Global Automotive
Lighting Market strategic research study
offers company accounts, industry investors, and industry members with
consequential insights to enable them to make reliable strategic decisions
regarding the opportunities in the global market.
In this report, we
thoroughly examine and analyse the Global market for Automotive Lighting so
that market participants can improve their business strategy and ensure
long-term success. This report provides players with useful information and
suggests result-based ideas to give them a competitive advantage in the global Automotive
Lighting industry. It will show how other players compete in the global Automotive
Lighting Market and explain the strategies you use to differentiate yourself
from other participants.
This Research Report
Answers the Following Questions:
·
How Automotive
Lighting market will
grow in the coming year?
·
Will the COVID-19 pandemic surge the demand for such platforms?
·
How are key companies planning to promote benefits of Automotive Lighting?
·
What are the industry growth drivers, obstacles, and dynamics?
·
Which segment is expected to lead in the coming years?
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The global automotive
lighting market size was valued at USD 19.64 billion in 2014 and is anticipated
to reach USD 34.65 billion by 2022. Global automotive market will witness a
steady growth with growing demand of automotive vehicle in the upcoming years.
Increasing automotive production, rising concerns about vehicle safety, growing
population and also government are driving the growth of the market. On
addition to it, the increase in the purchasing power of the people is also
creating opportunities for the market growth. Lighting is a vital component in
automotive vehicles and plays a very important role in automotive safety.
Automotive vehicle consists of variety of lights to increase the visibility in
darkness and bad weather conditions and automotive lights also increase the
conspicuity (that is the clarity of observing things) of the vehicle. The
lighting system comprises of signalling and lighting devices. The lighting
devices are placed in different locations of the vehicle including front, rear,
top and interiors.
Halogen being an easily
available and cost efficient technology has been majorly adopted by the market
and is therefore, being used in lighting technology in the automotive sector
also LED and Xenon are prominent lighting technologies which are in prime use
in the global automotive lighting market. LED is likely to witness the highest
growth amongst the three technologies during the forecast period. LED is
relatively costlier, hence, at present is majorly being used in the high-end
vehicles. However, research is being done to lower their cost as a result of
which it would create significant rise in demand of LED lights in the upcoming
years. The automotive lighting market is segmented based on technology, vehicle
types, lighting applications, product sale and geography.
On the basis of lighting
applications, the market is segmented into rear lighting, front lighting,
interior lighting and side lighting. The technology is segmented into LED,
halogen and xenon. Based on vehicle type, the market is segmented into
commercial vehicles and passenger vehicles. Based on product sale, the market
is segmented in aftermarket product and OEM product. The geographical
segmentation of automotive lighting include North America ( U.S. , Canada,
Mexico) , Europe (Germany , UK , France , Italy) , Asia Pacific (China, India,
Japan), RoW ( Brazil, Russia), Latin America and Middle East Africa. The global
automotive lighting market is an excessively fragmented market with the
presence of many regional and global local vendors. The global automotive
lighting market is very dependent on automobile sales and the growth driven by
the increase in automotive production. The market has seen constant innovations
and development of new products, which in turn resulted in an excessive
competitive environment for the manufacturers of the automotive lighting.
The key players of the
global automotive lighting market include Ichikoh Industries Ltd., General
Electric (GE), Koninklijke Philips N, Koito Manufacturing Co. Ltd, Magneti
Marelli S.P.A, Valeo, Stanley Electric Co., Hella KGaA Hueck & Co., Ltd.,
Zizala Lichtsysteme GmbH, Osram GmbH, Hyundai Mobis, Royal Philips Electronics.
The global automotive market is expected to grow at a CAGR 8% during the
forecast period which can result to be profitable for the global automotive
lighting market also. Ambient lighting is one application where lighting is
strategically placed in the vehicle to create an experience and induce a
psychologically pleasing effect. Headlamps, DRL, auxillary lights, off road
lights, compact lights, dome lights, instrument display lights, fog lights and
taillights are the popular segments in the global automotive lighting market
attracting automotive designers with their unique and stylish looks. In the
upcoming years the use of LED lighting is expected to cover of the total market
soon in the upcoming years. Broadly automotive lighting market is segmented as
Interior lighting and exterior lighting during the year 2015, the exterior
lighting segment had dominated the global automotive lighting market, with a
very high market share. Exterior lighting plays a very important role in
ensuring safety and with more manufacturers focusing on the safety aspect
demand for exterior lighting is expected to rise in the next seven years.
The growth in the Asia
Pacific region is driven by India and China, which are the largest markets for
automotive production in the Asia Pacific region. The Asia Pacific region is a
hub for automotive components due to improved infrastructure, preferences and
changing lifestyles, government initiatives, and overall reduction in vehicle
production costs. There is a high growth in the number of vehicles in the BRIC
nations which further creates large opportunity for the growth of automotive
lighting market during the forecast period. Purchasing power is increasing
which in turn is increasing the demand for advanced and sophisticated
technologies which include advance front light system (AFS) and daylight
running lights system (DRL). Automotive lighting indicates vehicle's presence,
position, size, driver’s intentions regarding direction, and direction to
travel and speed of the vehicle that is travelling. The demand for aesthetic
lighting is also increasing which in turn would support the demand of lights in
commercial and private cars.
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