Lighting Market for ICE and EVs Worth 29.97 Billion USD by 2022
PUNE, India, June 20, 2017 /PRNewswire/ --
The report "Lighting Market for ICE & EVs By Technology(Halogen, LED, Xenon), Position(Front, Side, Rear, Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting & Region - Forecast to 2022", published by MarketsandMarkets™, the Lighting Market for Automotive is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is expected to reach USD 29.97 Billion by 2022.
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Browse 119 market data tables and 52 figures spread through 241 pages and in-depth TOC on "Lighting Market - Forecast to 2022"
http://www.marketsandmarkets.com/Market-Reports/automotive-lighting-market-1133.html
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Increasing vehicle production and lighting applications are the key factors driving the demand for lighting in the automotive industry. With the increase in sales of electric and hybrid vehicles, the demand for lighting with low energy consumption is growing.
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"Automotive front lighting to be the largest segment"
The study considers four lighting positions in a vehicle for the estimation of the market size, namely, front, rear, side, and interior. The front lighting market is projected to constitute the largest lighting market, by value, in 2022. Driver safety and advanced features such as auto on/off and auto leveling are some of the adaptive lighting solutions that are gaining popularity in the front lighting segment. Halogen is presently dominating the front lighting segment. However, owing to benefits such as operation at lower temperature, low energy consumption, and freedom to design, advanced technologies such as LED projector headlamps are gaining popularity in recent years. The Laser technology is new to the market and is gaining popularity owing to its bright illumination.
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"Interior lighting segment to grow at the fastest pace in the Lighting market for Automotive"
With the increase in use of LED lights for interior applications, the segment has increasingly grown in vehicles across the globe. OLED lighting offers design flexibility and can be used even for minute lighting solutions. With such technological advancement, it has become possible for the manufacturer to offer advanced lighting solutions such as mood lighting. Hence, with technological and design modifications, the interior lighting market is expected to be the fastest growing market.
"Growing markets like China and India to drive the Lighting Market for Automotive industry"
China and India together contribute 35% of the global vehicle production and approximately 34% of the global passenger car production. Owing to increasing vehicle production, the demand for automotive lighting will also increase in the region. The lighting market for exterior applications is estimated to be the largest market in the region and halogen technology will have the largest share.
The major companies in the Lighting Market for Automotive 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.).
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