Automotive Industry Poised for Significant Growth in Lighting and EV Power Inverter Markets

Automotive Lighting Market to Grow by USD 12.38 Billion (2024-2028) Driven by Rising Demand for Effective Interior Lighting, AI's Influence on Market Trends- Technavio Report

NEW YORK, Aug. 23, 2024 /PRNewswire/ -- The global automotive lighting market size is estimated to grow by USD 12.37 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 8.09% during the forecast period. Increasing demand for effective interior lighting is driving market growth, with a trend towards development of autonomous vehicles. However, high cost of led lamps poses a challenge. Key market players include Continental AG, FlexNGate Group of Companies, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd., Koninklijke Philips N.V., LG Corp., Lumax Industries Ltd, Marelli Holdings Co. Ltd., Namyung Lighting Co. Ltd, NXP Semiconductors NV, OSRAM Licht AG, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Valeo SA, and Varroc Engineering Ltd.. Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report Automotive Lighting Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 8.09% Market growth 2024-2028 USD 12377.6 million Market structure Fragmented YoY growth 2022-2023 (%) 7.32 Regional analysis APAC, Europe, North America, South America, and Middle East and Africa Performing market contribution APAC at 57% Key countries China, US, Japan, India, and Germany Key companies profiled Continental AG, FlexNGate Group of Companies, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd., Koninklijke Philips N.V., LG Corp., Lumax Industries Ltd, Marelli Holdings Co. Ltd., Namyung Lighting Co. Ltd, NXP Semiconductors NV, OSRAM Licht AG, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Valeo SA, and Varroc Engineering Ltd. Market Driver The automotive lighting market is experiencing significant growth due to the advancements in autonomous driving technology. Companies such as Delphi, Continental, Bosch, Daimler, Scania, and Volvo are leading the charge in this area, expanding the market acceptance of semi-autonomous features in both passenger and commercial vehicles. Self-driving cars are expected to become a reality within the forecast period, and the number of self-driving vehicles on the road is estimated to increase substantially in the next decade. These companies have made significant strides in research and development of autonomous vehicles, and the testing of advanced driver-assistance systems (ADAS) and telematics/connected vehicle applications and services is also increasing. Consumer demands and OEM offerings have evolved to prioritize safety, performance, stability, and comfort. The increasing number of automotive OEMs investing in autonomous vehicles has led to the outgrowth of conventional mechanical components and the adoption of advanced lighting systems. Lighting is now being used as a tool for communication between drivers and vehicles. For instance, Ford Motor Co. Uses colored lamps above the windshield of its Transit Connect Cargo Van to communicate with drivers. The development of autonomous vehicles is expected to boost the demand for automotive lighting, driving the growth of the global automotive lighting market during the forecast period. The Automotive Lighting Market is witnessing significant growth due to the increasing demand for advanced lighting solutions. Trends include improved Brake Lights, Reversing Lights, Rear Fog Lights, Turn Signal Lights, Interior Lighting, and Energy-efficient LED solutions. Adaptive lighting systems enhance Road Safety by adjusting light distribution based on vehicle speed and surrounding conditions. Lighting design and Vehicle Aesthetics are key factors driving demand. Autonomous Driving and Specialized Lighting Technologies like Indium Gallium Nitride and Aluminum Gallium Arsenide are future growth areas. Traditional fixtures like Halogen, Xenon or HID, and advanced technologies like OLED, Matrix LEDs, and Laser continue to shape the market. Superior Illumination and Dynamic Lighting Features cater to Car Users' needs. Cabin Lights and Luxury Features add value to cars, while Lighting Grille Technology offers Design Flexibility. Overall, the market focuses on Superior Illumination, Improved Visibility, and Safety. Explore a 360° Analysis of the Market: Unveil the Impact of AI. For complete insights- Request Sample! Market ChallengesThe automotive lighting market has experienced significant growth due to the increasing adoption of LED lamps. Their energy efficiency and longer lifespan compared to halogen and compact fluorescent lamps make them an attractive option for automakers. LED lamps last approximately 25 times longer than halogen lamps and three times longer than CFLs. However, their higher upfront cost is a barrier to entry, particularly for mid-segment and commercial vehicles. Another challenge is heat management. While LED light sources themselves do not generate heat, the wiring harnesses and surrounding assemblies do. This necessitates the installation of additional cooling systems. Placing these cooling systems near the engine is complicated due to high temperatures, and recalls due to heat-related issues have occurred, affecting both automakers and the adoption of LED lamps in passenger vehicles. This poses a potential challenge for the automotive lighting market during the forecast period. Vendors are working to reduce costs while improving quality and efficiency to make LED lamps