In 2032, the market for automotive license plate light growth is projected to be worth US$ 854.1 Million. The car licence plate light market, according to FMI, is anticipated to develop significantly at a CAGR of 9.7% during the projected period, reaching US$ 421.8 Million in 2022. (2022-2032). North America is set to lead the automotive license plate light market in the forecast period.
One of the main factors anticipated to increase demand for vehicle licence plate lights in the near future is the rise in the number of strict government regulations aimed at preventing traffic accidents around the world. Automotive license plate lights illuminate the license plate uniformly and substantially.
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Usually, an automotive license plate comprises a light source, a group of lens, and a lamp body that is installed on the neighbouring portion of the license plate which is installed at the rear end of a vehicle. The light source could be either LED or bulb. These automotive license plate lights are impact, chemical & UV resistant, and water proof with a fully sealed body. Automotive license plate lights mostly have clear lenses with white light.
Automotive License Plate Light: Market Dynamics
The automotive license plate light market year over year growth is almost the mirror image of the automotive industry growth trend. In recent years, the automotive industry has witnessed a reasonable growth of above 3% CAGR, and it is predicted to remain same or optimistic over the stipulated period. Thus, the automotive license plate light market is expected to have healthy growth in coming years.
The growth of the automotive license plate light market is also attributed to the various regional government regulations. For instance, according to the National Judicial Appointments Commission (NJAC), every vehicles certification is approved only if the vehicle has an operative license plate light. Also, the National Highway Traffic Safety Administration’s (NHTSA) has imposed regulations mandating the installation of license plate lights, especially in trucks and trailers.
Hence, aforementioned regulations are expected to significantly drive the demand for automotive license plate light market over the forecast period.
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Between the product types, LED type automotive license plate light is estimated to gain noteworthy traction as compared to its counterpart as LED lights they are cost effective and energy efficient. Also, OLED (organic light-emitting diode) with properties such as light weight and less power consumption is expected to emerge as a new trend in the global automotive license plate light market during the forecast period.
Conversely, the automotive license plate light market is expected to be severely affected by the ploys of counterfeit automotive license plate light manufacturers which jeopardizes the brand image of original equipment manufacturers, which in turn, is estimated to disturb the market structure of the global automotive license plate lights market.
Automotive License Plate Light: Market Key Players
The global automotive license plate light market is estimated to be fragmented owing to the huge presence of local manufacturers. Some of the major participants operating in the global automotive license plate light market include –
- KOITO MANUFACTURING CO., LTD.
- Fiat Chrysler Automobiles
- Grote
- HELLA Group
- GOTO PLASTIC co., ltd.
- ICHIKOH INDUSTRIES, LTD.
- Innotec
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