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"Overview of Automotive Lighting Market"
The Automotive Lighting Market Registered US$ XX Mn in 2019 and it is Estimated to Reach More than US$ 50 Mn by 2028, Likely to Grow with a CAGR of 5.5% During the Forecast Period.
Automotive lighting plays a crucial role in vehicle safety. Automotive manufacturers offer a wide array of lighting options, to extend the vehicle visibility in unfavorable weather conditions. The growing adoption of advanced technologies in automobile components and the increasing demand for the high efficiency of vehicles is expected to drive the growth of the market.
Vehicle manufacturers are focusing on integrating LED lights across vehicles, as these lights consume less power and have an extended lifecycle, as compared to halogen and HID lights. Furthermore, LED lights offer durability and strength.
There are growing concerns about vehicular safety, round the world. Exterior lighting forms a crucial part of vehicular safety. Various countries have stringent lighting regulations that require a selected brightness or temperature of the headlamps. Automobiles in the developed regions have standards for various lighting applications.
By Technology, OLED Segment is anticipated to Exhibit Fastest Growth during the Forecast Period
LED lighting had enjoyed its share of recognition within the past decade, but is now caught during a battle with innovative OLED lighting technique for vehicles. LEDs work on point lighting technique whereas, OLEDs are surface lights which scatter its projections leading to better viewing and fewer accidental incidences. Although OLEDs provide a scope of making new designs for lights, there's a limit of resisting temperature increase of 85 °C. However, OSRAM automotive companies have evolved through this challenge with a complicated OLED lighting system with a resisting temperature peak for a time-lapse of quite a thousand hours.
By Vehicle Type, Passenger Segment accounted for Significant Share in Global Automotive Lighting Market in 2019.
Increasing the adoption of advanced lighting within the passenger vehicle segment is higher than compared to other vehicles such as LCVs, buses, and trucks. The growing sales of passenger vehicles, including the willingness of consumers to pay more for cars, are expected to drive the market. The worldwide passenger vehicle production reached from 59.8 million units in 2018 to 61.4 million units in 2019. The year-on-year production growth is expected to propel the expansion of the market
The Automotive Lighting Market in the Asia Pacific occupied a Significant Market Share in 2019.
By geography, the automotive lighting market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific is anticipated to be the most important market due to increasing automotive sales. China and Japan gain the most important shares owing to the high production & sales of vehicles, domestically. Additionally, manufacturers in these countries specialize in technological advancements, including lighting, thus, driving the demand for automotive lighting.
Increasing consumer per capita income and high sales of SUVs in emerging economies like India are expected to boost the demand for the automotive lighting market. There has been a high demand for advanced lighting thanks to the rise in premium car sales. Increasing adoption of the advanced lighting within the lower and mid-segment cars is predicted to open new opportunities for the expansion of the market during the forecast period.
Leading players are engaged in extensive research activities and focus on adopting advanced technologies to innovate their products. This is expected to improve their position within the market against their competitors. Competition among the players within the global automotive lighting market is projected to extend considerably during this tenure. This is often mainly due to the presence of a large number of players that have created a fragmented vendor landscape within the market. Key industry players such as Magneto Marely Spa, Hella Kraal Hacek & Co, ICHIKOH INDUSTRIES LTD, General Electric Co., Hyundai Mobic, SAMSUNG ELECTRONICS Co., Ltd, Royal Phillips Electronics, and Zavala Lichtsysteme GmbH, among others.
Automotive Lighting Market Segmentation:
By Product Scale
- Aftermarket Product
- Front lighting
- Rear lighting
- Interior lighting
- Side lighting
- North America
- Asia- Pacific (APAC)
- Middle East and Africa (MEA)
- Latin America