more accessible.The Automotive Lighting Market faces challenges in developing glare-free lighting systems for various vehicle types, including passenger cars, buses, commercial vehicles like freight trucks, LCVs, pickup trucks, and delivery vans, as well as two-wheelers. Dynamic light sequencing is crucial for enhancing visibility during vehicle movements and addressing road hazards for motor vehicles. Vehicle manufacturers are focusing on LED technology for headlights and LED tail lights to improve energy efficiency and longevity. However, challenges remain in battery technology and charging infrastructure for electric vehicles. Halogen lights are being replaced by LED technology, while High-Intensity Discharge headlights and Laser lighting technology like Laser headlights are gaining popularity. Smart lighting systems are essential for enhancing safety during traffic collisions, especially for pedestrians and motor vehicles. Visibility remains a primary concern for all types of vehicles, with front lighting and rear lighting playing crucial roles in ensuring safety on the road. Cooling equipment for LED lights is also a significant challenge in the market. For more insights on driver and challenges - Request a sample report! Segment Overview This automotive lighting market report extensively covers market segmentation by Vehicle Type1.1 Passenger cars1.2 Commercial vehiclesEnd-user 2.1 OEM2.2 AftermarketGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Passenger cars- The Automotive Lighting Market is experiencing significant growth due to increasing demand for advanced lighting systems in vehicles. LED technology is driving this growth, offering energy efficiency, longer lifespan, and improved visibility. OEMs and aftermarket players are investing in R&D to launch innovative products, such as adaptive headlights and matrix lighting. Government regulations on vehicle safety are also boosting market expansion. Overall, the Automotive Lighting Market is expected to continue its robust growth in the coming years. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report Research Analysis The automotive lighting market is a critical component of motor vehicle safety and design, focusing on providing optimal visibility for car users. Advanced lighting technologies such as LED lights, Indium Gallium Nitride, and Xenon or HID headlights have revolutionized the industry, offering superior brightness, longevity, and energy efficiency compared to traditional Halogen bulbs. Adaptive lighting systems, which adjust to vehicle movements, road tracks, and pedestrian presence, have become increasingly popular in luxury vehicles to enhance safety and driving experience. The integration of smart lighting systems, daytime running lights, and LED tail lights further enhances visibility during traffic collisions, motor vehicle movements, and encounters with road hazards. Vehicle manufacturers continue to invest in lighting technology, integrating cooling equipment and exploring laser lighting technology, such as laser headlights, to improve performance and safety. Market Research Overview The automotive lighting market is a dynamic and innovative industry that caters to the lighting needs of various vehicle types, including passenger cars, buses, commercial vehicles, freight trucks, pickup trucks, delivery vans, and two-wheeler vehicles. The market encompasses a wide range of lighting technologies such as LED, Halogen, Xenon or HID, Indium Gallium Nitride, Aluminum Gallium Arsenide, OLED, Matrix LEDs, Laser, and Glare-Free lighting systems. These advanced lighting solutions enhance visibility during vehicle movements, especially in adverse weather conditions or on dark roads, ensuring road safety. They also contribute to vehicle aesthetics and luxury features, including dynamic light sequencing and lighting grille technology. Adaptive lighting systems, such as Dynamic Light System, are gaining popularity due to their ability to adjust to vehicle movements, road tracks, pedestrians, road hazards, and traffic collisions. The market is also witnessing the emergence of specialized lighting technologies, such as Laser and Smart lighting systems, for autonomous driving applications. The market growth is influenced by factors like battery technology, charging infrastructure, per capita income, and energy-efficient lighting solutions. Vehicle manufacturers continue to invest in advanced lighting technologies to improve vehicle safety, visibility, and design flexibility. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Vehicle TypePassenger CarsCommercial VehiclesEnd-userOEMAftermarketGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-lighting-market-to-grow-by-usd-12-38-billion-2024-2028-driven-by-rising-demand-for-effective-interior-lighting-ais-influence-on-market-trends--technavio-report-302229620.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Electric Vehicle Power Inverter Market to Expand by USD 9.1 Billio (2024-2028) Driven by BEV and PHEV Sales Growth, AI Impact on Trends- Technavio Report

