due to the growing concerns regarding pollution would pose an opportunity for the companies to offer their lighting systems to electric vehicle (EVs) manufacturers in the forthcoming years.

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