Lighting Market is expected to reach USD 29.97 billion by 2022
NEW YORK, July 3, 2017 /PRNewswire/ -- Highlights
· Increase in vehicle production and lighting applications to upsurge the lighting demand in automotive industry
· The Lighting market for Automotive, by value, is projected to grow at a CAGR of 6.80% from 2017 to 2022, to reach USD 29.97 billion by 2022.
· In addition to growing vehicle demand and increasing lighting applications, factors such as safety regulations and rising demand for comfort and luxury are expected to fuel the demand for advanced technologies such as adaptive lighting systems.
· The major factors hindering the growth of the Lighting market for Automotive are the high cost involved in R&D and fluctuating prices of raw materials.
· LED technology is estimated to showcase fastest growth and is expected to lead in future lighting market
· The market for front LED technology, by value, is projected to grow at the highest CAGR during the forecast period from 2017 to 2022.
· This growth can be attributed to the benefits offered by LED technology, such as energy efficiency, low power consumption, lightweight, and flexibility.
· These benefits help to minimize the design constraints as compared to halogen lamps.
· The technology is estimated to lead the front lighting segment with applications such as Daytime Running Lamp (DRL), and projector headlamps as well as interior lighting segment where its applications are dashboard, glovebox, reading, dome, and rear view mirror lights.
· Front Adaptive Lighting to have the largest market in automotive adaptive lighting
· Asia-Oceania region to dominate the market growth
"Increase in vehicle production and lighting applications to upsurge the lighting demand in automotive industry"
The Lighting market for Automotive, by value, is projected to grow at a CAGR of 6.80% from 2017 to 2022, to reach USD 29.97 billion by 2022. In addition to growing vehicle demand and increasing lighting applications, factors such as safety regulations and rising demand for comfort and luxury are expected to fuel the demand for advanced technologies such as adaptive lighting systems.
The major factors hindering the growth of the Lighting market for Automotive are the high cost involved in R&D and fluctuating prices of raw materials.
"LED technology is estimated to showcase fastest growth and is expected to lead in future lighting market"
The market for front LED technology, by value, is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. This growth can be attributed to the benefits offered by LED technology, such as energy efficiency, low power consumption, lightweight, and flexibility. These benefits help to minimize the design constraints as compared to halogen lamps. The technology is estimated to lead the front lighting segment with applications such as Daytime Running Lamp (DRL), and projector headlamps as well as interior lighting segment where its applications are dashboard, glovebox, reading, dome, and rear view mirror lights.
"Front Adaptive Lighting to have the largest market in automotive adaptive lighting"
The front adaptive lighting market is expected to be the largest and fastest growing segment in the Lighting market for Automotive, by adaptive lighting. This growth can be attributed to stringent safety regulations in Europe and increased adoption of adaptive lighting features in premium cars in the Asia-Oceania region.
"Asia-Oceania region to dominate the market growth"
Asia-Oceania is estimated to dominate the Lighting market for Automotive, by value. It is projected to grow at the highest CAGR of 7.02% during the forecast period. This can be attributed to emerging economies such as China and India. In Asia-Oceania, the growth of automotive lighting solutions has been observed owing to the easy availability of raw materials and strong government support, which have boosted vehicle production and the overall lighting market.
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
• By Company Type – Tier-1 - 60 %, OEM 20%, and Tier 2 - 20%
• By Designation — C level - 25%, Manager level - 60%, and Others - 15%
• By Region — Europe - 20%, Asia-Oceania - 50%, North America - 30%
The major companies in the automotive lighting industry are profiled in the study. These include 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).
Research Coverage
The global Lighting market for Automotive is segmented based on the position (front, rear, side, and interior). The lighting used in these positions are categorized on the basis of technologies that have been deployed (Halogen/incandescent, Xenon/HID, and LED). The Lighting market for Automotive is also segmented based on the application—exterior (headlight, fog lights, DRL, taillights, CHMSL, sidelights, and others) and interior (dashboard, glovebox, reading lights, dome lights, rear view mirror lights); and based on vehicle type—ICE vehicles and alternate fuel vehicles. The adaptive lighting market is covered along with the alternate fuel vehicle market.
Reasons to Buy the Report:
The report provides insights with reference to the following points:
- Market Size: The report gives in-depth market sizing and forecast up to five years with third level segmentation.
- Market Development: The report provides comprehensive information about lucrative emerging markets. The report analyzes the markets for automotive lighting across regions.
- Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the global Lighting market for Automotive.
- Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the global Lighting market for Automotive.
- Vendor Dive Matrix: The report provides detailed information and in depth analysis of key players based on their business strategy and product offering.
- Supplier analysis: The report gives a brief analysis of Who Supplies Whom data for key automotive lighting manufacturers and their clients (OEMs).
Read the full report: http://www.reportlinker.com/p04968736/Lighting-Market-for-ICE-EVs-By-Technology-Position-Application-Adaptive-Lighting-Region-Forecast-to.html
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
http://www.reportlinker.com
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article