Benefiting from the widespread use of LED technology, the automotive lighting market will grow to an expected growth rate of $35.9 billion in 2022. LED technology used to be used only in high-end cars and required competition with traditional light sources such as halogen lamps and xenon lamps. LED's improved performance, lower power consumption and flexible design are the main advantages of its competition. In addition, the reduced cost also helps LED technology to be applied to all models.
In this context, the overall size of the automotive lighting market in 2016 was approximately $25.7 billion, and is expected to grow to $35.9 billion by 2022, with a compound annual growth rate (CAGR) of approximately 5.7%. In 2017, Yole estimated that the global automotive lighting market is close to $27.7 billion. The market growth is mainly due to the standardization of LED modules and the cost reduction brought about by continuous optimization, which has increased the market penetration of LEDs, enabling more and more models to apply LED lighting technology.
The automotive lighting market is mainly driven by automotive exterior lighting, especially by headlights. In 2016, the market for headlights exceeded 2/3 of the overall automotive lighting market. The second largest market is automotive rear lighting, which accounts for 17% of the overall market. The automotive interior lighting market accounts for 10% of the overall market, but its growth rate is expected to be linked to the development of autonomous vehicles and the need to create a car atmosphere. Fog lights, central high-level lights and other small lights accounted for the remaining 7% of the automotive lighting market.
Nata has many years of experience in the development and manufacturing of reflectors/lenses for automatic lighting. Provides professional automotive lighting solutions for customers.