Next-generation automotive lighting market is projected to reach $38.85 billion

The global next-generation automotive lighting market is projected to reach $38.85 billion by 2031 from $12.11 billion in 2022, growing at a CAGR of 13.83% during the forecast period 2022-2031. \

The growth in the global next-generation automotive lighting market is expected to be driven by technological advancements in automotive lighting systems and increasing sales of luxury vehicles around the world.

In the automotive industry, lighting plays a critical role, and its applications in the automotive sector are rising rapidly, powered by safety and aesthetics. The rapid technological progress in the automotive lighting field shows that basic light sources based on incandescent and gas-release bulbs have shifted to modern-day technologies such as light-emitting diodes (LEDs), laser technology, and organic light-emitting diodes (OLEDs).

The vehicle industry is highly involved in incorporating LED lamps into cars as these lamps use less energy and last longer than halogen and high-intensity discharge (HID) lamps. In addition, LED lighting offers longevity and power, which makes it superior to all other lighting systems.

The global next-generation automotive lighting market is in the growth phase. The implementation of next-generation automotive lighting is increasing in luxury vehicles. As a result, the global next-generation automotive lighting market is expected to flourish in the forecast period.