"Increasing Production of Automobiles to spur the Demand for Automotive Rear Lights Worldwide"

The global automotive rear lights market is poised to reach US$ 8.52 Bn by 2029, expanding at a CAGR of 4.7% during the forecast period from 2021 to 2029. Digitalization in the automotive industry has taken production to the fast lane. Increasing automotive production worldwide has therefore created huge demand for related components including rear lights. Mosta of the automobile manufacturing companies are implementing innovative and advanced technologies in vehicle lighting systems in a bid to develop energy efficient solutions. In wake of same, several automobile manufacturers worldwide have formed partnerships with lighting product manufacturers. For instance, in May 2021, OLEDWorks announced its pre-development collaboration with Audi to develop advanced OLED lighting solutions for rear lighting in automobiles.

"High Demand for Advanced Rear Lights in the Passenger Cars is driving the Growth Prospects"

Passenger cars accounted for the largest market share in the automotive rear light market in the year 2020. Passenger cars contribute nearly 70% of the total vehicle production, which, in turn drives demand for related components including rear lights in passenger cars. Increasing adoption of LED and OLED technology for the rear lights in the automotive is one of the key trends shaping market demand in this segment. For instance, in November 2020, Lextar Electronics announced its plan to introduce I-Mini Square module for automotive tail light application. The new mini LED technology has transformed taillights into a smart device by enabling some of the advanced features that include high reliability, durability, thin design, and high resolution among others.

"Asia Pacific to Dominate the Global Automotive Rear Lights Market throughout the Forecast Period"

Asia Pacific dominated the global automotive rear lights market in the year 2020 owing to highest production and sale of passenger cars. Furthermore, increase in purchasing power of consumers along with growing economies are projected to fuel demand for automotive and consequently rear lights in the coming years. Asia Pacific held approximately 40% value share in the global automotive rear light market in the year 2020. India, China, Japan, and Taiwan are the major manufacturing hubs and automotive markets in Asia Pacific. Europe is projected to have steady growth during the forecast period because of stringent government regulation for road safety. As per the law, European Commission has mandated the use of running lights for rear end to increase the visibility of the vehicle.

"OEM Channel Expected to Register Strong Growth during the Forecast Period"

In terms of value contribution, OEM held largest share, nearly accounting for 80% of the market share in year 2020 and will register strong growth over the forecast period. The anticipated growth will be driven by growing automotive production and consequent demand for rear lights among car manufacturers. The on-going trend in the automotive industry depicts a shift in the consumer preference from halogen lights to LED lights. With LED lights becoming the preferred variants in the coming years the aftermarket demand is expected to remain sluggish in wake of longer lifespan offered by LED lights.

"LED Rear Lights are poised to Dominate the Overall Market in the Near Future"

LED is the most promising technology as compared to Halogen and Xenon owing to superior benefits offered in terms of efficiency, life span, aesthetics, and design flexibility among others. Several lighting product manufacturers have incorporated the LED technology into mass production after seeking significant increase in the demand from the automobile manufacturers. Spike in demand for LED lighting in automobile is also due to integration of smart technologies into the vehicle. Additionally, LED lights can be programmed to adjust the luminosity as per the requirement, thereby inducing automotive manufacturers to use them in back light units.

Key Players & Competitive Landscape:

Some of the leading manufacturers profiled in the study include OSRAM Automotive, Infineon Technologies, General Electric, Valeo SA., Koninklijke Philips N.V., Morey Corp., Phoenix Lamps Limited, Robert Bosch Limited, Sammoon Lighting & Electrical Co. Ltd., Stanley Electric, HELLA KGaA Hueck & Co., Lextar Electronics, Koito Manufacturing Co. Ltd., and J.W. Speaker among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Rear Lights market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Automotive Rear Lights market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Automotive Rear Lights market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Automotive Rear Lights market?
• Which is the largest regional market for Automotive Rear Lights market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Automotive Rear Lights market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Rear Lights market worldwide?