NEW YORK, Aug. 23, 2024 /PRNewswire/ -- The global electric vehicle (EV) power inverter market size is estimated to grow by USD 9.13 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.45% during the forecast period. Increasing sales of bevs and phevs is driving market growth, with a trend towards in-wheel micro-inverter system. However, thermal management issues limiting the performance of evs poses a challenge. Key market players include Aegis Power Systems Inc., Aptiv Plc, BorgWarner Inc., Bosch Mobility Solutions, Continental AG, Danfoss AS, DENSO Corp., Fuji Electric Co. Ltd., Hitachi Ltd., Hyundai Mobis Co. Ltd., Infineon Technologies AG, LG Magna e Powertrain, MAHLE GmbH, Marelli Holdings Co. Ltd., Meidensha Corp., Metric Mind Engineering, Mitsubishi Electric Corp., Siemens AG, Toyota Industries Corp., and Valeo SA. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Application (Full hybrids, Pure EV, Plug-in hybrids, Commercial HEV, and Mild hybrids), Type (Passenger cars and Commercial vehicles), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) Region Covered APAC, Europe, North America, South America, and Middle East and Africa Key companies profiled Aegis Power Systems Inc., Aptiv Plc, BorgWarner Inc., Bosch Mobility Solutions, Continental AG, Danfoss AS, DENSO Corp., Fuji Electric Co. Ltd., Hitachi Ltd., Hyundai Mobis Co. Ltd., Infineon Technologies AG, LG Magna e Powertrain, MAHLE GmbH, Marelli Holdings Co. Ltd., Meidensha Corp., Metric Mind Engineering, Mitsubishi Electric Corp., Siemens AG, Toyota Industries Corp., and Valeo SA Key Market Trends Fueling Growth The Electric Vehicle (EV) market is witnessing an emerging trend towards in-wheel motors, where motors are installed next to the wheel in parallel. This design offers several advantages, including increased space for battery packs and luggage due to the reduced size of the motor and inverter. However, the size of the inverter is crucial to maintaining this advantage. Protean Electric is leading this innovation with their inside-out motor and micro-inverter system. The micro-inverter system is installed within the motor itself, using the space between the external rotor and internal stator. Several micro-inverters are used to break down high current at high voltage into small currents at small voltages. This redundancy feature ensures that if one micro-inverter fails, the motor continues to function with reduced performance, minimizing the impact on the overall system. The demand for such micro-inverter systems in EV power inverters is expected to grow during the forecast period, providing reliability and efficiency to the EV market. The Electric Vehicle (EV) power inverter market is witnessing significant trends, with SiC inverters gaining popularity due to their efficiency and high power density. The electric breaking field is another trend, enabling regenerative braking and improving overall vehicle performance. Cooling coefficients are essential for managing the heat generated by these inverters, especially in used EVs. Hybrid Electric Vehicles (HEVs) and Battery Electric Vehicles (BEVs) require different inverter types, such as CV-specific electric motors for HEVs and traction inverters for BEVs. SiC inverters, like those from Hyundai and Vitesco, are increasingly used due to their wide-bandgap semiconductors, such as SiC and GaN. 800-volt inverters and DC battery voltages are becoming standard for EVs, enabling faster charging and higher efficiency. Multiphase AC current, gate drivers, and current and position measurements are crucial components of these inverters, requiring mathematical transformations for output signals. Power electronics, sustainable transportation solutions, and environmental initiatives are driving the demand for cleaner energy sources. Power inverter manufacturers are investing in charging infrastructure networks to support the growing number of emission-free vehicles. Soft switching inverters and wide-bandgap semiconductors are key technologies shaping the future of the EV power inverter market. Discover a Comprehensive 360° Market Analysis: Understand the Impact of AI. For detailed information- Request Sample! Market Challenges * Electric Vehicle (EV) power inverters play a crucial role in converting DC battery power into AC power for the vehicle's electrical systems. However, the increased use of electronic units in EVs generates more heat compared to conventional vehicles. Quick acceleration demands more power, leading to increased heat dissipation of around 250W per power device. To maintain the temperature below 125 degrees Celsius, cooling systems are necessary. Traditional methods, such as heat spreaders and thermal grease, create high thermal resistance, reducing system efficiency. Current systems use water-ethylene glycol coolant circulation, but it consumes more space, making the modules complicated, heavy, and expensive. New technologies like two-sided cooling systems and shared cooling architectures offer solutions, but they increase the cost of the power inverter system. Effective thermal management is essential to ensure the longevity and efficiency of EV power inverters. * The Electric Vehicle (EV) power inverter market is experiencing significant growth due to the increasing demand for sustainable transportation solutions and environmental initiatives. Power electronics, including SiC (silicon carbide) and GaN (gallium nitride) semiconductors, play a crucial role in the development of efficient EV power inverters. Traction inverters, such as soft switching inverters, are essential components of automotive traction systems, enabling emission-free vehicles to function. Power inverter manufacturers face challenges in meeting the demands of charging infrastructure networks and consumer behavior. The adoption of wide-bandgap semiconductors, like SiC and GaN, can help improve switching frequencies, reduce energy losses, and