Pune India, Jan. 07, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the car bulb market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the car bulb market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as product type, vehicle type, and region. The key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the paragraphs below.
The significant players operating in the global car bulb market are Cree LED., Tungsram Operations Kft, KOITO MANUFACTURING CO., LTD., STANLEY ELECTRIC CO., LTD., Valeo, Marelli Holdings Co., Ltd., HELLA GmbH & Co. KGaA, Koninklijke Philips N.V., MOBIS INDIA LIMITED., Magneti Marelli S.p.A., OSRAM GmbH, SAMSUNG, ZKW, Continental AG, LG Electronics, Lear Corporation, Gentex Corporation, DENSO CORPORATION, Varroc Group and Lumax Industries among other. To achieve a substantial market share in the worldwide car bulb market and strengthen their position, manufacturers are expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Car bulbs are a crucial component of the lighting systems in cars. Additionally, indication illumination systems use automobile bulbs. From the viewpoint of a lighting system, the aesthetic features included in the inside and exterior of the car are equally important to the performance offered by the vehicle. Due to the increasing reliance on electronics to complete numerous tasks in a vehicle, many types of car lights have developed. Car lights give passengers a comfortable and opulent atmosphere. Automakers are doing this by putting new colors and eco-friendly elements into the technology of automotive bulbs. Thanks to the trend toward more individualization, all car owners can now alter their vehicles to suit their demands or requirements. Customization has made it feasible for all vehicle owners by offering customers the option to add ambient lighting and develop a new atheistic style for the interior or exterior of their vehicles. A growing urban population, rising passenger car sales, and an increased requirement for useful and effective safety accessories are some of the major factors propelling the global market for car bulbs. For instance, the International Organization of Motor Vehicle Manufacturers reports that new car sales increased from 34.3 billion in 2020 to 44.4 billion in January-June 2021.
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Scope of Car Bulb Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Product Type, Vehicle Type, and Regions.|
|Regions Covered||North America, Europe, Asia-Pacific, South America, and Middle-East and Africa|
|Major Players||Cree LED., Tungsram Operations Kft, KOITO MANUFACTURING CO., LTD., STANLEY ELECTRIC CO., LTD., Valeo, Marelli Holdings Co., Ltd., HELLA GmbH & Co. KGaA, Koninklijke Philips N.V., MOBIS INDIA LIMITED., Magneti Marelli S.p.A., OSRAM GmbH, SAMSUNG, ZKW, Continental AG, LG Electronics, Lear Corporation, Gentex Corporation, DENSO CORPORATION, Varroc Group and Lumax Industries among other|
The LED bulbs segment is expected to be the fastest-growing segment in 2022.
The product type segment is xenon bulbs, halogen bulbs, and LED bulbs. The LED bulbs segment is expected to witness the highest growth rate during the forecast period. The market for LED bulbs is expected to see a higher CAGR during the forecast period due to its excellent characteristics, including low energy consumption and enhanced aesthetic value. Additionally, since LED headlights are more effective than incandescent bulbs at lowering the probability of accidents, the market will grow. The market is anticipated to grow as a result of other factors like improved performance, a longer lifespan, and increased energy efficiency.
The passenger vehicle segment is expected to be the fastest-growing segment in 2022.
The vehicle type segment is passenger vehicle and commercial vehicle. The passenger vehicle segment is expected to witness the highest growth rate during the forecast period. According to forecasts, the market for passenger vehicles will grow dramatically over the coming years as a result of rising per capita income, the uptake of electric cars, and the use of cutting-edge technologies like ADAS. According to studies on the global car bulb market, the increasing sales of passenger vehicles and consumers’ demand for pleasant transportation are also projected to promote market progress. For example, according to the OICA, 53.5 million passenger automobiles will be sold globally in 2020.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the car bulb include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. Asia Pacific is a developing and major market for car bulbs as a result of its rapid urbanization, increase in population, improvement in living circumstances, industrialization, and increase in per capita income. Additionally, increased economic activity and the development of infrastructure, notably in China and India, have increased the region’s car sales. Due to the rapid growth of the e-commerce industry and the road logistics network, there are also more automobiles on the roads nowadays. The demand for new and aftermarket car bulbs in the area is increasing due to this circumstance.
Germany’s car bulb market size was valued at USD 0.28 billion in 2022 and is expected to reach USD 0.35 billion by 2030, at a CAGR of 3% from 2023 to 2030. Due to their significant market share, this country’s automakers concentrate on releasing mid to high-level versions. In the region, there has been a slight shift toward electric cars as a result of consumers’ growing awareness of environmental sustainability.
China’s Car bulb market size was valued at USD 0.56 billion in 2022 and is expected to reach USD 0.82 billion by 2030, at a CAGR of 5% from 2023 to 2030. In 2020, China led the Asia Pacific market, and it is anticipated that it will remain so for the entirety of the forecast period. Future demand for commercial cars is also predicted to rise as the region’s e-commerce sector develops.
India’s Car bulb market size was valued at USD 0.45 billion in 2022 and is expected to reach USD 0.61 billion by 2030, at a CAGR of 4% from 2023 to 2030. Due to the expansion of the construction and logistics industries (mostly as a result of the region’s developing e-commerce sector), as well as the increase in demand for sales of commercial vehicles.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven by the demand for effective and convenient safety accessories or components.
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