Automotive Lighting Market Registering a CAGR of 6.7% from 2019 to 2026

Rise in automobile production, increase in awareness for road safety, and stringent government regulations drive the growth of the automotive lighting market.

Based on technology, the halogen segment contributed to more than two-fifths of the global automotive lighting market share in 2018 and is expected to retain its dominance throughout 20192026. On the other hand, the LED segment is expected to cite the fastest CAGR of 9.9% by 2026. This is due to its longer life and better efficiency as compared to other lighting technologies to be used in vehicles.

Based on geography,Asia-Pacific held the major share in 2018, garnering more than half of the global automotive lighting market. Furthermore, the region is expected to maintain its dominance with the fastest CAGR of 6.9% by the end of 2026. Factors such as the rising sale production of vehicles, adoption of advanced lighting and constant development in automotive lighting are driving the growth of the region.