increase driving range. Automobile manufacturers, including General Motors, are investing in energy-efficient EV technology to meet emission standards and reduce greenhouse gases. However, challenges remain, such as semiconductor supply, operating costs, and charging infrastructure development. Consumer spending on green vehicles is on the rise, and technological development in battery technology and power inverters continues to advance. Companies like NXP Semiconductors and VEPCO Technologies are leading the way with innovative inverter prototypes, such as SIL-D-capable inverters. Mitsubishi and other automakers are focusing on weight reduction to improve EV performance and competitiveness with internal combustion engines. For more insights on driver and challenges - Download a Sample Report Segment Overview This electric vehicle (ev) power inverter market report extensively covers market segmentation by Application 1.1 Full hybrids1.2 Pure EV1.3 Plug-in hybrids1.4 Commercial HEV1.5 Mild hybridsType 2.1 Passenger cars2.2 Commercial vehiclesGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Full hybrids- The Electric Vehicle (EV) power inverter market is experiencing significant growth due to increasing demand for cleaner and more sustainable transportation solutions. These inverters convert DC battery power into AC power, enabling EVs to operate on electricity. Major automakers and new entrants are investing heavily in this technology to meet stringent emission norms and customer preferences. The market is expected to expand at a robust CAGR through 2026. Key players include Tesla, Continental AG, and Magna International. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022) - Download a Sample Report Research Analysis The Electric Vehicle (EV) power inverter market is experiencing significant growth due to the increasing demand for sustainable transportation solutions and environmental initiatives. As more countries adopt stricter emission standards, the shift towards cleaner energy sources in the automotive industry is accelerating. Power electronics, specifically SiC (silicon carbide) and GaN (gallium nitride) power inverters, play a crucial role in the efficient conversion of DC power from the battery to AC power for the electric motor in EVs. The market is driven by the growing popularity of electric and hybrid vehicles among consumers, with automobile manufacturers such as General Motors investing heavily in energy efficiency and reducing greenhouse gas emissions. The development of charging infrastructure networks is also a key factor, as is the ongoing technological advancements in power inverters, leading to increased energy efficiency and lower operating costs. Consumer spending on green vehicles is expected to continue growing, making the EV power inverter market an attractive investment opportunity for manufacturers like NXP Semiconductors and VEPCO Technologies, who are developing SIL-D-capable inverters and innovative inverter prototypes to meet the demands of this rapidly evolving market. Market Research Overview The Electric Vehicle (EV) power inverter market is witnessing significant growth due to the increasing demand for sustainable transportation solutions and environmental initiatives. Power electronics, including SiC (silicon carbide) and GaN (gallium nitride) semiconductors, play a crucial role in the development of EV power inverters. These wide-bandgap semiconductors enable higher switching frequencies, leading to energy savings and improved driving range. Traction inverters, including soft switching inverters, are essential components of automotive traction systems, converting DC battery voltage to multiphase AC current for the electric motor. EV power inverters are integral to emission-free vehicles, including passenger cars, hybrid vehicles, and battery electric vehicles. Automobile manufacturers like General Motors, Hyundai, Mitsubishi, and others are investing in energy efficiency and reducing greenhouse gases by integrating these inverters into their vehicles. Charging infrastructure networks, including charging stations, are also crucial to the adoption of EVs, influencing consumer behavior and semiconductor supply. Operating costs, tailpipe emissions, and cooling coefficients are essential factors in the development of EV power inverters. Companies like NXP Semiconductors and VEPCO Technologies are leading the way with innovative inverter prototypes, including SIL-D-capable designs, to meet the demands of the EV market. Consumer spending on green vehicles and technological development continue to drive growth in the EV power inverter market. Weight reduction, electric braking fields, and SiC inverters are also areas of focus in the EV power inverter market, with companies like Hyundai and Vitesco investing in these technologies. The use of 800-volt inverters and DC battery voltage is becoming more common in the EV market, requiring gate drivers, AC voltage, current measurements, position measurement, and mathematical transformations for optimal performance. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ApplicationFull HybridsPure EVPlug-in HybridsCommercial HEVMild HybridsTypePassenger CarsCommercial VehiclesGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/electric-vehicle-power-inverter-market-to-expand-by-usd-9-1-billio-2024-2028-driven-by-bev-and-phev-sales-growth-ai-impact-on-trends--technavio-report-302229386.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs