The dynamic evolution of the automobile industry is attributed primarily to changing consumer preferences, growing focus on environment concerns, increased safety, and stringent government regulations. Lighting plays a critical role in the automotive industry and is growing at a rapid pace, driven by safety and design. Rapid technological developments in the automotive lighting industry have witnessed a radical transformation from simple incandescent and gas discharge based light sources to light emitting diodes (LEDs) laser technology and organic light emitting diodes (OLEDs).
The price of LEDs have reduced drastically in the past decade, and this trend is expected to continue in the forecast period. In addition to this, this changing paradigm of automotive lighting industry has led to a shift from traditional lighting sources such as incandescent and fluorescent lamps to solid-state light sources, which has resulted in an overall reduction in CO2 emissions, which acts as an important factor in driving the demand for automotive lighting market.
The report defines and estimates the market size and future growth potential of automotive adaptive lighting market and automotive lighting market. The global automotive adaptive lighting market is estimated to reach $1.49 billion by 2023. The market is driven by a number of factors such as declining average price of LEDs, technological advancements, and increased vehicle sales volume. High cost associated with smart lighting and fluctuation in the prices of raw materials are some of the major factors which are hampering the overall market growth. However, growth of automotive industry in emerging economies such as India and China also plays an important role, which is expected to boost the market growth in the forecast period.
The automotive lighting market has grown organically and is on a transitional shift from traditional lighting technologies such…