CHICAGO, Sept. 4, 2019 /PRNewswire/ -- According to the new market research report "Automotive 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 2027", published by MarketsandMarkets™, the Automotive Lighting Market is estimated to be USD 18.4 billion in 2019 and is projected to reach USD 23.3 billion by 2027, at a CAGR of 3.0%.
Rising disposable income has resulted in an increase in consumer spending capability to purchase premium vehicles, which, in turn, is expected to drive the growth of the market. Government initiatives for implementing adaptive lighting to increase the driver's safety is another key factor anticipated to fuel market growth.
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Passenger Car segment expected to be the largest segment for the Automotive Lighting Market
Passenger cars are expected to be the largest segment for the Automotive Lighting Market on account of the rapid adoption of advanced lighting systems. Moreover, increasing sales of premium vehicles with pre-installed adaptive headlights, adaptive taillights, and ambient lights are expected to augment the growth of the segment further. Additionally, visual appeal is considered as a premium feature, and lighting is one of the vital parameters that add value to the visual appeal of the vehicle.
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The LED technology is expected to be the fastest-growing segment
The LED technology is expected to grow at the fastest rate as this it offers a better package in terms of adaptive technology. Moreover, LED consumes less power in comparison to other technologies such as halogen and xenon. LED headlights also offer better visibility to the driver and reduce the illumination effect on the eyes of the driver in the opposite direction.
Asia Pacific to continue being the largest consumer of the Automotive Lighting Market
China was the largest manufacturer and consumer of the automotive lighting due to the presence of a robust automobile production base and huge domestic sales of cars. Other Asian countries such as Japan, Korea, and India showcased promising growth during 2017and 2018, and this trend is likely to continue till 2027. Asia Pacific is one of the main production bases for several European and North American automotive lighting manufacturers. Thus, the growing global sales of automobiles is expected to drive the growth of the automotive lighting industry.
The key players Automotive Lighting Market are are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan), and Zizala (Austria).
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