Growing adoption of advanced driver assistance system (ADAS) and rising concern towards road safety drive the global automotive intelligent lighting system market to hit $ 9.25 billion by 2030.
According to the latest report published by Allied Market Research, the Automotive Intelligent Lighting System Market by technology, vehicle type, product and sales channel: Global Opportunity Analysis and Industry Forecast, 2021–2030, the global automotive intelligent lighting system industry was estimated at $ 3.65 billion in 2020 and is anticipated register a CAGR of 9.8% from 2021 to 2030.
However, high cost & configuration complexities and unorganised aftermarket services restrain the growth to some extent. The integration of advanced technologies in vehicles is expected to create lucrative opportunities in the industry.
Some of the major players in the industry include DE Amertek Corporation, Hella, Johnson Electric, Continental, JW Speaker Corporation, Marelli, Robert Bosch, Stanley Electric, Valeo and Hyundai Mobis.
COVID-19 Scenario
According to the market research and business-consulting company, massive commute restrictions and expected weak financial performance of the market players in 2020 impacted the global automotive intelligent lighting system market negatively, especially during the initial phase. However, the market is expected to recover soon due to high competitiveness among the key players for autonomous driving technology.
Passenger Vehicles
Based on vehicle type, the passenger vehicle segment held a significant share in 2020, accounting for nearly four-fifths of the global automotive intelligent lighting system market, owing to the relatively higher installation of the intelligent lighting system in passenger cars. At the same time, the commercial vehicle segment would register the fastest CAGR of 11.5% from 2021 to 2030 due to the growing integration of automotive intelligent lighting systems in commercial vehicles, Allied Market Research said.
LEDs To Lead
Based on solution type, the LED segment contributed to more than two-fifths of the global automotive intelligent lighting system market revenue in 2020 and is projected to lead the trail throughout the forecast period. This is attributed to its longer life span and significantly less power consumption capability. As a result, the same segment is projected to grow at the fastest CAGR of 10.5% from 2021 to 2030.
Based on region, the market across Europe, followed by North America, contributed to the highest share in 2020, accounting for nearly two-fifths of the global automotive intelligent lighting system market. The region is estimated to continue its dominant share in terms of revenue by 2030 due to increasing sales of luxury cars, growing demand for technological advancements, and the presence of leading players in the region. Simultaneously, Asia-Pacific is expected to showcase the fastest CAGR of 12.9% during the forecast period due to the growing need for vehicles equipped with advanced features due to the increase in sales of premium passenger vehicles across the region, the research and business-consulting firm noted.
Courtesy: Allied Market Research. NB: Photo is representational; courtesy: OSRAM.