Automotive Lighting Market Size, Share, Growth Analysis, By Technology(Halogen and LED), By Application(Exterior Lighting and Interior Lighting) - Industry Forecast 2024-2031

Global Automotive Lighting Market size was valued at USD 28.9 billion in 2022 and is poised to grow from USD 30.08 billion in 2023 to USD 41.49 billion by 2031, growing at a CAGR of 4.10% in the forecast period (2024-2031).

The global market for commercial vehicles is expected to experience an upsurge in demand during the forecast period due to the increase in production and sales. This trend is attributed to the advancement in technology, which is driven by concerns about vehicle safety and strict government regulations. Additionally, the rise in population and the growth in purchasing power of consumers in developing countries are expected to create profitable opportunities in the market. Despite the potential demand for LEDs, their high cost could limit the market growth. Nevertheless, the benefits of using LED lights such as low energy consumption and longer life span could supplement their demand in the automobile sector. Therefore, industry players could capitalize on the introduction of compact, energy-efficient, and low-cost LED lights to leverage the market potential. Furthermore, the market is experiencing technological advancements such as the adoption of OLEDs, the deployment of Advanced Forward Lighting System (AFS) technology in LEDs for bend headlamps, and resource scarcity. Moreover, there is a shift towards smaller and aesthetic headlight designs. The demand for LED lights is not only limited to newly purchased vehicles, but also includes replacement of halogen lights in damaged lights or those in need of upgrade. This demand is mainly observed in developed countries and constitutes a small portion of the total aftermarket.