LONDON, April 19, 2016 /PRNewswire/ -- "Increasing vehicle demand will primarily push the global automotive lighting industry"
The automotive lighting market, by value, is projected to grow at a CAGR of 7.22% from 2016 to 2021 reaching USD 29.53 billion. Major factors driving market growth include growing concern regarding safety especially at night and in low visibility circumstances, rising demand for advanced technologies like adaptive lighting systems to enhance driver's sight without disturbing the on-coming traffic and overall increasing vehicle sales around the globe.
"LED technology to lead in the future"
The market for LED technology is projected to grow at the highest CAGR in terms of value and volume compared to other technologies during the forecast period. This high demand can be substantiated with reasons such as their energy efficiency as LED lights consume less power as compared to halogen lamps, lightweight, and flexibility factor is higher in LED which minimizes design constraints faced by OEMs. Moreover, market for LED technology is also influenced positively by regulatory mandates in Europe.
"Asia-Oceania region to dominate the market growth"
Asia-Oceania region is estimated to dominate the automotive lighting market in terms of value. It is projected to grow at the highest CAGR during the forecast period. This can be attributed to emerging economies like China. Growth in this region is due to factors such as lenient labor laws, economical labor and raw materials, strong state support that supports growth in vehicle production.
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
- By Company Type – Tier-1 - 53 %, OEM 28%, and Others - 19%
- By Designation - C level - 48%, Director level - 33%, and Others - 19%
- By Region - Europe - 36%, and Asia-Oceania - 20%, North America - 28%, RoW – 16%
OLED and Laser lighting technologies are very recently introduced technologies in the market. Laser lights could be used in headlamps, whereas OLED lights are more applicable in side and rear lighting positions.
Ten major companies in the automotive lighting industry are profiled. They are Hella KGaA Hueck & Co (Germany), Magneti Marelli S.p.A (Italy), Stanley Electric K.K (Japan), Valeo S.A. (France), Koito Manufacturing Co. Ltd. (Japan), Osram Licht AG (Germany), Koninklijke Philips N.V (Netherlands), Hyundai Mobis (South Korea), Ichikoh Industries Ltd. (Japan), and General Electric (U.S.).
Reasons to Buy the Report:
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for automotive lighting across regions
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the global automotive lighting market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the global automotive lighting market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the global automotive lighting market
- Supplier analysis: Brief analysis of Who Supplies Whom data for key lighting manufacturers and their clients (OEMs)
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