The global automotive lighting market is estimated to generate revenues of more than $54 billion by 2024
LONDON, Feb. 5, 2019 /PRNewswire/ -- The global automotive lighting market is estimated to generate revenues of more than $54 billion by 2024, growing at a CAGR of over 6% during 2018-2024. The market research report also offers market share analysis by unit shipment volume during the forecast period.
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The implementation of electronics such as collision avoidance systems, infotainment, connected systems, and drive-by-wire technologies will lead to the adoption of the automotive lighting products in the market. The introduction of anti-lock braking systems (ABS), engine control units (ECUs), electronic fuel injection systems, and automated locking systems will promote the development of safety electronics in the market.The global automotive lighting market is driven by increasing demand for economy and electric cars across the APAC region. The surge in the adoption of sensors owing to the development and adoption of ADAS technologies will transform the automotive industry over the next few years. The market research report provides in-depth market analysis and segmental analysis of the global automotive lighting market by products – exterior lighting, products – interior lighting, vehicle, installation, and geography.
The report considers the present scenario of the global automotive lighting market and its market dynamics for the period 2019?2024. It covers a detailed overview of the various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and other prominent companies operating in the automotive lighting market.
Automotive Lighting System Market – Dynamics
The degrading air quality and increasing environmental population are leading to the adoption of sustainable technologies in the global automotive lighting market. Government organizations are undertaking initiatives to reduce the deteriorating quality of air and carbon footprint globally. Recent studies have revealed that air pollution is a major factor that is responsible for 16% of premature deaths globally and the root cause of many respiratory diseases and disorders. The increasing consumer awareness regarding the adverse effects of air pollution is leading to the adoption of green and sustainable technology across the global automotive lighting market.The top vendors are developing innovative interior lighting systems to attract the maximum number of consumers in the global market. The manufacturers are leveraging ambient lighting systems to control the mood and entertainment of the driver as these devices can influence concentration, mood, and eye fatigue of drivers in the market. Leading luxury vehicle brands such as Mercedes-Benz, Infiniti, Audi, Cadillac, Jaguar, and BMW are using these systems to boost their revenues in the global automotive lighting market.The development and introduction of next-generation technologies that offer better lighting design and luminaries will revolutionize the global automotive lighting market. OLED lights contain thin and flexible organic semi-conductive layers that generate light when excited by an electric current. OLED lights do not require reflectors, light guides, and optics and can be easily molded into a variety of curved and irregular shapes.
Automotive Lighting System Market – Segmentation
This market research report includes a detailed segmentation of the market by products – exterior lighting, products – interior lighting, vehicle, installation, and geography.The global automotive lighting market by exterior lighting is segmented into headlamps, rear lamps, fog lamps, and others. Headlamps dominated more than half of the total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The introduction of LED and laser headlights is one of the primary factors attributing to the development of the exterior lighting segment in the global market.The manufacturers are designing rear lamps with OLED technology to ensure high performance and power efficiency in this segment in the global market. The implementation of stringent government regulations that mandate the usage and adoption of fog lights will revolutionize the global automotive lighting market.
The interior lighting segment in the global automotive lighting market is classified into roof console, reading lights, car body lighting, and ambient lighting. Ambient lighting systems are the fastest growing segment in the global market, at a CAGR of around 8% during the forecast period. The growing demand for systems that increase the safety by illuminating vehicle interiors without driver distractionis propelling the growth of this segment in the global market.The use of functional interior lighting systems such as dome lights will fuel the demand for advanced roof console systems in the global market. The installation of reading lights enables passengers to view maps for navigation or read a book without distracting the driver in the market. Car body lighting provides both functional lighting and aesthetic appeal to primarily luxury cars in the global automotive lighting market.
The global automotive lighting market by the installation is divided into OEM and aftermarket. OEM segment occupied the majority of total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The regional economic performance, automotive demand, and the adoption of stringent safety regulations are some of the key factors contributing to the growth of this segment in the global market.The increasing growth than wear-and-tear and crash-relevant parts is driving the demand for aftermarket services in the market. The rapid technological advancements and consolidation among suppliers will contribute to the development of aftermarket services segment in the global automotive lighting market.
The vehicle segment in the global automotive lightingmarket is categorized into the economy, mid-priced, and luxury. Mid-priced cars are the fastest growing segment in the global market, at a CAGR of over 9% during the forecast period. The increasing demand for crossovers and compact SUVs is majorly driving the growth of mid-priced cars in the global market.Vendors are integrating power electronic devices that are used for various safety components such as airbag systems or ECS systems and tire pressure monitoring systems in economy cars to attract a new group of consumers. Leading OEMs such as Tesla, Chevrolet, BMW, and Volvo are developing electric vehicles in the global automotive lighting market.
Market Segmentation by Product – Exterior Lighting
• Headlamps
• Rear Lamps
• Fog Lamps
• Others
Market Segmentation by Product – Interior Lighting
• Roof Console
• Reading Lights
• Car Body Lighting
• Ambient Lighting
Market Segmentation by Installation
• OEM
• Aftermarket
Market Segmentation by Vehicle
• Economy
• Mid-priced
• Luxury
Automotive Lighting System Market – Geography
The global automotive lighting market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. APAC dominated around half of the total market share in 2018, growing at a CAGR of approximately 7% during the forecast period. The growing demand for economy and luxury vehicles and leading OEMs setting up manufacturing units will contribute to the development of the APAC region in the global market. The growing demand for SUVs in countries such as China and Japan will drive the growth of the automotive industry in the APAC region.Germany, Spain, and the UK in Europe are contributing to the increased revenues in the global market. The growing popularity of electric, connected, and autonomous vehicles across North America will boost the demand for innovation in the market. The vendors expanding their business to the UAE, Iran, Saudi Arabia, and South Africa will fuel growth in the global automotive lighting market.
Market Segmentation by Geography
• APAC
• China
• India
• Japan
• Europe
• Germany
• Spain
• UK
• North America
• US
• Mexico
• Canada
• Latin America
• Brazil
• MEA
• UAE
• South Africa
Key Vendor Analysis
The global automotive lighting market is witnessing competitive pricing and the presence of several competitors. The increasing production and adoption of electric vehicles are enabling APAC to emerge as the world leader in the global market. The increase in export activities by global giants such as Toyota, Honda, and Suzuki will intensify the competition levels in the market. The top players are focusing on product differentiation to gain a larger global market share. The increasing investment in the innovation and business expansion will fuel the development of the global automotive lighting market.
The major vendors in the global market are:
• Hella
• Koito Manufacturing
• Magneti Marelli
• OSRAM
• Bosch
• Valeo
Other prominent vendors include 3M, APAGCoSyst, Changzhou Xingyu Automotive lighting, CML Innovative Technologies, DRÄXLMAIER, EFI LIGHTING, Faurecia, Federal-Mogul, Flex-N-Gate, Flextronics International, Gentex Corporation, Grupo Antolin, Infineon Technologies, Innotec, Johnson Electric Holdings, Koninklijke Philips, Magna International, MENTOR, Neolite ZKW, OSHINO LAMPS, Pacific Insight Electronics, Panasonic, Phoenix Lamps Division, SamvardhanaMotherson Group, SCHOTT, Shanghai Sunlight Enterprise, Sigma International, Stanley Electric, Texas Instruments, and Toyoda Gosei.
Key market insights include
1. The analysis of global automotive lighting market provides market size and growth rate for the forecast period 2019-2024.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the global automotive lighting market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global automotive lighting market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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