The global automotive lighting market has been largely benefiting from the changing paradigms in government regulations and end-users perspective towards enhanced safety in automobiles. In spite of a turbulence caused by the global economic slowdown of 2008, the automotive market has been able to gain back the pre-crisis annual growth rate by 2014. With several driving trends such as growing demand of passenger vehicles, growing urban population, expansion of global auto-manufacturers into new emerging markets, and rising disposable income of middle class population. The global automotive lighting market is poised to grow over USD 30,107.2 million by 2023 at an estimated CAGR of 6.43% through the forecast period.
The global automotive lighting market by technology has been segmented into halogen, xenon and LED. Among these types, halogen has accounted the largest market share of 55.2% in 2016 followed by xenon and LED. Whereas, LED segment has registered as the fastest growing technology with a CAGR of 7.29%.
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Key Players of Automotive Lighting Market:
- Magneti Marelli (Italy)
- Philips Lighting NV (Netherlands)
- Ichikoh Industries Ltd (Japan)
- HELLA KGaA Hueck & Co (Germany)
- KOITO MANUFACTURING CO., LTD.( Japan)
- ZKW Lichtsysteme GmbH (Wieselburg)
- Peterson Manufacturing Company (U.S.)
- OSRAM GmbH (Germany),
- Stanley Electric Co. Ltd (Japan)
- General Electric (U.S.)
Market Research Future Analysis:
Market Research Future analysis show that the global market of automotive lighting market is estimated to grow at USD 30,107.2 million by the end of year 2023. The increase in sales of new vehicles has been fuelling the growth of automotive lighting market. The increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, due to which there has been a rise in the use of automotive lighting. Among types, halogen is one of the major technology used by the automotive lighting manufacturers. This is considered as a traditional technology which has been using in automotive industry since 1960. Halogen are widely used and has propelling the global automotive lighting market. Owing to the easy availability and low cost of materials and installation, halogen have accounted the market share of 55.20% in 2016. This is one of the most preferred and reliable technology. Moreover, the aftermarket of this technology is also playing a crucial role in boosting up the market.
1 Executive Summary
2.2 Scope of the Study
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Market Drivers
4.1.1 Increase in Sales of New Vehicles
4.1.2 Expansion of global auto-manufacturers into new emerging markets
4.1.3 Accelerating urbanization led to growth of automobile industry
4.2 Market Restraints
4.2.1 Increasing Pricing Pressures
4.2.2 Underdeveloped Aftermarket Services
4.3.1 Advanced automotive industry technology
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