Global Vehicular Lighting Market to Reach 2.2 Billion Units by the Year 2027

Amid the COVID-19 crisis, the global market for Vehicular Lighting estimated at 1.7 Billion Units in the year 2020, is projected to reach a revised size of 2.2 Billion Units by 2027, growing at a CAGR of 3.2% over the analysis period 2020-2027.

(Automotive) Tail Lamps/Brake Lamps, one of the segments analyzed in the report, is projected to grow at a 3.4% CAGR to reach 385.3 Million Units by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the (Automotive) Headlamps segment is readjusted to a revised 3.5% CAGR for the next 7-year period. This segment currently accounts for a 13% share of the global Vehicular Lighting market.

The Vehicular Lighting market in the U.S. is estimated at 470.4 Million Units in the year 2020. The country currently accounts for a 27.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of 446 Million Units in the year 2027 trailing a CAGR of 5.8% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.9% and 2.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR while Rest of European market (as defined in the study) will reach 446 Million Units by the year 2027.