Global Market added a new report on the automotive lighting market which estimates the market valuation for automotive lighting will cross US$ 38.5 billion by 2026.
Continuous innovation and introduction of new products along with proliferation of automotive lighting solutions with intelligent sensor technologies in cars and commercial vehicles is anticipated to drive the industry growth.
The severe impact of the COVID-19 health crisis across the globe has led to a slowdown in the automotive lighting industry. Several measures undertaken by government authorities, such as partial lockdowns and social distancing, are causing disruptions in business operations and production capabilities of manufacturers. Additionally, plummeting automobile sales are also contributing to restraints faced by the industry during the pandemic.
Halogen technology is expected to witness a steady demand in the automotive lighting market. These lights offer several advantages such as low cost of purchase and easy replacement owing to the abundant availability in the market. However, with the advent of technologically advanced and durable LED and Xenon lights, halogen technology is expected to witness a gradual slowdown in demand.
Head lamps and front lighting applications are witnessing an escalating growth in the automotive lighting market. The amplifying market trend of integrating bend lighting and laser head lamps into automobiles is fueling the growth of this segment. Rapidly growing demand for front lighting from automobile OEMs is supporting the overall market growth.