Impact of COVID-19 on the Global Automotive Lighting Market
Automotive lighting consists of signaling and lighting devices integrated or mounted on the rear, front, top, and sides of vehicles. These lights raise the visibility of both the car and the roadway for the driver. They allow pedestrians and other drivers to see the vehicle position, presence, size, direction of travel, etc. The COVID-19 pandemic has drastically impacted various industries, especially the automotive industry. The world is fighting against the pandemic and is dealing with the economic crisis. Lockdowns initiated by governments worldwide to contain the spread of the pandemic have disrupted the manufacturing sector globally, drastically impacting the production of automotive lighting components, and thus the sales of vehicles. Besides, the halt in the export of the raw materials such as auto parts and other finished goods from China to other countries has also affected the production of vehicles, which has slowed down the adoption of lighting devices in passenger as well as commercial vehicles.
Additionally, the outbreak of COVID-19 has disrupted the automotive supply chain on a global scale. The demand for electric as well as conventional vehicles has also decreased during the pandemic, which has impacted the growth of the automotive lighting market. Moreover, the change in consumers’ purchasing behavior owing to economic uncertainties has also affected the demand for automotive lighting devices and systems. According to the MRFR analysis, Asia-Pacific is expected to witness a decline in demand due to the halted production of new vehicles. The gradual reopening of manufacturing facilities is expected to drive the growth of the market slightly. The region is estimated to hold the largest market share in the global automotive lighting market owing to the high sales of automobiles and the rapid consumer adoption of vehicles.
U.S. Vehicle Sales (In Thousand Units)