Automotive Lighting Market Outlook 2022: Opportunities & Prominent Trends by 2027
The automotive light market is projected to reach USD 28.5 billion by 2027 from an estimated USD 21.9 billion in 2022 at a CAGR of 5.3% during the forecast period, driven by developments in the automotive light sector and growing LED technology adoption. For instance, in 2020, AGC Inc announced the mandates to implement automatic lights on all new vehicles, which helps to reduce the accidents due to blinding. Further, automotive light OEMs are experimenting with newer and more advanced light technologies in premium and luxury car models. By vehicle type, passenger car is estimated to be the largest market for automotive light market owing to the largest production volume globally and growing demand for SUV and premium and luxury cars which has focus on ride safety, comfort and luxury compared to economical cars. The recent trends of making automotive light more responsive to driving speed, steering direction and terrain changes is also one of the major drivers of increasing demand f...