India Automotive Lighting Market
India Automotive Lighting Market to Reach USD 4.3 Billion by 2028
Published | 01 January 2023
The Indian automotive lighting market is expected to grow at a high CAGR due to the recent economic resurgence, which has resulted in an increase in the number of automobile sales in India, supporting the automotive lighting market. Furthermore, increased adoption of modern technologies, led by enhanced safety features, is expected to fuel market expansion. Moreover, stricter government automotive lighting regulations for better visibility and safety, increased consumer acceptance of modern lighting in automobiles, and increased consumer disposable income will drive and accelerate market expansion throughout the projection period.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India automotive lighting market was worth USD 2.9 billion in the year 2021. The market is projected to grow at a CAGR of 5.5% from 2022-2028 (forecast period), earning revenues of around USD 4.3 billion by the end of 2028. The market is booming owing to the rising adoption of advanced technologies driven by improved safety features to promote market growth.
Additionally, stricter government lighting regulations for better visibility and safety are predicted to accelerate market growth substantially.
Furthermore, rising living standards and much more disposable income of the consumers in India combined with the increased research and development(R&D) activities that improve safety standards and quality of automotive lighting are driving the Indian automotive lighting market.
Increasing Automobile Sales in India Boosting Automotive Lighting Market
The recent economic resurgence has been especially beneficial to growth. This upward trend is likely to continue, with significant demand for passenger vehicles and two-wheelers during the forecast period. The automotive lighting business, which is dependent on the status of the automotive industry for growth, is predicted to profit from the continued increase in car sales. Furthermore, several technological developments in commercial car lighting have been noted over time. Owing to these technological advancements and advances, the automotive lighting market has seen the introduction of incandescent bulbs, halogen lamps, and xenon lamps. LED lighting technology is currently gaining great appeal around all the regions of India.
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Increasing Adoption of Advanced Lighting in Vehicles to Boost Market Growth
During the projected period, the increasing adoption of advanced lighting in automobiles is expected to drive the increasing demand for the Indian market. Key OEMs are concentrating on developing and installing advanced lighting to improve vehicle visibility and attractiveness. Hella India Lighting Ltd, for example, is involved in developing and delivering innovative vehicle lighting systems. The lighting system contains purposes such as communication with pedestrians to ensure pedestrian safety and customer satisfaction and safety.
High Cost of LED is Limiting Automotive Lighting Market Growth
LED bulbs emit a lot of heat, which must be regulated by installing additional cooling equipment, raising the cost of LED lighting and limiting its growth over the forecast period. During the forecast period, the high voltage-sensitive nature of the LEDs is also restricting growth. LED lights require a current less than the specified ratings and a voltage greater than the threshold. Such specialized power source required by LED is expected to decrease its quality and limit its market expansion.
India Automotive Lighting Market – By Application
The Indian automotive lighting market is categorized into four application types: front, side, rear, and interior illumination. Because of the continued improvement in the headlamp segment, the rear (also known as Taillights) segment is expected to dominate the market. The increased usage of LED headlamps over halogen and Xenon maintains the dominance of front lights over the forecast period.
Furthermore, advancements in headlamps are boosting demand for front lights. Over the projected period, the rear/tail light segment is expected to have the second-largest market share. Tail lights, brake lights, reversing lights, rear fog lights, and turn signal lights comprise the interior system. In 2020, the rear/ tail light category held almost 26% of the market share. In 2020, the interior lighting category was forecasted to have substantial growth but poor penetration. The segment held almost 24% market share. The segment will expand during the forecast period as more automobiles embrace upgraded internal lighting systems.
Impact of COVID-19 on India Automotive Lighting Market
The COVID-19 pandemic has affected the worldwide automotive supply chain. Not only have international production facilities been interrupted by the outbreak, but so have Indian automobile sales. Manufacturing plants have been closed, and new car sales have ceased, affecting the manufacture of vehicle lighting components. Demand for conventional and electric automobiles was expected to fall in 2020, affecting the market. Furthermore, R&D funding will be drastically decreased, which is predicted to limit the development of innovative vehicle lighting systems. The need for lighting is generally proportionate to vehicle output. Vehicle production and sales have declined since the onset of COVID-19, with a 20% drop projected in 2020.
India's automotive lighting market has been affected by the global restrictions caused by the pandemic. As restrictions are withdrawn in the majority of countries where a larger part of the population is vaccinated, it is expected that the compound annual growth rate (CAGR) as projected, will be achieved by the industry in the forecast period owing to the increased demands of automobiles.
The major market leaders include Magneti Marelli Motherson Auto System Pvt. Ltd., Osram India Pvt. Ltd., GE Lighting, Valeo, and Philips Automotive Lighting.
Phoenix Lamps Limited, Lumax Industries Limited, Neolite ZKW Lightings Pvt. Ltd., India Japan Lighting Private Limited, Varroc Engineering Limited, Hella India Lighting Ltd., Fiem Industries Ltd, UNO Minda Lighting, among other prominent players. The market leaders retain their supremacy by spending on research and development(R&D), incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are utilized in order to maintain their market share.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Automotive Lighting Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Automotive Lighting Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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- India Automotive Lighting Market - By Technology (Halogen, Xenon, LED, Others); Vehicle Type (Passenger Vehicles, Commercial Vehicles, Electric Vehicles, Others); Application (Front/Headlamps, Rear Lighting, Side Lighting, Interior Lighting, Fog Lamps, Others); Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: January 2023
The Indian automotive lighting market is forecasted to grow at a high CAGR owing greatly to the recent economic resurgence which has led to increased number of automobile sales in India, boosting automotive lighting market. Furthermore, rising adoption of advanced technologies driven by improved safety features are predicted to promote market growth. Additionally, stricter government automotive lighting regulations for better visibility and safety along with increasing adoption of advanced lighting in vehicles by consumer combined with the increasing disposable income of the consumer will boost and accelerate market growth throughout the forecast period.
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