Automotive Lighting Market to rise up by USD 14.41 Bn market revenue through 2023-2027 | APAC to Dominate Market Landscape
According to projections, the size of the Global Automotive lighting Market would rise by USD 14.41 billion between 2022 and 2027, at a compound annual growth rate of 9.79%.
APAC to Dominate Market Landscape : Over the course of the projected period, APAC is expected to contribute 58% of the growth of the global market. Due to the rising demand for LED lighting systems and the expansion of automobile manufacturing in the region, the automotive lighting market in Asia-Pacific is expected to grow steadily over the forecast period. In APAC, there is a marked increase in the market for SUVs. APAC countries are also seeing an increase in the sales of luxury automobiles.
In addition, the demand for EVs in the area has been rising. The region's demand for EVs is being driven by infrastructure for EV charging and incentives offered by governmental authorities. Demand for EVs in APAC is expected to be driven by stricter pollution regulations brought about by the region's growing concern over the use of diesel-powered vehicles. During the projection period, it is expected that providers of automotive lighting would have possibilities to generate
FLEX N GATE Corp, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd, Koninklijke Philips NV, Lumax Industries Ltd., Marelli Holdings Co Ltd, Namyung Lighting Co. Ltd, NXP Semiconductors NV, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Varroc Engineering Ltd, OSRAM GmbH, Robert Bosch GmbH, Valeo SA, Continental AG, and LG Corp.are some of the major market participants contributing significantly to this market advancements.
Technavio's report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. Learn more about the market dynamics across APAC,Europe,North America,South America,Middle East and Africa - US,China,Japan,India,Germany and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.
Automotive Lighting Market Highlights of the Report for 2023-2027