Automotive Smart Lighting Market Size to Surpass USD 10 Billion by 2032 growing at 8.8% CAGR - Exclusive Report by Acumen Research and Consulting
The global Automotive Smart Lighting Market size was valued at USD 4.4 Billion in 2022 and is projected to arrive at a size of around USD 10.1 Billion by 2032 rising with a CAGR of 8.8% during the forecasted years, as reported by Acumen Research & Consulting
The automotive smart lighting industry has grown significantly in recent years, owing to rising demand for advanced safety features and a shift towards electric and self-driving vehicles. The adoption of advanced lighting systems in vehicles has become critical for automakers because they help to improve visibility, and driver comfort, and reduce road accidents.
Because of its energy efficiency, versatility, and long lifespan, LED technology has emerged as the most widely used technology in automotive smart lighting systems. Other technologies, such as halogen and xenon, are losing favor as a result of their lower efficiency and higher energy consumption.
Automotive Smart Lighting Market Statistics
- Global automotive smart lighting market revenue accounted for USD 4.4 billion in 2022, with an 8.8% CAGR from 2023 to 2032
- Europe automotive smart lighting market share occupied around 36% in 2022
- Asia-Pacific automotive smart lighting market growth is estimated to attain a 9% CAGR from 2023 to 2032
- The adoption of electric and hybrid vehicles is a prominent automotive smart lighting market trend driving the industry demand
- As per the IEA stats, 16.5 million electric cars were running in the world in 2021
- Electric car sales in China nearly tripled to 3.3 million in 2021, accounting for roughly half of the global share
- By vehicle type, the passenger cars sub-segment grabbed a 76% share in 2022
- Based on sales channel, the passenger aircraft sub-segment gathered US$ 3.3 billion in revenue in 2022
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Automotive Smart Lighting Market Dynamics
Increasing Emphasis on Safety in the Automotive Industry Fuels the Smart Lighting Market Value
The automotive industry's increased emphasis on safety has resulted in the development and adoption of advanced safety technologies, such as smart lighting. Smart lighting systems are intended to improve visibility and safety on the road by incorporating a variety of advanced features that traditional lighting systems do not provide.
Some smart lighting systems, for example, use sensors and cameras to automatically adjust the intensity and direction of headlights based on variables such as road conditions, weather, and oncoming traffic. This can help to lower the risk of accidents led by poor visibility or glare from approaching headlights.
Smart lighting systems can also include advanced features like adaptive front lighting systems (AFS), which can swivel the headlights in the direction of the steering wheel to improve visibility when turning. To improve visibility and safety on the road, some smart lighting systems can incorporate daytime running lights, fog lights, and other advanced lighting features.
Integration of Artificial Intelligence (AI) and Machine Learning to Generate Noteworthy Automotive Smart Lighting Market Opportunities
In the automotive industry, the integration of artificial intelligence (AI) and machine learning with smart lighting has the potential to transform how vehicles use and interact with lighting systems. Smart lighting systems can collect and process data about the vehicle's environment, driving conditions, and user preferences by incorporating advanced algorithms and sensors, and use this information to optimize the lighting system's performance.
Machine learning algorithms, for example, can analyze sensor and camera data to detect and classify various objects and road conditions, and then adjust the lighting system's brightness, color, and direction accordingly. This can improve road visibility and safety while also lowering energy consumption and extending the lifespan of the lighting system.
AI-powered smart lighting systems can also include advanced features like facial recognition technology, which can identify the presence of passengers in the vehicle and adjust the lighting settings to their preferences automatically. Furthermore, smart lighting systems can be combined with other vehicle-to-vehicle (V2V) communication systems and advanced driver assistance systems (ADAS) to improve safety and performance even further.
Automotive Smart Lighting Market Segmentation
The global market has been categorized into vehicle type, technology, application, sales channel, and region.
The vehicle type segment is further segmented into split into passenger cars and commercial vehicles. The technology segment is divided into halogen, xenon, LED, and others. Interior and exterior lighting are covered under the application segment. Major sales channels included in the report are OEM and aftermarket. North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa (MEA) are the regional categorization of the market.
Automotive Smart Lighting Market Share
Among them, passenger cars are expected to dominate the segment for the given forecast period. Also, according to the automotive smart lighting market forecast, commercial vehicles are likely to attain substantial growth from 2023 to 2032.
Based on our automotive smart lighting industry analysis, LED grabbed around 2/3rd of the total market share in 2022. Other technologies such as laser and OLED are also showing some rapid growth in the segment.
Exterior lighting is leading the market with a considerable market share, whereas interior lightings are on the path of swiftly increasing its market share in the coming years.
OEM sales channel will lead the market in terms of share, while the aftermarket will lead the market in terms of growth rate (CAGR).
Automotive Smart Lighting Market Regional Outlook
Europe currently holds the largest share of the automotive smart lighting market, owing to the presence of major automotive producers and vendors in the region, as well as the European Union's stringent safety regulations. The North American market is expected to grow significantly in the coming years, owing to factors such as the presence of established automotive manufacturers, rising consumer demand for advanced safety features, and an increasing emphasis on electric and hybrid vehicles. The Asia Pacific region is expected to grow at the fastest rate in the market, owing to rising vehicle demand and a growing trend towards technological advances in the automotive industry.
Automotive Smart Lighting Market Players
Some prominent automotive smart lighting companies covered in the industry include Continental AG, Cree, Inc., Flex Ltd., Hella GmbH & Co. KGaA, Hyundai Mobis Co., Ltd., Ichikoh Industries, Ltd., Koito Manufacturing Co., Ltd., Magneti Marelli S.p.A., Osram GmbH, Philips Lighting BV, Stanley Electric Co., Ltd., Texas Instruments Incorporated, Valeo S.A., Varroc Lighting Systems, and ZKW Group.
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