Automotive Lighting Market Emerging Growth Rate, Application, Market Share
The automotive lighting market is directly influenced by the automotive industry production of vehicles. Any fluctuation in the production of vehicle affects the dynamics of the automotive lighting market. Due to an increase in the demand for vehicle, it is estimated that the automotive lighting market would grow in the years to come. Due to the stringent emission norms, environment, and health and safety concerns, the governmental regulatory authorities have issued guidelines and regulations associated with the mentioned concerns. The norms and guidelines encourage the automotive lighting systems manufacturers to develop an efficient lighting system. It is anticipated that automotive lighting would show significant growth in the next seven years.
The Lighting market for Automotive is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is expected to reach USD 29.97 Billion by 2022.MARKETS AND MARKETS
Key Players of Automotive Lighting Market:
- Hella KGaA Hueck & Co.
- Magneti Marelli
- Koito Manufacturing Co., Ltd.
- Stanley Electric Co., Ltd.
- Valeo S.A.
- Osram GmbH
- General Electric Company
- Ichikoh Industries, Ltd.
- Hyundai Mobis
- Koninklijke Philips N.V.
- Zizala Lichtsysteme GmbH
Asia-Pacific is the largest market for automotive lighting with China that accounted for a major portion in 2013. Large scale production has benefited the Chinese automotive lighting industry. In North America, the U.S. is the biggest vehicle manufacturer which accounted more than 50% of the total vehicle production in North America. Owing to a steady economic recovery post the economic slowdown, the U.S. is witnessing an increase in vehicle production. As a result, the automotive lighting industry is benefiting from the high vehicle demand and is estimated to grow at a significant rate. The trend for investments is unlikely to change, as the Asia-Pacific region will be the preferred destination for the automotive lighting industry. This is due to the fact that a majority of the global vehicle production is carried out in the Asia-Pacific region.
Request for Customization:
“Automotive front lighting to be the largest segment“
The study considers four lighting positions in a vehicle for the estimation of the market size, namely, front, rear, side, and interior. The front lighting market is projected to constitute the largest lighting market, by value, in 2022. Driver safety and advanced features such as auto on/off and auto leveling are some of the adaptive lighting solutions that are gaining popularity in the front lighting segment. Halogen is presently dominating the front lighting segment. However, owing to benefits such as operation at lower temperature, low energy consumption, and freedom to design, advanced technologies such as LED projector headlamps are gaining popularity in recent years. The Laser technology is new to the market and is gaining popularity owing to its bright illumination.
“Interior lighting segment to grow at the fastest pace in the Lighting market for Automotive”
With the increase in use of LED lights for interior applications, the segment has increasingly grown in vehicles across the globe. OLED lighting offers design flexibility and can be used even for minute lighting solutions. With such technological advancement, it has become possible for the manufacturer to offer advanced lighting solutions such as mood lighting. Hence, with technological and design modifications, the interior lighting market is expected to be the fastest growing market.
With the continuous developments in LED and intelligent lighting technologies, various automobile manufacturers have succeeded in lower energy consumption levels of lighting units and to provide better and safer visibility system. Koito Manufacturing (Japan), Valeo S.A. (France), and Hella KGaA Hueck & Co. (Germany), are the major players in the automotive lighting market. The advanced automotive lighting would help the automotive manufacturers to cater to stringent emission norms put in effect by various nations. The developing markets for automotive lighting such as India, China, Brazil, Russia, and others are expected to act as new value generators in future. The booming economy of these countries has also changed the buying pattern, as customers buy vehicles with efficient lighting technology.
“Growing markets like China and India to drive the lighting market for automotive industry”
China and India together contribute 35% of the global vehicle production and approximately 34% of the global passenger car production. Owing to increasing vehicle production, the demand for automotive lighting will also increase in the region. The lighting market for exterior applications is estimated to be the largest market in the region and halogen technology will have the largest share.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
About MarketsandMarkets™:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Comments
Post a Comment