New Delhi: Growing considerations concerning car security and strict authorities laws have spurred technical improvements across the automotive lighting market. Additional, the rising inhabitants and rising shopper shopping for energy throughout the growing world are expected to ship profitable alternatives on this house, in accordance to a modern report.
The world automotive lighting market dimension was valued at USD 18.00 billion in 2018 and is projected to reach USD 28.77 billion by 2026, registering a CAGR of 6.7 % from 2019 to 2026, as per a modern Valuates report.
“Vehicle lighting plays a crucial role, particularly when driving heavily trafficked roads. Road injuries pose a significant problem for governments worldwide. Therefore, it is necessary to improve the driving conditions, which can partially be accomplished by improving the lighting system,” the report said.
It highlighted that strict lighting laws have powered the automotive lighting business in developed nations of Europe and North America.
The report additional added the rising adoption of superior applied sciences in automotive elements and the rising demand for general car efficiency is shifting OEMs’ focus in direction of car lighting. This development is, in flip, expected to enhance the automotive lighting market dimension in the course of the forecast interval.
The rear lighting section was the very best contributor to the market, with USD 5.61 billion in 2018, and is estimated to reach USD 8.87 billion by 2026, at a CAGR of 6.5 % in the course of the forecast interval., the report highlighted.
Impact of COVID-19
As per the report, the outbreak of COVID-19 has globally disrupted the automotive provide chain which in flip adversely affected the market for automotive lighting.
Production of automotive lighting elements was impacted by the closure of producing services and new car gross sales, the report acknowledged. “In 2020, demand for both traditional and hybrid vehicles is expected to see a downward trend, further affecting the automotive lighting market,” Valuates highlighted.
However, it talked about that companies are taking varied steps to counter the outbreak’s adversarial results.