Asia-Pacific Next-Generation Automotive Lighting Market Expected to Reach $6.76 billion by 2031 – BIS Research

Dec 27, 2023 9:00 PM ET

The growth of the next-generation automotive lighting market in the Asia-Pacific (APAC) region is driven by various factors, including the surge in sales and production of passenger cars, the rise in the prevalence of autonomous vehicles, and the introduction of state-of-the-art technologies.

The Asia-Pacific (APAC) next-generation automotive lighting market (excluding China) is projected to reach $6.76 billion by 2031 from $1.81 billion in 2022, growing at a CAGR of 15.77% during the forecast period 2022-2031.

Anticipated advancements in automotive lighting systems technology and an increasing demand for luxury vehicles are expected to contribute to substantial growth in the next-generation automotive lighting market in the APAC region.

Market Analysis: Trends, Data, and Growth Projections

BIS Research, a leading market research firm, has released a report titled the Asia-Pacific (APAC) next-generation automotive lighting market which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the automotive lighting market.

The next-generation automotive lighting market for the APAC region report focuses on several segments such as vehicle type, end market, product type, technology type, country, etc.

Key Players and Market Shares

Some major companies operating in the global report title are:

KOITO Manufacturing Co. Ltd.
Hyundai Mobis Co., Ltd.
Varroc Group
LG Innotek Co., Ltd.
Stanley Electric Co., Ltd.

Market Drivers, Challenges, and Opportunities

Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the APAC next-generation automotive lighting market.

The adoption of next-generation automotive lighting systems is expected to be driven by rising safety concerns and heightened awareness of autonomous vehicles and advanced lighting systems globally. However, the current impediments to market growth include growing cost concerns and increased raw material costs since the LED revolution.

Analyst Note

BIS principal analyst suggests: “The massive shift in consumer preferences has provided a viable opportunity for automotive lighting manufacturers to gain strong ground in this domain. Moreover, increasing awareness regarding automotive lighting systems and autonomous cars and growing safety concerns are expected to increase the adoption of automotive lighting systems.”

About BIS Research

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

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