The automotive photonics and lighting market is expected to grow at a CAGR of 10% during the forecast period of 2023 to 2030. The vehicle's lighting system has been upgraded to include integration with other components. As lighting has become more horizontal, formerly non-illuminated components, such as the grille or the logo, have become visible. Lighting is transitioning from a purely functional application in the past to applications that today include personalization, communication, and advanced driver assistance systems (ADAS).New applications are emerging, particularly surrounding the car, such as logo and grille illumination and also near-field projections. This is happening while the primary uses continue their progress with more complicated technologies implemented. These novel applications are going to be used for personalization, communication, and safety.The lighting market will grow at a CAGR of about 6% due to numerous growth opportunities during the forecast period. However, the automotive photonics market is expected to grow at a larger magnitude with a 10% CAGR.

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The LED category is predicted to grow (CAGR) the most from 2023 to 2030. Headlights on passenger cars in the U.S., Europe, and China have switched from HIDs and halogens to LEDs. LEDs are easier to install than other light sources. HID lights, or high-intensity discharge lamps, are becoming less common. LEDs are the most expensive alternative, but their efficiency and lifetime more than make up for it. Proliferation of LED Daytime Running Lamps (DRLs) in two- and four-wheeler sectors also boosts LED adoption. People in emerging economies focus more on a vehicle's fuel economy and pricing than its illumination, despite the importance of both. The Halogen lighting market is large in emerging economies.

The passenger car lighting industry is expected to be the most lucrative during the projection period. Compared to light and large commercial vehicles, more passenger vehicles have advanced photonics and illumination. The market for vehicle photonics and lighting is expected to be driven by rising passenger vehicle sales and consumer willingness to spend more for cars.

Most lucrative investment destination is Asia during the projected period 2023 to 2030. Asia Pacific is expected to have the highest CAGR. Though passenger automobile production in Asia Oceania has declined, new manufacturing facilities are being developed up to boost production. Due to strong auto production and sales, China and Japan have the greatest market shares. These countries’ manufacturers lay a high emphasis on technological improvements, including lighting; as a result, demand for automobile lighting is expanding. The market would be boosted by rising consumer income per capita and SUV sales in developing economies like India. Due to rising sales of premium cars, demand for advanced lighting has increased. During this forecast period, the increased usage of more sophisticated lighting in lower and middle-priced vehicles is expected to generate new opportunities for the automotive lighting market in this region.

As North America implements next-generation technologies quicker than any other region, it is likely to be the most important region over the projected time. The U.S. expansion can be connected to increased government support for research and development, laser optics, and photonics technologies.In the projection period, Europe's economy is expected to grow substantially. Member governments have established a long-term commitment to PPPs to develop a competitive photonics industry in the region. In order to help research institutes and businesses create innovative photonics-based component production methods, the region is rapidly constructing pilot production facilities.

Koito, Marelli, Valeo, Hella (previously Forvia), and Stanley dominate the market. In 2021, these five companies held over XX% of the market. Japanese companies dominate the Asian market; Koito and Stanley control XX% of it. In Europe, local players have an advantage in automobile lighting. These players include Marelli, Hella, Valeo, and ZKW. Signify from the Netherlands, Shin-Etsu Chemical from Japan, Nikon from Japan SCHOTT, Hoya, Corning, American Elements, Ohara, Asahi Glass, and II-VI, all based in Japan, are glass manufacturers (U.S).

Key Market Trends:

• The automotive photonics and lighting market is expected to grow at a CAGR of 10% during the forecast period of 2023 to 2030.
• The lighting market will grow at a CAGR of about 6% due to numerous growth opportunities during the forecast period.
• The passenger car lighting industry is expected to be the most lucrative during the projection period.
• The LED category is predicted to grow (CAGR) the most from 2023 to 2030.
• Most lucrative investment destination is Asia during the projected period 2023 to 2030
• Koito, Marelli, Valeo, Hella (previously Forvia), and Stanley dominate the market.
• In Europe, local players have an advantage in automobile lighting.

*Complete segmentation list is on report page