World Automotive Lighting Market Growing at 7.22% CAGR to 2020 Propelled by LED Technology

08 Apr, 2016, 02:00 ET from ReportsnReports

PUNE, India, April 8, 2016 /PRNewswire/ --

Increasing vehicle demand will primarily push the global automotive lighting market and Asia-Oceania region is estimated to dominate the lighting market for automotive in terms of value due to factors such as lenient labor laws, economical labor and raw materials, strong state support that supports growth in vehicle production.

Complete report on global automotive lighting market spread across 135 pages, profiling 11 companies and supported with 102 tables and 72 figures is now available at http://www.reportsnreports.com/reports/243578-automotive-lighting-market-by-position-front-rear-side-interior-technology-halogen-xenon-hid-led-vehicle-type-geography-global-trends-forecast-to-2018.html .

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.

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 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.

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.). Order a copy of Lighting Market for Automotive by Technology (Halogen, LED, Xenon), Position (Front, Side, Rear, Interior), Adaptive Front (Front (Auto On-Off, Bending, Cornering, High Beam Assist, Headlamp Levelling), Rear, Interior), Two-Wheeler, Vehicle Type, & by Region - Forecast to 2021 research report at http://www.reportsnreports.com/purchase.aspx?name=243578 .

The in-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the digital signature market. In Tier 1 (53%), OEM (28%) and others (19%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-level (48%), Director Level (33%) and other (19%) from various key organizations operating in the global automotive lighting market. The primary interviews were conducted worldwide covering regions such as Europe (36%), Asia-Pacific (20%), North America (28%) and Row (16%).

On a related note, another research on Automotive Gears Market Global Forecasts to 2020 says, global automotive gears market is projected to grow at a CAGR of 6.1% from 2015 to 2020.The market is estimated to be USD 28.47 billion in 2015 and is projected to reach 38.27 billion by 2020. The growth of this market is fueled by the rising vehicle production and increasing installation of mechanical components in cars. Growing demand for low-carbon-footprint technologies is to drive the automotive gears market. Companies like GKN plc (U.K.), Showa Corporation (Japan), ZF TRW (US), Bharat Gears (India), AAM (US) and Univance Corporation (Japan) have been profiled in this 144 pages research report available at  http://www.reportsnreports.com/reports/461217-automotive-gears-market-by-application-transmission-differential-steering-system-other-product-type-planetary-bevel-rack-pinion-hypoid-worm-helical-non-metallic-material-metallic-non-metallic-by-vehicle-type-global-forecasts-to-2020.html .

Explore more reports on automotive market at http://www.reportsnreports.com/market-research/automotive/ .

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