The global Automotive Lighting System Market share report provides numbers for applications and regional segments of the industry covering historical as well as forecast data for decision makers. Automotive Lighting System Market size is expected to increase during the forecast period owing to the rising vehicle production and growing lighting applications, specifically in passenger vehicles.
Increased use of high-efficiency LED and rising concerns about road safety along with government regulations for lighting are some of the factors driving the automotive lighting system market share from 2017 to 2024. Increasing buying power of the consumers has increased the demand for advanced and sophisticated technologies such as Daylight Running Lights (DRLs) and Advanced Front-lighting System (AFS).
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Factors restraining the automotive lighting system market growth include high R&D cost and fluctuating prices of raw materials. The technological innovations require huge investment, which will hamper the R&D development and limit the industry growth.
Based on application, the automotive lighting system market is segmented into exterior lighting and interior lighting. The exterior lighting can be categorized into fog lights, head lights, tail lights, side lights, Daytime Running Lights (DRL), Center high mount stop lamps (CHSML), and others. Others include brake lights, indicators, license plates, reverse lights, and side view mirror indicators. The interior lighting segment consists of glove box, dashboard, reading lights, rear view mirror interior lights, and dome lights. The automotive lighting system market is dominated by exterior lighting and is expected to continue its domination over the forecast period owing to the application of these lights in the driver safety.
Based on technology, the industry is segmented into LED, Xenon/HID, and halogen/incandescent. The LED segment is expected to showcase the highest market growth. This growth can be credited to the benefits offered by LEDs such as lower energy consumption and temperature, bright illumination, and flexibility in designing. These features are leading to growth in the adoption of LED lights in automobile interior.
The automotive lighting system market is segmented by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars is anticipated to grow at a higher rate during the projected period. Growing demand for luxury, ambiance, and comfort as well as pedestrian and passenger safety regulations will positively impact the industry growth over the forecast timeline.
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The manufacturers in the automotive lighting system market include Koninklijke Philips N.V., General Electric (GE), Hella KGaA Hueck & Co., Magneti Marelli, Osram, Stanley Electric, Koito Manufacturing Co., Ichikoh Industries, Ltd., and Zizala Lichtsysteme GmbH. The key strategies implemented by the companies are expanding business by acquiring other competing companies. In July 2016, Osram acquired the U.S. automotive lighting startup, Novità Technologies.
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Automotive Lighting Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
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