Automotive Exterior Smart Lighting Market

Market Overview:

Automotive exterior lighting includes lights covered around the perimeter of a vehicle. Automotive exterior lighting is required by law. The regulations pertaining to automotive exterior lighting must be fulfilled by the manufacturers. Smart automotive exterior lights are equipped with smart technology. The global automotive exterior smart lighting market was valued at around USD xx billion in 2020 and is expected to register a CAGR of 5.5% during the review period to reach to around USD xx billion by end of 2030.

Automotive Exterior Smart Lighting Market Report Scope

Market Segmentation:

By product, the global automotive exterior smart lighting market has been segmented into parking light, fog light front, fog light rear, stop light, side signals/ warning lights, head lamp, brake/tail light, license/number plate and panel lights. The head lamp segment accounted for the largest market share in 2020 and is expected to register significant growth during the review period. Automotive headlamp also known as headlights is a lamp which is attached to the front of a vehicle to illuminate the road ahead. It is fixed to the head for outdoor activities at night or in certain dark conditions such as caving, camping, hiking, orienteering, backpacking, or mountaineering among others.  The fog light front is likely to grow at a considerable CAGR during the review period.  Automotive front fog light helps the driver see in front of the vehicle. It is fixed below the headlight assembly and is designed to emit a wide ray of light with a sharp cutoff at the top to prevent it from reflecting off of the fog.

Based on technology, the global automotive exterior smart lighting market has been segmented into halogen, xenon, LED, and others. The halogen segment accounted for the largest market share in 2020 and is expected to grow at a significant CAGR during the review period. Automotive halogen light bulb is a type of incandescent lamp which involves usages of a halogen gas to increase both light output and rated life. They provide superior benefits such as high quality of light, improved efficiency, and durability as compared to regular incandescent lamps. The LED segment is projected to register highest growth during the review period due to its superior properties such as low cost and improved energy efficiency. LED lamp produces light using light-emitting diodes (LEDs). 

By vehicle type, the global automotive exterior smart lighting market has been segmented into passenger vehicles and commercial vehicles. The passenger vehicles segment accounted for the largest market share in 2020. The segment growth can be attributed to increasing consumer spending on passenger vehicles coupled with changing living standard and rising per capita disposable income.

Market Dynamics and Factors:

The growth of the global automotive exterior smart lighting market is primarily driven by rapidly expanding automotive industry across the geographies. Rising demand for passenger vehicles particularly in the developing countries is likely to add to the global automotive exterior smart lighting market growth. In addition to this, increasing production of fuel efficient and light weight vehicles on account of increasing regulations pertaining to carbon emissions is expected to bolster the global automotive exterior smart lighting market growth during the review period. Furthermore, increasing regulations pertaining to vehicle safety coupled with rising consumer awareness is likely to propel the market growth of the global automotive exterior smart lighting market at a substantial rate during the review period.

Increasing demand for advanced and high quality automotive exterior smart lighting in both passenger and commercial vehicles is projected to create lucrative opportunities for the players operating in the global automotive exterior smart lighting market during the review period.

Geographical Analysis:

By geography, the market has been segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share in 2018 and is expected to grow at a significant CAGR during the review period. China held the largest share in the regional market in 2020 owing to strong presence of automotive industry coupled with significant production of electric vehicles in the country. In addition to this,the regional market growth can be attributed to expanding automobile production particularly in the developing countries such as China, India, South Korea, Thailand and Malaysia among others.

The market growth in North America is driven by the established presence of the automotive industry particularly in US. Growing emphasis on development of fuel-efficient and electric vehicles in the region is likely to propel the global automotive exterior smart lighting market growth at a significant rate during the review period.

The European market is expected to grow at a considerable CAGR on account of increasing demand for advanced automotive exterior smart lighting in the vehicles. Germany, UK and France combined held majority share of the regional market.  Increasing production of electric and autonomous vehicles on account of rising environmental regulations is likely to boost the product demand significantly.

The market in Latin America and the Middle East & Africa is expected to be driven by the growth of the automotive industry with rising demand for passenger vehicles in the developing countries coupled with rising per capita disposable income.

Key Market Segmentation

Global Automotive Exterior Smart Lighting Market, By Product

o    Parking Light

o    Fog Light Front

o    Fog Light Rear

o    Stop Light

o    Side Signals/ Warning Lights

o    Head Lamp

o    Brake/Tail Light

o    License/Number Plate

o    Panel Lights

Global Automotive Exterior Smart Lighting Market, By Technology

o    Halogen

o    Xenon

o    LED

o    Others

Global Automotive Exterior Smart Lighting Market, By Vehicle Type

o    Passenger Cars

o    Commercial Vehicles

Global Automotive Exterior Smart Lighting Market, By Region

North America

o    US

o    Canada

o    Mexico

Europe

o    Germany

o    UK

o    France

o    Italy

o    Spain

o    Rest of Europe

Asia-Pacific

o    China

o    India

o    Japan

o    South Korea

o    Rest of Asia-Pacific

Middle East and Africa

South America