The demand for EV lighting market will experience a CAGR of 21.7% from 2023 to 2033. If this growth rate continues, the total market valuation is expected to reach US$ 20,902 Million by 2033, a substantial increase from its estimated value of US$ 2,932.8 million in 2023.
The demand for lighting systems in all vehicles including EVs is mostly driven by rising concerns about traffic safety and official lighting regulations. Other elements including rising demand for electric vehicles, growing trend of fancy EVs, and rising disposable incomes have all contributed to higher sales of EV lighting these days. Additionally, it enhances the visual appeal of the inside and external components of electric vehicles which have become essential for marketing EVs.
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Key Takeaways from the EV Lighting Market Study Report:
- FMI finds the net revenue generated by the EV lighting companies present in the United States was US$ 232.8 million in 2022. It transpires to be around 9.7% of the global market share and makes it the leading region for this market.
- Germany follows the United States in production and sales of EV lighting and generated a revenue of US$ 204 million in the year 2022. By capturing an overall market share of 8.5%, it stands as the leading region for EV lighting manufacturers in the European Union.
- Contrarily, the United Kingdom has witnessed a higher growth rate in demand for EV lighting over the past few years. As per the analysis report, it is projected to witness a growth rate of 19.8% from 2023 to 2033.
- Meanwhile, China is leading the Asia Pacific market in the production and distribution of EV lighting for electric vehicles. Over the coming next ten years, the China EV lighting market is expected to grow at an annual rate of 22.7%.
- Japan, on the other hand, with a robust manufacturing base, holds a substantial share of the regional and global EV lighting market.
- By the end of 2033, the overall valuation of the Japan EV lighting market is projected to reach US$ 272 million.
- The demand for EV lighting in India is witnessed to be higher than in any other country in the Asia Pacific and beyond. The year-on-year growth rate of the sales of EV lighting in India is anticipated to remain at nearly 25.4% from 2023 to 2033.
- Another emerging region in the Asia Pacific for the sales of EV sales is observed in Australia with a 1.3% market share. With the growing popularity of electric vehicles in the country, the net worth of the total EV lighting to be sold here is projected to reach US$ 146.3 million by 2033.
- Based on different types of technology utilized for the production of EV lighting, the light emitting diodes (LEDs) are mostly preferred now. This market segment dominates the market by contributing 68.9% of the total demand for EV lighting and generated US$ 1,653.6 million in 2022.
Competitive Landscape:
Denso Corporation, Hella GmbH, Hyundai Mobis, Koito Manufacturing, Koninklijke Philips N.V., Osram GmbH, Robert Bosch GmbH, Stanley Electric Co., Valeo, ZKW are prominent players in the global EV lighting market.
One of the top companies in the LED and EV lighting sector is Koito which is known as a trendsetter in the application of unique lights in electric vehicles. When it introduced headlamps on a Lexus car back in 2007, it had an advantage due to its tight relations with Toyota which is now the world’s top seller of EVs.
In 2018, the new Audi A8’s rearlight combination, HELLA GmbH & Co. introduced integrated OLED technology that delivers a homogeneous look and fully programmable portions.
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EV Lighting Market Segmentation:
By Light Type:
- Halogen
- Xenon or HID
- Light Emitting Diode (LED)
- Others
By Vehicle Type:
- Electric Passenger Cars
- Electric Commercial Vehicles
- Electric Two Wheelers (E2W)
- Others
By Sales Channel:
- Original Equipment Manufacturers (OEM)
- Aftermarket
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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