The automotive lighting market has been estimated to increase at a compound annual growth rate (CAGR) of 5.39% through to 2015, with the market expected to recover poise in the medium-to-long term period to register 5.1 billion units by 2015.
The automobile industry has been one of the worst hit industries by the recession, as the demand for new vehicles witnessed hurting declines, exacerbating the already existing woes of excess production capacities. With vehicle sales nose-diving resulting in plant shutdowns, shockwaves that ripped through the automobile industry was faithfully transmitted to the auto parts and accessories sector.
Growth within the automotive lighting market will be driven by an increase in automobile production, as a result of post recession resurgence in consumer demand for new vehicles, scheduled development and the roll out of new vehicle models, and technological innovations.
The automotive lighting market is relatively mature, and LED headlamp used to be the hot topic of the automotive lighting area. Despite the plummeting prices of LED in 2011, LED headlamps saw a very limited decline in costs and are only mounted on a few high-end cars. This trend is likely to continue across the next 3-5 years.
In the automotive lighting market in 2012, nothing was more eye-catching than Indian Varroc's acquisition of Visteon's automotive lighting business for US$92 million in cash .Visteon's withdrawal from the automotive lighting sector demonstrated that US-based players have retreated from the battleground, and the market is now predominantly occupied by Japanese manufacturers.
Asia represents the fastest growing region within the automotive lighting market, displaying a CAGR of approximately 7.7% over through to 2015. Growth in this market will be driven by the persistent increase in demand for new vehicles in the region, particularly in developing markets such as China and India and the subsequent increase in vehicle production.
For more information on the automotive lighting market, see the latest research: Automotive Lighting Market
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