alternative spelling of light (adj.1), by 1962, but used from at least 1917 as a word-forming element in product names, often as a variation of light (n.).
The word Adjusto-Lite for portable electric lamps was opposed by the user of a trade mark Auto-lite registered before the date of use claimed by the applicant. ["The Trade-Mark Reporter," 1922]
Coincidentally lite in Old English and early Middle English meant "few; little; not much;" see little (adj.), which is an extended form of it.