The automotive sector is one of the booming sectors currently, and is expected to witness significant growth during the forecast period. The automotive sector is presently more inclined towards customer safety and comfort, as well as improved performance The growth of the automobile sector is driving the market of automotive lighting systems. In addition, increasing demand for advanced automotive lighting technologies is set to bolster the growth of the automotive lighting system market across the globe during the forecast period from 2015 to 2021.
The use of standard automotive lamps, which consume high energy, has largely been reduced. Therefore, the automotive lighting system manufacturers have focused on the development of advanced lighting technologies that are highly efficient and consume less energy. Lighting technologies such as LED, HID/Xenon and halogen have positively affected the growth of the automotive lighting system market. The advanced lighting technologies produces more than double the amount of light as compared to standard lamps and are superior in all aspects to that of its counterpart.
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Increasing purchasing power of the consumers is also driving the market for automotive lighting system. In addition, the increasing vehicle production in all regions of the world is also influencing the demand for the automotive lighting technologies. Sophisticated lighting technologies such as the advanced front lighting system (AFS) and daytime running lights are becoming largely popular in the automotive lighting system market. The major concern of the industry is the huge capital that is required for research and development of lighting technologies, which increases the price of the advanced lighting products considerably.
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Major market participants profiled in this report include Koninklijke Philips N.V. (Netherlands), Hyundai Mobis (South Korea), General Electric (U.S.), Valeo S.A. (France), Osram Licht AG (Germany), Stanley Electrics Co. Ltd. (Japan), Magneti Marelli S.p.A. (Italy) and Hella KGaA Hueck & Co. (Germany).
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