The implementation of next-generation automotive lighting is increasing in luxury vehicles. As a result, the global next-generation automotive lighting market is expected to flourish in the forecast period.
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study Next-Generation Automotive Lighting Market - A Global and Regional Analysis.
According to this study, the market for global next-generation automotive lighting was valued at $12.11 billion in 2022 and is projected to reach $38.85 billion by 2031.
The following factors are responsible for the increase in demand for next-generation automotive lighting:
- Increase in demand for luxury cars
- Growing popularity of autonomous vehicles
- Stringent safety regulations for lighting systems
The detailed study is a compilation of 211 market data tables and 60 figures spread through 255 pages.
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Analyst's Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst- BIS Research, "The market is evolving rapidly and is anticipated to continue to spur at the same pace in the following years. Businesses are developing innovative solutions and launching new products in the market. Collaborations and product launches are key strategies assisting the market's growth. The massive shift in consumer preferences has provided a viable opportunity for automotive lighting manufacturers to gain strong ground in this domain. Moreover, increasing awareness regarding automotive lighting systems and autonomous cars and growing safety concerns are expected to increase the adoption of automotive lighting systems globally."
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Major Existing Industry Leaders in the Next-Generation Automotive Lighting Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are
- Marelli Holdings Co., Ltd.
- HELLA GmbH & Co. KGaA
- OSRAM GmbH
- Valeo Group
- KOITO Manufacturing Co. Ltd.
- Hyundai Mobis Co., Ltd.
- Varroc Group
- Magna International Inc.
- Flex-N-Gate Corporation
- DRÄXLMAIER GROUP
- Sigma International Inc.
- W. Speaker Corporation
- LG Innotek Co., Ltd.
- Stanley Electric Co., Ltd.
Recent Developments in the Global Next-Generation Automotive Lighting Market
- In June 2022, Magna International Inc. launched a breakthrough lighting solution, which is used on the thermoplastic liftgate called Liftgate, which integrated the company's exterior and lighting expertise and provided new opportunities for customers to connect and customize their vehicles.
- In January 2022, J.W. Speaker Corporation partnered with UK Automotive Products (UKAP), which is a top supplier of automotive LED lighting for commercial vehicles. Through this new partnership, UKAP customers would have access to J.W. Speaker's extensive line of LED lighting solutions, including signal, combination, work, warning, and forward lighting for autobody shops, shops that modify vehicles to a customer's specifications, and factories that produce trucks, cars, and motorcycles.
- In July 2021, Flex-N-Gate Corporation invested $5.5 million to grow its business and added 91 new jobs to Blount County, Tennessee. The business increased the production of lighting products while renovating and expanding its manufacturing site in Rockford.
- In June 2021, Hyundai Mobis Co., Ltd. developed "lighting grille" technology, which integrated an LED lighting function in a car's front grille.
Want to learn more about the latest trends in next-gen automotives? Speak to our analysts
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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