United States, Rockville, MD, June 17, 2022 (GLOBE NEWSWIRE) — As per a recent report published by Fact.MR, the global automotive tail light 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 rising incorporation of advanced technologies in automobile components, automotive taillights have been undergoing innovation over the past decade – creating a slew of potential growth opportunities for automotive taillight manufacturers in the upcoming few years.
From 2015 to 2021, the market for automotive tail light grew at a CAGR of 4% closing at a value of US$ 11.5 Billion. As of 2022, the industry is likely to reach US$ 12.2 Billion. Prospects heightened after the growing consumer demand for sleek, lightweight, and functional vehicles; thereby fuelling innovations in each structural and functional vehicular component. Augmenting applications in plug-in hybrid (PHEV) and electric vehicles (EV). Automotive Tail Light-based batteries prevent loss of charge and ensure that PHEVs and EVs run for longer distances.
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Besides the critical need for excellent performance and uncompromised safety, the manufacturers of automotive taillights have been recently making efforts to meet the drastically ascending demand for lightweight vehicles for greater fuel efficiency. FMR’s study on the global automotive tail light market expects this as a long-term enduring trend, which will strongly trigger the consolidation of manufacturing processes and componentry.
Key Takeaways from the Market Study
- Global automotive tail light market to nearly double from 2022-2032
- LED automotive tail lights to be a top-selling category, capturing more than 50% market and flourishing at a 6% CAGR until 2032
- By vehicle type, automotive tail light for the automotive industry to expand at a CAGR of 5.5%
- North America to emerge as the fastest-growing Automotive Tail Light market, documenting a 6.6% CAGR
- APEJ to be the most opportunistic market, expected to be valued at US$ 6.5 Billion in 2032
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The global market for Automotive Tail Light is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In August 2021, the lighting and electronics specialist HELLA and French automotive supplier Faurecia today signed an agreement on the combination of the two companies. As part of the transaction, Faurecia will acquire the 60 percent stake held by HELLA pool shareholders. In addition, Faurecia has announced a voluntary public tender offer to acquire the remaining HELLA shares at an offer price of € 60 per share
- In April 2022, Bosch is further ramping up its play in the automated vehicle market with the acquisition of automated driving start-up Five. While the financial details of the deal remain undisclosed, the acquisition will enable Bosch to further its development of self-driving cars and will see the respective software engineering teams merge. Five will form part of Bosch’s cross-domain computing solutions division.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Automotive Tail Light market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-to 2032.
The study reveals essential insights based on source (halogen and LED), vehicle type (passenger cars, two-wheelers, LCV and HCV), material type (plastic and metal) and sales channel (aftermarket and OEM) across six major regions (North America, Latin America, Europe, APEJ, Japan and Middle East & Africa).
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Fact.MR’s Domain Knowledge in Automotive
Our automotive consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the Automotive sector. Our expertise in recognizing the challenges and trends impacting the global Automotive industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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