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The automotive ambient lighting market size is projected to reach USD 6.2 billion by 2027 from an estimated USD 3.8 billion in 2022, at a CAGR of 10.6% from 2022 to 2027

·5-min read
ReportLinker
ReportLinker

The key factors driving the market growth include increasing penetration of ambient lighting in low to mid-segment vehicles, inclination toward luxury, and increasing vehicle production. The improving economic condition of developing regions such as Asia Oceania has boosted the market for premium vehicles, which are equipped with ambient lighting.

New York, June 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Ambient Lighting Market by IC - Global Forecast to 2027" - https://www.reportlinker.com/p05124687/?utm_source=GNW

The footwell segment for automotive ambient lighting segment is expected to hold a dominant share throughout the forecast period as most of OEMs offer automotive ambient lighting in Footwell as standard feature
Footwell segment is estimated to hold the largest market share during the forecast period.The penetration of footwell ambient lighting is higher as compared to other applications.

It is available in most of top variants of C and D segment vehicles.In E segment vehicles, footwell ambient lighting is offered as a standard feature.

Ambient lighting is also available as a package, certain applications such as footwells and doors are the most basic features. Hence, the penetration of ambient lighting is expected to increase in line with the increasing penetration of footwell ambient lighting in lower to mid-range cars in the future.
Fuel Cell Electric vehicles (FCEV) is anticipated to grow at the fastest rate owing to government support in various form to promote these vehicles
FCEVs is projected to register higher growth rate for ambient lighting market among all electric vehicles owing to the government initiatives for the development of fuel cell technology and infrastructure are also.For instance, in 2017, the Korean government offered a subsidy of USD 24,000 for FCEV purchases.

The aggressive incentive plan is designed to have 9,000 FCEVs on South Korean roads in 2020. In April 2017, the Federal Government of Canada announced a funding of USD 1.6 million to Hydrogenics to build two hydrogen fueling stations in the Greater Toronto Area. In Germany, the government plans to build a national network of 400 hydrogen refueling stations by 2025 to promote FCEV sales in the country. Governments are also incentivizing OEMs to develop hydrogen infrastructure to support fuel cell technology. For instance, Hyundai is working with governments and other sources around the world to open more hydrogen refueling stations. The Korean government plans to have 100 stations operating nationally in 2020 and more than double that number by 2025. These efforts would prompt market growth of FCEVs which in turn results in higher growth of ambient lighting market in these vehicles

North America is anticipated to be the second-largest market for automotive ambient lighting in 2022
North America is projected to hold the second-largest share of the automotive ambient lighting market by 2027 as the North American automotive industry is one of the most advanced industries in the world.The North American Free Trade Agreement (NAFTA) has fostered the growth of the automotive industry in the region.

The US, which is largest market for automotive ambient lighting has gradually shifted focus from incandescent lighting systems such as Halogen to Xenon and now to inorganic and organic LEDs.In recent years, local automotive OEMs such as Ford Motors, General Motors, and Fiat-Chrysler have increased production, particularly of pickup trucks and SUVs, which dominate the market.

Most of their vehicle models are offered with ambient lighting feature. According to MarketsandMarkets Analysis, the D-segment vehicles experienced a lucrative production growth of ~6.0% between 2017 and 2021 in North America The increased production of mid-range vehicles installed with ambient lighting would boost the demand for the automotive ambient lighting market in the region.

In-depth interviews were conducted with CXOs, VPs, directors from business development, marketing, product development/innovation teams, independent consultants, and executives from various key organizations operating in this market.
• By Company Type –OEM - 30%, Tier-1 - 55%, and Tier 2 – 29%
• By Designation - C level - 50%, D-level - 40%, and Others - 10%
• By Region – Asia Pacific - 40%, North America - 30%, Europe - 20%, and RoW – 10%
The key players in the ambient lighting market are profiled in the study. These include Hella (Germany), Valeo S.A. (France), ams OSRAM (Austria), Grupo Antolin (Spain), Koito Manufacturing Co., Ltd. (Japan), Signify (Philips Lighting) (Netherlands) and Stanley Electric Co., Ltd. (Japan).

Research Coverage:
The ambient lighting market for automotive is segmented by application, passenger car, electric vehicles, and aftermarket.For ICE and electric vehicles, considered components such as dashboards, footwell, doors, center console, and others (armrest, headliners, and seats).

As ambient lighting is available in C and above segment cars, covered passenger car segments - C, D, E, and F-segment. In this study, also covered alternate fuel vehicles (BEV, FCEV, and PHEV) and aftermarket lighting applications (Interior and exterior).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall automotive ambient lighting market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05124687/?utm_source=GNW

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