Lighting for ICE and EVs Market

The lighting requirements for internal combustion engine (ICE) vehicles and electric vehicles (EVs) are generally similar, but there are some differences due to the unique characteristics of EVs. 

The automotive lighting market is projected to grow from USD ** billion in 2018 to. USD ** billion by 2031, at a CAGR of **% during the forecast period. Consumers’ demand for aesthetically appealing lights in a car is ultimately driving the demand for automotive lighting.

Increasing demand for energy-efficient lighting: With the rising focus on energy conservation and environmental sustainability, there is a growing demand for energy-efficient lighting solutions in both ICE and EVs. LED lighting is becoming more popular due to its low energy consumption and long lifespan, and it is expected to replace traditional lighting technologies in the automotive sector.

Risks:

High manufacturing costs: The development and manufacturing of advanced lighting solutions can be expensive, and this could limit the adoption of these solutions in the automotive industry. As a result, automakers may be reluctant to invest in new lighting technologies, which could slow down the growth of the market.

Some of the key players Hella KGaA Hueck, Magneti Marelli, Koito Manufacturing, Stanley Electric, Valeo S.A, Osram, General Electric