Automotive Lighting Manufacturers Capitalizing on Advanced Front Headlights Sales
The market is anticipated to reach US$ 34.7 Bn in 2021, exhibiting a healthy 6.3% CAGR through 2031.
Increasing technological advancements such as adaptive lighting and daytime running lamp (DRL) in the automotive sector are driving innovations in the automotive lighting market.
Rising sales of electric vehicles across the globe are fuelling the demand for low-power consuming lighting systems. These trends are expected to bode well for the global market.
The vehicles require highly advanced lighting systems, including light-emitting diode (LED) lights. Such trends are encouraging original equipment manufacturers OEMs to launch effective and advanced automotive lighting products.
Consistently rising sales of two-wheeler vehicles in countries including India, China, and Brazil is further spurring demand for automotive lighting. Additionally, increasing cases of road accidents have underscored the need for advanced lighting equipment, driving innovations in automotive lighting products for better safety.
Increasing sales of vehicles will directly impact the demand for front headlights. FMI projects demand in front headlights to soar in the coming years, contributing towards over 60% of automotive lighting sales in terms of application in 2021. Meanwhile, the demand for fog lights and interior lights for installation in luxury vehicles also will propel growth in the market.
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