The automotive license plate light market is anticipated to reach US$854.1 Million in 2032. The rise in stringent government laws intended to reduce traffic accidents around the world is one of the primary factors projected to boost demand for car licence plate lights shortly. According to FMI, the market for automotive licence plate lights is expected to expand rapidly at a CAGR of 9.7% over the projected period, reaching US$ 421.8 Million in 2022. (2022-2032).
The licence plate is consistently and significantly illuminated by the vehicle’s licence plate lights. A light source, a group of lenses, and a lamp body are typically mounted on the neighbouring area of an automotive licence plate, which is installed at the back of a vehicle. A bulb or LED could be used as a light source. These vehicle licence plate lights have a completely sealed body and are impact, chemical, UV, and waterproof. The majority of car licence plate lights have clear lenses and emit white light.
Since LED lights are more affordable and energy-efficient than their counterparts, the LED-type car licence plate light is predicted to grow significantly in popularity. During the projection period, it is also anticipated that OLED (organic light-emitting diode), which has advantages like lightweight and low power consumption, would become a new trend in the market for automobile licence plate lights.
Automotive License Plate Light: Market Key Players
Because there are so many local manufacturers, the market for car licence plate lights is said to be fragmented on a global scale. Some of the key players in the global market for automobile licence plate lights include:
- KOITO MANUFACTURING CO., LTD.
- Fiat Chrysler Automobiles
- HELLA Group
- GOTO PLASTIC co., ltd.
- ICHIKOH INDUSTRIES, LTD.