LONDON--(BUSINESS WIRE)--The global automotive perimeter lighting system market will grow at a CAGR of nearly 13% during the forecast period, according to the latest market research report by Technavio.
A major factor driving the market’s growth is the power efficiency of LED lighting systems. LED lights are the most economical replacement of halogen lights in vehicles. These lights are energy-efficient and require much less maintenance than halogen and Xenon lights. The use of LED lighting systems as automotive perimeter lighting decreases the total power consumption by more than 80% when compared with halogen lights.
The latest market research report on the global automotive perimeter lighting system market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the integrated perimeter lighting system as one of the key emerging trends driving the global automotive perimeter lighting system market:
Global automotive perimeter lighting system market - integrated perimeter lighting system
The integration of sequential LED turn signal and LED notification of vehicle’s lighting system into the left and right door panels is trending in the market. For instance, a major vendor introduced the above-mentioned integrated perimeter lighting system in its patent-pending product. The concept was developed in 2015 and was made available as a retrofit. The increasing demand to efficiently use the design space will push the use of integrated perimeter lighting systems.
“By 2017, the widespread use of LEDs across various industries led to a decline in their prices. It is expected that this will cause the vehicle manufacturers to increase the procurement of LED lights for automotive perimeter lighting applications with an aim to save their production and maintenance costs. This will drive the global automotive perimeter lighting system market during the forecast period,” says a senior analyst at Technavio for research on automotive electronics.
Global automotive perimeter lighting system market - market segmentation and analysis
This market research report segments the global automotive perimeter lighting system market into the following applications (cars and SUVs) and key regions (the Americas, APAC, and EMEA).
The cars segment held the largest market share in 2017, accounting for nearly 93% of the market. However, the market share for this application is expected to decrease by over 4% by 2022. But, this application is expected to dominate the global market throughout the forecast period.
EMEA was the leading region for the global automotive perimeter lighting system market in 2017, accounting for a market share of nearly 46%. It was followed by APAC and the Americas. APAC is expected to witness the fastest growth during the forecast period.
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