According to the latest report published by Market Research Future (MRFR), the global market for automotive lighting will stand at over USD 30,107 Mn towards the end of 2023, reflecting an above-average growth rate. Lighting continues to be one of the key components of modern vehicles. The recent expansion of the automotive industry, particularly in countries such as China, Mexico and India has reflected favourably on the COVID-19 impact on Automotive Lighting Market. The auto sector has undergone untiring waves of technological evolution, in the process, influencing the diverse range of components that are integrated in vehicles, including lighting systems.
The arrival of new lighting technologies and greater emphasis on improving vehicle visibility are some of the key factors supporting the growth of the COVID-19 impact on Automotive Lighting Market. The increased sales of passenger vehicles in emerging markets is also creating growth opportunities for market participants. Nonetheless, a large percentage of the automotive lighting components that are currently available, carry a hefty price tag, which to an extent is limits the market potentials. Meanwhile, enforcement of new safety regulations has prompted carmakers to opt for the best available lighting solutions. For modern consumers, style, safety and comfort are equally important and usually reluctant to compromise on any.