The lighting system comprises lighting and signaling devices, which are placed at different locations in the vehicle such as the front, rear, side, and interiors. Lighting provides illumination for the driver and assists other vehicle drivers and pedestrians on the road to detect the vehicle’s position, direction of movement, and size. It also adds aesthetic looks to both interior and exterior parts of the vehicle.
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The India automotive lighting market witnessed significant growth in the recent past owing to increased automotive sales and economic growth. In addition, the market is driven by increasing population and concerns about vehicle safety triggered by government regulations.
In the recent past, India has emerged as one of the fastest growing market for passenger vehicles, and it is expected that this growth momentum would continue owing to economy growth prospects. Though the urban area dominated the sales of two wheelers, the rural area is expected to show increasing trend due to replacement demand and rising per capita income of the populace. Among other vehicles, the sale of tractors is projected to rise owing to infrastructure development and increased mechanization of agricultural activities. This has boosted the demand for automotive lighting for both OEM and aftermarket products in India.
Traditionally, halogen and xenon lights were popular among the population owing to their low cost and easy availability. However, the emergence of LED lights witnessed an increased demand due to their long life span and brightness. Nowadays, LED lights show an increase in demand to be utilized for interior lighting of the vehicle. However, high prices as compared to halogen and xenon lights restrain the market growth. Growing awareness regarding vehicle lights and decreasing prices of LED lights with technological advancement are expected to create lucrative market opportunities. The demand for LEDs is on a rise among premium car holders to add aesthetic looks to the vehicle.
The India automotive lighting market is segmented based on lighting technology, application, sales channel type, and vehicle type. Based on lighting technology, it is divided into halogen, xenon, and LED. Vehicle categories such as passenger vehicles, commercial vehicles, two-wheelers, three-wheelers, and tractors are considered in the report. Among applications, it is categorized into front lighting, rear lighting, side lighting, fog lamps, and interior lighting. In India, lighting products are sold either as OEM and aftermarket products.
Key players profiled in the report include Koninklijke Philips N.V., Phoenix Lamps Limited, Lumax Industries Limited, Osram Licht AG, GE Lighting, Magneti Marelli S.p.A., Koito Manufacturing Co. Ltd., Hella KGaA Hueck & Co., Valeo, and Neolite ZKW Lightings Pvt. Ltd. Market players have launched product catalogue with innovative lighting solutions to meet the demand of customers. India has emerged as the second largest automotive lighting market in Asia-Pacific after China. Thus, the market players are setting up advanced manufacturing facilities in the country to take advantages. The low cost of production has also prompted the players to expand their manufacturing capacity. For instance, Italian automotive component manufacturers Magenti Marelli S.p.A. set up a state-of-the-art facility in Gujrat to expand its business in India.
The study provides an in-depth analysis of the India automotive lighting market, with current trends and future estimations to elucidate the imminent investment pockets.
The report provides information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
Porter’s Five Forces Model of the industry illustrates the potency of buyers and suppliers.
SWOT analysis helps in understanding the internal environment of the leading companies for strategy formulation.
Value chain analysis signifies the key intermediaries involved and elaborates their roles and value additions at every stage.
The quantitative analysis of the market from 2014 to 2022 is provided to elaborate the market potential.
KEY MARKET SEGMENTS
BY VEHICLE TYPE
BY PRODUCT SALE
Koninklijke Philips N.V.
Phoenix Lamps Limited
Lumax Industries Limited
Osram Licht AG
Magneti Marelli S.P.A.
Koito Manufacturing Co. Ltd.
Hella KGaA Hueck & Co.
Neolite ZKW Lightings Pvt. Ltd.
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