AutomotiveLighting Market Overview:
The globalautomotive lighting market is garnering substantial traction. The market growthattributes to reformed government regulations and increasing demand forenhanced safety in automobiles. Besides, rising trends of growing sales ofpassenger vehicles and the disposable income of middle-income groups drive themarket demand. Moreover, the spurting demand from the OEM and aftermarketsectors escalates market sales.
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According toMarket Research Future (MRFR), the global automotive lighting market valuationis expected to reach over USD 32,800.0 MN by 2025, growing at 6.0% CAGR duringthe review period (2019 – 2025). Growing urban population and expansion ofglobal auto-manufacturers into new emerging markets positively influence marketgrowth. Also, changing consumer demands accelerate the development of themarket, driving the aftermarket industry.
Additionally,the augmenting demand for the highest quality and reliable lighting solutionsinfluence the growth of the market. Efficient lighting is the most essentialaspect of automobiles; therefore, they are much in demand. Longer-lasting and energy-efficient lightingsystems have an enormous impact on the automotive industry's economy. Over thelast decade, automobiles' production and sales have spurted worldwide, which inturn, substantiates the demand in the market.
The automotiveindustry is increasingly focusing on ensuring minimal inconvenience to driversby facilitating optimized operational techniques. This adds up significantgrowth prospects to the market. Rising R & D investments to developautomotive lighting systems and upgrade the performance and efficiency ofexisting lighting systems push market growth. Moreover, rapid advances inlighting technologies such as halogen, xenon, and LED, influence the growth ofthe market.
LEDs would bethe predominant light source in car headlights/ front lights as theircompactness and energy efficiency are significant advantages over conventionaltechnologies. Also, LEDs make it easy to achieve the brightness values in rearlights, sidelights, and interior lights required by today's customers.
GlobalAutomotive Lighting Market Segments
The report issegmented into five dynamics;
By Technology :Halogen, Xenon, LED, and others.
By Vehicle Type:Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles.
By Application :Front Lights, Rear Lights, Side Lights, and Interior Lights.
By End-Market : OEMand Aftermarket.
By Regions : Asia Pacific, North America,Europe, and the Rest-of-the-World.
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AutomotiveLighting Market Growth and Regional Analysis
Europe dominatesthe global automotive lighting market. The largest market share attributes tonew emission standards regulated by the government. Besides, the presence ofseveral notable players drives the automotive lighting market in the region.Moreover, high growth in production and sales of automobiles in the regionfosters the development of the regional market.
Germany accountsfor the significant share in the regional market, followed by the UK andFrance, owing to its leading automakers and smart technologies. The Europeanautomotive lighting market is projected to retain its dominance throughout theestimated period.
North Americastands second in the global automotive lighting market. Automotive vehiclemanufacturers' participation drives the market growth, and increasing demandfor luxury cars across the region boosts the regional market growth.Additionally, advantages of LED lighting, such as energy efficiency andcontribution to reducing greenhouse gas emissions, increase the size of theregional market.
Moreover, theemergence of high-quality automotive lighting systems that can improve trafficsafety influences the growth of the regional market. The North America automotive lighting marketis expected to witness significant growth during the assessment period.
The Asia Pacificautomotive lighting market has emerged as a profitable market, globally.Factors such as the rising automotive industry and demand for luxury cars spurregional market growth. China, Japan, and India are the major markets forautomotive lighting systems. The APAC automotive lighting market is anticipatedto register a substantial CAGR during the coming years.
Global AutomotiveLighting Market – Competitive Analysis
The automotivelighting market appears to be highly competitive due to the presence of severalsmall and large-scale players. These players incorporate strategic initiatives suchas innovations in products and manufacturing techniques, mergers &acquisitions, and brand reinforcement to churn the market competition andmaintain their positions in the market.
MajorPlayers
Players leadingthe global automotive lighting market include Philips Lighting NV(Netherlands), Magneti Marelli (Italy), Ichikoh Industries Ltd (Japan), KoitoManufacturing Co., Ltd (Japan), HELLA KGaAHueck& Co (Germany), ZKWLichtsysteme GmbH (Austria), OSRAM GmbH (Germany), Peterson Manufacturing Company(US), Stanley Electric Co. Ltd (Japan) and General Electric (US), among others.
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