USA, Rockville, MD, June 17, 2022 (GLOBE NEWSWIRE) — According to a recent report by Fact.MR, the global automotive taillight market is poised to grow at a CAGR of 6% from 2022 to 2032 The market is expected to close at a valuation of US$22 billion. With the increasing integration of advanced technologies into automotive components, automotive taillights have seen innovation over the past decade, creating a host of potential growth opportunities for automotive taillight manufacturers over the coming years. .
From 2015 to 2021, the automotive taillight market grew at a CAGR of 4%, closing at a value of US$11.5 billion. As of 2022, the industry is expected to reach US$12.2 billion. Prospects have improved after growing consumer demand for sleek, lightweight and functional vehicles; thus fueling innovations in every structural and functional component of the vehicle. Increasing applications in plug-in hybrid (PHEV) and electric (EV) vehicles. Batteries based on automotive taillights prevent charge loss and ensure that PHEVs and EVs work longer distances.
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Along with the critical need for excellent performance and uncompromising safety, automotive taillight manufacturers have recently made efforts to meet the growing demand for light-duty vehicles for greater fuel efficiency. FMR’s study of the global automotive taillight market expects this to be a long-term sustainable trend, which will strongly trigger consolidation of manufacturing processes and components.
Key insights from market research
- The global automotive taillight market will almost double between 2022 and 2032
- Automotive LED taillights will be one of the top-selling categories, capturing over 50% of the market and thriving at a CAGR of 6% through 2032
- By vehicle type, automotive taillights for the automotive industry will grow at a CAGR of 5.5%
- North America to Become Fastest Growing Automotive Tail Lamp Market, Documenting CAGR of 6.6%
- APEJ will be the most opportunistic market, expected to be valued at US$6.5 billion in 2032
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The global automotive taillight market is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to customers. In addition, companies are looking for specialized service providers, offering tailor-made solutions to meet their business objectives. Also, vendors are likely to leverage product upgrading and differentiation to gain advantage over other competitors in the market.
- In August 2021, lighting and electronics specialist HELLA and French automotive supplier Faurecia today signed an agreement to combine the two companies. As part of the transaction, Faurecia will acquire the 60% stake held by the shareholders of the HELLA pool. In addition, Faurecia announced a voluntary tender offer to acquire the remaining HELLA shares at the offer price of €60 per share.
- In April 2022, Bosch is further stepping up its drive in the automated vehicle market with the acquisition of automated driving start-up Five. Although financial details of the deal are not disclosed, the acquisition will allow Bosch to continue its development of self-driving cars and will see the merger of the respective software engineering teams. Five will be part of Bosch’s cross-domain computing solutions division.
More valuable information
Fact.MR, in its new offering, presents an unbiased analysis of the global Automotive Tail Lights Market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period from 2022 to 2032.
The study reveals critical insights based on source (halogen and LED), vehicle type (passenger cars, two-wheelers, LCVs and HCVs), material type (plastic and metal) and sales channel (after -sales and OEM) in six major regions (North America, Latin America, Europe, APEJ, Japan and Middle East and Africa).
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Fact.MR’s Automotive domain knowledge
Our automotive consulting team guides organizations through every step of their business strategy by helping you understand how the latest influencers explain the operational and strategic transformation of the automotive sector. Our expertise in recognizing challenges and trends impacting the global automotive industry provides much-needed insight and support – encompassing a strategic perspective that helps you identify critical issues and design appropriate solutions.
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