In 2023, the automotive lighting accessories market is estimated to be reach around US$ 9.1 billion. Demand is anticipated to witness a growth outlook of 6.5% over the coming assessment period of 2023 and 2033. Demand for automotive lighting accessories is estimated to be impacted by certain demographic and macro-economic factors including rise in per capita disposable income, urbanization, increase in vehicles 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 compare to conventional automotive. Key players in the market are also focusing their branding and sales strategy in the electric vehicle sector.
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Innovation in lighting coupled with reducing price of the products are attracting predominant number of consumers to integrate lighting accessories with their vehicles. Further, focus of the end users in aesthetics and design for visually appealing are bolstering the growth trajectory of the market.
With significant volume sales of vehicle in 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 vehicle 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.
Market is further expected to gain momentum in the coming years recovering from 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 a 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.
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Key Takeaways from the Automotive Lighting Accessories Market:
- United States is estimated to account for around 14% of the global market share.
- Automotive lighting accessories demand in the United Kingdom is estimated to expand at a CAGR of around 4.4% through 2033.
- China is estimated to remain one of the global leader accounting for predominant market position. Sales is estimated to reach around US$ 10.7 billion by the end of the forecast period.
- Demand outlook in japan is estimated to create a significant absolute dollar opportunity in the market witnessing a growth rate of 6.5% throughout the projected period.
- India is estimated to witness a significant growth over the assessment period. Indian market to witness an increase in 140 bps in the market share by the end of the forecast period in South Asia Pacific region.
- Germany, Italy, France and some of European countries to witness a slowdown in 2023 and 2024.
- Significant electric vehicle sales to identified as the key driving factor for the growth projection of 6.5%.
How Does the Competition Look in the Automotive Lighting Accessories Market?
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 of innovative features, launching of new product series, incorporating new technologies to enhance attractiveness.
Market players are also focusing on to enhance their global reach by strengthening their supply chain network, managing supply chain complexities, collaborating with distributors and retailers in the global market. Further key players are increasing their geographic reach by setting up of new plants, distribution channel in the untapped market to boost their sales.
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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 on their product to meet de-carbonizations target and their ESG goals to sustain in the longer run.
Segmentation Analysis of the Automotive Lighting Accessories Market
By Accessories Type:
- HID/Xenon Bulbs
- Accent Lighting Kits
- Fog Light Kits
- Turn Signal Lights
- Brake Lights
- License Plate Lights
- Daytime Running Lights (DRL)
- Auxiliary/Off-road Lighting
- Dome/Map/Footwell Lights
- Underbody/Wheel Well/Grille Lighting Kits
By Accessories Type:
- LED Bulbs,
- Exterior lighting,
- Interior lighting,
- performance lighting,
- Safety lighting,
- Decorative lighting Accessories
By Vehicle Type:
- Passenger Car,
- Light Commercial Vehicles,
- Heavy Commercial Vehicles
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
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