Automotive Lighting Market Insights 2019
Rising Demand for Passenger Vehicles to Expand Automotive Lighting Market. Increasing Adoption of Latest Lighting Technologies to Encourage Growth of Automotive Lighting Market. Automotive lightings form a crucial part of vehicle safety. Increasing research & development for the development of efficient lighting systems are expected to fuel demand for the product in the nearby future. The findings offered by Market Research Future (MRFR) reveal that the global automotive lighting market is anticipated to strike 6% CAGR over the forecast period 2017 to 2023.
Considering rising accidents, the governments have issued mandates regarding vehicular safety, especially lighting. This, in turn, is projected to accelerate growth of opportunities in the automotive lighting market in the foreseeable future. Also, the developments of lighting technology are anticipated to act as growth catalyst for the players of the market. Other factors that are supposed to affect the growth curve of the market positively are rising urban population, increasing disposable income, growth of the automotive industry, etc.
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Automotive Lighting Market Segmentation
Based on technology, the automotive lighting market has been segmented into xenon, halogen, and LED. Among these, the halogen segment, being the conventional technology, is expected to hold the pole position over the forecast period. However, the LED segment is anticipated to gain popularity in the coming years. It is expected to register the highest CAGR soon.
Based on vehicle type, the automotive lighting market has been segmented into light commercial vehicle, passenger car, and heavy commercial vehicle. The passenger car segment is anticipated to have more control over the market compared to other segments. It is likely to drive its control from the rising sales of passenger cars owing to increasing per capita income.
By application, the automotive lighting market has been segmented into front lights, side lights, rear lights, and interior lights. Among these, the front lights segment is expected to exhibit dominance over the market in the foreseeable future.
On the basis of end market, the automotive lighting market has been divided into OEM and aftermarket. The automotive manufacturers buy lights directly from the OEMs. It is anticipated to accelerate the growth of the OEM segment in the forthcoming years. Thus, the segment is projected to hold the pole position in the coming years.
Automotive Lighting Market Regional Analysis
The geographical evaluation of the global automotive lighting market is assessed for the following regions – Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). These regions are further sub-segment on the basis of countries for the study. Europe is anticipated to capture a substantial share of the market. Increasing regulations being implemented to ensure passenger and pedestrian safety is expected to boost the augmentation of the automotive lighting market in the upcoming years. Also, the presence of a developed industry for automobiles is anticipated to facilitate the adoption of advanced lighting technologies. It is likely to accelerate revenue creation in the regional market. Asia Pacific is also a crucial regional segment owing to the developments in the automotive industry. China is expected to play a pivotal role the automotive lighting market growth in the region.
Competitive Dashboard:
Magneti Marelli (Italy), Ichikoh Industries Ltd (Japan), Philips Lighting NV (Netherlands), HELLA KGaA Hueck & Co (Germany), ZKW Lichtsysteme GmbH (Austria), KOITO MANUFACTURING CO., LTD (Japan), Peterson Manufacturing Company (US), Stanley Electric Co. Ltd (Japan), OSRAM GmbH (Germany), and General Electric (US) are few of the players of the automotive lighting market.
Industry News:
In August 2019, designer and manufacturer of automotive lighting solutions, Oracle Lighting, has announced the launch of new lighting sets for the Gladiator and Jeep Wrangler.
In September 2019, Osram Opto Semiconductors has made an announcement that it will be launching Evyios hybrid LED module next year for automotive headlamps.
List of Tables:
TABLE 1 GLOBAL AUTOMOTIVE LIGHTING MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
TABLE 2 GLOBAL AUTOMOTIVE LIGHTING MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 3 GLOBAL AUTOMOTIVE LIGHTING MARKET, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 4 GLOBAL AUTOMOTIVE LIGHTING MARKET, BY END MARKET, 2018–2025 (USD MILLION)
TABLE 5 GLOBAL AUTOMOTIVE LIGHTING MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 6 NORTH AMERICA AUTOMOTIVE LIGHTING MARKET, BY COUNTRY 2018–2025 (USD MILLION)
TABLE 7 NORTH AMERICA AUTOMOTIVE LIGHTING MARKET, BY TECHNOLOGY 2018–2025 (USD MILLION)
TABLE 8 NORTH AMERICA AUTOMOTIVE LIGHTING MARKET, BY VEHICLE TYPE 2018–2025 (USD MILLION)
TABLE 9 NORTH AMERICA AUTOMOTIVE LIGHTING MARKET, BY APPLICATION 2018–2025 (USD MILLION)
Continued…
List of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 4 SALES OF NEW VEHICLE, 2013-2016
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
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