Automotive Lighting Accessories Market Thrives with globally Growing Vehicle Sales: Expected to be worth US$ 17.1 Billion by 2033

Newark, Del, Aug. 22, 2023 (GLOBE NEWSWIRE) -- In 2023, the Automotive Lighting Accessories Market is estimated to reach around US$ 9.1 B illion . Sales of lighting accessories are expected to expand at a 6.5% CAGR between 2023 and 2033, reaching a market value of US$ 17.1 Billion by the year 2033.

Demand for automotive lighting accessories is estimated to be impacted by certain demographic and macro-economic factors including a rise in per capita disposable income, urbanization, increase in vehicle sales, and others.

Significant growth in the sales of electric vehicles across the globe is bolstering the demand. Significant penetration of automotive lighting accessories has been witnessed in electric vehicles as compared to conventional automotive. Key players in the market are also focusing their branding and sales strategy on the electric vehicle sector.

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Innovation in lighting coupled with reducing the price of the products are attracting a predominant number of consumers to integrate lighting accessories with their vehicles. Further, the focus of the end-users on aesthetics and design for visually appealing are bolstering the growth trajectory of the market.

With significant volume sales of vehicles in the United States and China, sales of lighting accessories in the automotive sector to remain predominant in these two countries accounting for more than one-third of the global market share. Significant growth in sales of vehicles in India along with significant economic performance in the country is fostering demand generation, with estimates of higher growth projections to be witnessed in the country. This is expected to lead to key investment attraction in the country in the coming decade.

The market is further expected to gain momentum in the coming years recovering from the economic growth slowdown. Integration of smart technologies, sensors, connectivity features, etc. are creating market opportunities for lighting accessories.

With significant driving factors in the market, certain challenges are reducing higher growth prospects including compliance with regulations, design complexity, supply chain management and others. These factors are estimated to impact the market growth by around 90 bps over the forecast period.

Key Takeaways from th i s Market:

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How Does the Competition Look for the Automotive Lighting Accessories Market?

The Automotive lighting accessories industry has been estimated to be fairly consolidated in nature with key market participants accounting for a fair share of the global business. Certain key participants identified in this industry are Hubbell Incorporated, Zumtobel Group, Eaton Corporation, Lutron Electronics, Panasonic Corporation, Thorn Lighting, Samsung Electronics, LG Electronics, Fagerhult Group, Dialight, and Cooper Industries, among other companies.

Key players in the industry of automotive lighting accessories are highly investing in product innovation adding innovative features, launching new product series, and incorporating new technologies to enhance attractiveness.

Market players are also focusing on to enhancing their global reach by strengthening their supply chain network, managing supply chain complexities, and collaborating with distributors and retailers in the global market. Further key players are increasing their geographic reach by setting up new plants, and distribution channel in the untapped market to boost their sales.

Prominent players are focusing on mergers and acquisitions strategy for their growth. Prominent players are further enhancing customer experience in aftersales services to enhance their client acquisitions and to maintain their revenue flow. Further market participants are focusing on sustainability and energy efficiency in their product to meet de-carbonizations target and their ESG goals to sustain in the longer run.

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About the Automotive Division at Future Market Insights (FMI):

The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

Explore Wide-ranging Coverage of Future Market Insights Automotive Landscape:

Automotive Lighting Market Size : Is expected to attain a valuation of US$ 37.1 billion in 2023 and is projected to reach US$ 69 billion by 2033, rising at a CAGR of 6.4% during the forecast period.

EV Lighting Market Share : Is predicted to grow from US$ 2,932.8 million in 2023 to US$ 20,902 million by 2033.

Adaptive Front Lighting Market Demand : Is slated to increase at a CAGR of 12.7%, with the market size reaching US$ 2,374.6 million by 2033.

Automotive Light Bars Market Growth : Is predicted to expand at a CAGR of 6.4% between 2023 and 2033, totaling around US$ 69 billion by 2033.

Aircraft Exterior Lighting Market Trends : Is predicted to grow from US$ 535 million in 2023 to over US$ 1.0 billion by 2033.

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