Global automotive lighting market is expected to reach around US $48.08 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, the passenger cars segment procured the highest revenue in the global market in 2017. In the same year, based on regional contribution Asia-Pacific secured a majority share in the global automotive lighting market.
Some key insights pertaining to the automotive lighting market contained within the report include:
- The budding global automotive industry coupled with high demand for passenger cars primarily drives market growth.
- The rising awareness regarding energy efficient lighting solutions as well as increasing need to enhance road safety will positively impact the adoption of advanced automotive lighting.
- Growing disposable income, changing lifestyles, and technological advancements are known to significant enhance market growth.
- The market is estimated to witness lucrative growth opportunities in the coming years owing to emerging consumer demographics, new emerging markets, and the rising adoption of environment-friendly lighting solutions worldwide.
According to the report, the use of LED lights in automobiles has significantly surged, in fact, these lights are slowly replacing xenon and halogen lights in daytime running lights and headlamps. Moreover, LED technology is extensively used for brake lights, rear lights, indicators, and daytime running lights owing to its higher flexibility and cost-effectiveness. In order to avoid dazzling other drivers, high brightness white LEDs are becoming popular which offer controlled illumination pattern along with improved visibility, further promoting the adoption of this product.
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Speaking of the geographical landscape, Asia-Pacific amassed the highest market share in the global automotive lighting market in 2017. Growth in this region is estimated to be driven by its established automotive industry, high investment in R&D, and technological advancements. Moreover, the imposition of strict government regulations concerning the use of eco-friendly lighting solution and vehicular safety would further accelerate the adoption of automotive lighting within the region. Additionally, economic growth in nations like India, China, and Japan in consort with growing disposable income and improving living standards will boost the demand for vehicles in the region, thereby adding momentum to product demand. Expansion of international players into these nations to benefit from their market potential will also augment market growth, cites the report.
The report also offers a comprehensive analysis of the automotive lighting market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, technology outlook, end-user hierarchy, sales-channel, regional landscape, and competitive spectrum is also briefed the report. In addition, company profiles of market majors have been highlighted in the report under business overview, product benchmarking, financials, and recent developments.
Key market players operating in the global automotive lighting market comprise of Koninklijke Philips N.V., Osram GmbH, Magneti Marelli S.P.A., ZizalaLichtsysteme GmbH, Stanley Electric Co., Ltd., Hella KGaAHueck& Co., Ichikoh Industries, Ltd., General Electric Lighting, Valeo S.A., and Koito Manufacturing Co. Ltd. The notable growth strategies commonly practiced by these firms involve launching new products and collaborating with other market leaders to innovate and introduce new products to suffice the increasing user needs and requirements, thereby boosting market size over the forecast timeframe.