CHICAGO, Jan. 12, 2021 /PRNewswire/ -- According to the new market research report "Automotive Ambient Lighting Market by Electric & Hybrid (BEV, HEV, PHEV), Application (Footwell, Door, Dashboard, Center Console), Passenger Car (C, D, E, and F), Aftermarket (Country and Application (Interior and Exterior)) - Global Forecast to 2025", published by MarketsandMarkets™, the Automotive Ambient Lighting Market is estimated to grow at a CAGR of 9.9% from 2020 to 2025. It is projected to reach USD 4.9 billion by 2025 from an estimated USD 3.0 billion in 2020. The Ambient Lighting Market for Automotive is driven by the increasing vehicle production, rising installation rate of ambient lighting, and growing demand for luxury vehicles. The improving global economic conditions have changed the overall lifestyle of consumers. With increasing disposable income, their demands have changed in line with new lifestyles, leading to a change in their preferences. This has positively affected the sales of ultra-luxurious cars across the globe. The global production of premium vehicles decreased due to COVID-19 pandemic, US- China trade-off and the ongoing slump in the automotive sector affecting the overall ambient lighting market as well. In addition, the ongoing pandemic COVID-19 has had a significant impact on the market, especially for the year 2020. Thus, the demand for automotive ambient lighting gain pace from 2021, with recovery in vehicle production.
Browse and in-depth TOC on "Automotive Ambient Lighting Market"
194 – Tables
67 – Figures
194 – Pages
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Centre Console ambient lighting market to witness the highest growth
The study segments the Ambient Lighting Market for Automotive by application into the dashboard, doors, footwell, center console, and others. Of all these applications, the centre console lighting market is estimated to grow at the highest CAGR during the forecast period. With the increasing installation of ambient lighting along with the emphasis on luxury and comfort, the market for centre console ambient lighting is expected to grow at a fast pace.
C segment vehicles to be the largest segment of Ambient Lighting Market for Automotive
The study segments the Ambient Lighting Market for Automotive, by vehicle segment, into C segment, D segment, E segment, and F segment. C segment cars are estimated to be the largest market for ambient lighting during the forecast period. The market growth of this vehicle segment can be attributed to the increasing production of passenger cars and increasing installation rate of ambient lighting in the low and mid-segment cars.
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Asia Oceania to be the largest Ambient Lighting Market for Automotive
Asia Oceania is considered as a production hub for the automotive industry, particularly for low and mid-segment cars. The region has created several opportunities for the ambient lighting manufacturers as well as suppliers. However, in a country like the US, there is a high demand for luxury cars that are equipped with ambient lighting. Moreover, the increase in the purchasing power of the population has driven the demand for Ambient Lighting Market for Automotive.
The major companies in the Ambient Lighting Market for Automotive are profiled in the study. These include HELLA KGaA Hueck & Co. (Germany), OSRAM Licht AG (Germany), Grupo Antolin (Spain), Federal-Mogul LLC (US), Koito Manufacturing Co., Ltd. (Japan), GENERAL ELECTRIC (US), Valeo S.A. (France), and Stanley Electric Co., Ltd. (Japan)
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