In 2032, the market for automotive license plate lights is projected to be worth nearly US$ 854.1 Million. Thus according to FMI, the business for Automotive license plate lights is anticipated to develop significantly at an impressive CAGR of 9.7% during the projected period, reaching US$ 421.8 Million in 2022.
One of the main factors anticipated to increase demand for vehicle license plate illumination in the near future is the rise in the number of strict government regulations aimed at preventing vehicle theft and traffic accidents worldwide. Increased sales and manufacturing of two-wheelers, commercial vehicles, and passenger automobiles are expected to benefit the industry. The growing use of OLED lamps on vehicle license plates, supported by their lower electricity consumption and lightweight design, is a growing trend that is anticipated to propel the worldwide automotive license plate lamp market.
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One crucial element predicted to support development is the quick adoption of automated number plate recognition systems by regulatory authorities due to growing worries about the theft of vehicles and robberies throughout the world. The requirement for automated toll plazas, traffic monitoring, and international border efficiency improvements are also anticipated to increase demand for Automotive license plate lights in the coming days.
Regulating organizations are enforcing strict standards in several nations to make it mandatory for cars to have number plate lights. Similar governmental regulations being introduced throughout the world are anticipated to bode well for the business.
Key Takeaways from Automotive License Plate Light Market Study
- In absolute terms, the overall growth of the global automotive trailer drawbar market is estimated to be around US$ 300 Million over the forecast years through 2032, experiencing an astounding CAGR of 9.3%.
- According to FMI, China will soon command the greatest market share for Automotive license plate lights in the Asia Pacific region. The nation is probably responsible for more than a quarter of all car sales worldwide, increasing the demand for cutting-edge auto license plate lights.
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Competitive Landscape for the Global Automotive License Plate Light Market
KOITO MANUFACTURING CO., LTD., Fiat Chrysler Automobiles, Grote, HELLA Group, GOTO PLASTIC co., ltd., ICHIKOH INDUSTRIES, LTD., and Innotec are a few of the well-known businesses operating in the worldwide vehicle license plate light market.
The majority of the top businesses on the international market are concentrating on creating cutting-edge Automotive license plate lights in order to increase their consumer base and conform to shifting regulatory requirements. In order to obtain a competitive edge in the worldwide market, several of the other major firms are also making relentless efforts to enter into joint ventures, mergers, and purchases.
Key Segments Profiled in the Automotive License Plate Light Industry Survey
By Product Type:
- Bulb
- LED
By Vehicle:
- Passenger Cars
- Compact Cars
- Mid-Size Cars
- SUVs
- Luxury Cars
- Commercial Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
By Sales Channel:
- OEMs
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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Recent Developments in the Global Automotive License Plate Light Market
All cars driving in Nepal’s Gandaki and Bagmati provinces must have imprinted number plates as of June 2022, according to a directive from the Ministry of Physical Infrastructure and Transport’s Department of Transport Management. Such initiatives are expected to bring a positive change favouring more sales of automotive license plate light in other countries.
The Chinese government is also anticipated to support automakers financially in order to boost car sales. For instance, several Chinese automakers began imitating the government in June 2022 by giving more incentives to increase automobile sales in the nation.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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