Automotive Lighting Market Is Projected To Witness Significant Growth Due To Rising Vehicle Safety Concerns Till 2022 | Million Insights

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According to new report available with Million Insights, the automotive lighting market is expected to propel the growth based on technology, vehicle types, lighting applications, product sale and geography.

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.

Full Research Report On Global Automotive Lighting Market Analysis available at: https://www.millioninsights.com/industry-reports/automotive-lighting-market-size

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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Market Segmentation

Automotive Lighting Technology Outlook (Revenue, USD Million, 2012 – 2022)
    • Halogen
    • Xenon
    • LED

Automotive Lighting Application Outlook (Revenue, USD Million, 2012 – 2022)
    • Front/headlamps
    • Rear
    • Side
    • Interior

Automotive Lighting Regional Outlook (Revenue, USD Million, 2012 – 2022)
    • North America
    • Europe
    • Asia Pacific
    • RoW

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/automotive-and-parts

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