Car Bulb Market Industry Analysis, Share, Size and Forecast

4.6
Car Bulb Market Industry Analysis, Share, Size and Forecast

The Car Bulb Market is anticipated to expand at a significant CAGR during the forecast period (2021-2028).

Start typing here! You can add more paragraphs, images, videos, and more by clicking the icons in the toolbar!

Car Bulb Market

The Car Bulb Market is anticipated to expand at a significant CAGR during the forecast period (2021-2028).

The factors driving the growth of Car Bulb Market includes rise in the sales of passenger cars across the globe, strict regulations imposed by Government for the installation of safety systems inside the car and increasing demand for luxurious bulbs. According to the report published by Statista, the number of cars sold worldwide has increased from 63.8 million units in 2020 to 66.7 million automobiles in 2021, which is expected to accelerate the demand for car bulbs in the approaching years. Moreover, rise in the number of road accidents around the world, technological innovations in the LED lightings, increasing investments by leading players on research and development and easy availability of car bulbs at online platforms, are some of the additional factors supplementing the market growth. According to the report published by World Health Organization (WHO), road traffic injury emerged as the leading cause of deaths amongst the population aged between 5-29, around 1.3 million die every year from road crashes, which is pushing the car bulbs around the world.

Request a free sample of this report

However, the growth of Car Bulb Market is hindered due to variations in the oil prices and lack of awareness amongst consumers about advanced lighting systems.

The major players operating in the market are Stanley Electric, ZKW, Varroc Group, Koito Manufacturing Co., Ltd, Marelli Holdings Co., Ltd, Valeo, SL Corporation, Hyundai Ihl Co.,Ltd, TYC, and Hella GmbH & Co., among others.

Bulb Type – Segment Analysis

Based on Bulb Type, the LED segment is estimated to expand at a robust CAGR over the forecast period. The LED bulbs consumes less energy, reduces the risk of road accidents, provides enhanced aesthetic value to customers and are comparatively more effective than incandescent bulbs, are some of the features responsible for the segment’s growth.

Vehicle Type – Segment Analysis

Based on Vehicle Type, the Passenger Vehicle segment is anticipated to expand at a remarkable CAGR during the forecast period. Rise in the middle-income population, increasing preference for driving self-owned vehicles over public transportation and adoption of advanced technology such as Advanced driver assistance systems (ADAS), are some of the important factors augmenting the segment’s growth.

Regional – Segment Analysis

According to the Global Car Bulb Market Analysis, the Asia-Pacific region is expected capture a sizeable market share over the forecast period. Presence of the leading car manufacturers such as Toyota Motor, TATA, Hyundai and Kia Motors, Government initiatives to boost the automotive manufacturing, growing adoption of advanced safety systems, rapid urbanization, and high population density, are some of the important factors propelling the market growth in Asia-Pacific region.

Market Segmentation

Global Car Bulb Market by Bulb Type

LED

HID

Halogen

Others

Global Car Bulb Market by Vehicle type

Passenger Vehicle

Commercial Vehicle

Global Car Bulb Market by Application

High Beam Light

Fog Light

Brake Light

Low Beam Light

Others

Global Car Bulb Market by Region

Asia Pacific

China

Japan

India

Rest of APAC

North America

United States of America

Canada

Europe

United Kingdom

Germany

France

Spain

Rest of Europe

RoW

Brazil

South Africa

Saudi Arabia

UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact

Company Name: GMI RESEARCH

Contact Person: Sarah Nash

Email: enquiry@gmiresearch.com

Phone: Europe – +353 1 442 8820; US – +1 860 881 2270

Address: Dublin, Ireland

Website: https://www.gmiresearch.com/