Yahoo Finance Global Automotive Ambient Lighting Market Size To Reach USD 129.69 Billion By 2030 | CAGR of 10.42%
The Global Automotive Ambient Lighting Market Size was valued at USD 62.01 Billion in 2021 the market is projected to grow USD 129.69 Billion in 2030, at a CAGR of 10.42% from 2021 to 2030, as per the latest research report by Spherical Insights & Consulting. Companies Covered: ederal-Mogul LLC, Grupo Antolin, OSRAM Licht AG, HELLA KGaA Hueck & Co., Koito Manufacturing Co., Ltd., Robert Bosch GmbH, General Electric, Valeo S.A., Dräxlmaier Group, Stanley Electric Co., Ltd, and others 20+ prominent key players we have added in the final report. Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
New York, United States , Dec. 06, 2022 (GLOBE NEWSWIRE) -- The Global Automotive Ambient Lighting Market Size was valued at USD 62.01 Billion in 2021 the market is projected to grow USD 129.69 Billion in 2030, at a CAGR of 10.42% from 2021 to 2030. The term "automotive ambient lighting" refers to a broad category that includes several different types of luminaires. Even though ambient lighting items are frequently seen as purely functional, they play a vital role in both business and residential settings. The global automotive lighting market is primarily being driven by the rising popularity of ambient lightings. The market for automobile interior lighting is primarily being driven by the increase in demand for interior aesthetics. Low-cost ambient lighting improves the cabin's ambiance, which boosts adoption.
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The usage of this ambient lighting enhances comfort and functionality for the driver while also highlighting important tasks that must be done in the dark. Over the course of the projection period, it is anticipated that continuous technological advancements, such as the widespread use of electrical vehicles and smart lighting systems in passenger cars, will open up attractive market prospects.
The increase in sales of ultra-luxury automobiles, which is brought on by the population's increased disposable income, is the main factor driving market expansion. The public's increasing awareness of car security and safety is another factor supporting the market's upward trajectory. The increasing desire for traditional and ecologically friendly cars as well as the use of LED lights in automobiles are a few other drivers propelling market rise. However, it's expected that the expensive cost will restrict market growth. The automotive industry as a whole has had several advancements recently, including the development of electricity and driverless vehicles, as consumers are flocking toward intelligent automobiles with reduced environmental effect.
High OE integration costs will limit the market's growth throughout the course of the projected period. It would become more pertinent to premium automobiles due to other factors including changing raw material prices and component availability, which would further increase related expenses.
Browse key industry insights spread across 199 pages with 143 market data tables and figures & charts from the report “Global Automotive Ambient Lighting Market Size, Share & Trends, Covid-19 Impact Analysis Report, By Application (Dashboard, Footwell, Doors), By Vehicle Type (Conventional Cars, Green Cars), By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2030” in detail along with the table of contents.
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Global Automotive Ambient Lighting Market, By Application
The usage of such lighting on the footwell enhances the atmosphere generally, improves the visibility of items on a footwell, and lights brakes in emergencies and at night. The automotive ambient lighting market's footwell application type segment is anticipated to grow at a CAGR of 6.8% during the period of forecasting. Automobile ambient illumination makes door latches more visible, facilitating speedy evacuation for passengers. Additionally, it offers enough illumination for both stationary and moving vehicles to detect an open door or a passenger getting out of a vehicle. The overhead consoles, glove boxes, headliners, and back seats or trunks are additional areas in cars where ambient lighting is applied.
Global Automotive Ambient Lighting Market, By Vehicle Type
According to the kind of vehicle, the automotive interior ambient lighting market is split into conventional automobiles and green cars. The term "conventional cars" refers to automobiles with more than five seats that are primarily designed for passenger transportation, including sedans, SUVs, luxury cars, and vans. It is anticipated that the conventional automobiles sector, which accounted for the largest revenue share in 2020, will expand at a CAGR of about 7.0% during the forecasted period.
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Global Automotive Ambient Lighting Market, By Region
The North American region is predicted to dominate the worldwide business because to reasons like rising new vehicle registrations and higher disposable income. Europe is the second-best performing region in terms of revenue. The Asia Pacific region is predicted to grow at the quickest CAGR throughout the projection period since it will have the most vehicle sales. It is projected that countries like China, Japan, India, and Indonesia will significantly impact the Asia-Pacific area as a result of the increasing demand for passenger cars.
Recent Developments in Global Automotive Ambient Lighting Market
June 2021: The "lighting grille" technology from Hyundai Mobis was unveiled; it consists of an integrated LED lighting system that illuminates the whole front grill of an automobile. It can operate in a variety of situations, such as autonomous driving mode, EV charging mode, sound beat display, welcome light function, and emergency warning light display.
December 2020: Osram Opto Semiconductors revealed the first products in the new Ostune LED family, which includes two white LEDs with a wide colour temperature range. For ambient lighting in automobiles, the new LEDs provide light variations ranging from blue cold white to reddish warm white.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players are ederal-Mogul LLC, Grupo Antolin, OSRAM Licht AG, HELLA KGaA Hueck & Co., Koito Manufacturing Co., Ltd., Robert Bosch GmbH, General Electric, Valeo S.A., Dräxlmaier Group, Stanley Electric Co., Ltd, and others 20+ prominent key players we have added in the final report. Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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