DUBLIN--(BUSINESS WIRE)--The "Automotive Lighting Market for ICE & EVs by Technology (Halogen, LED, Xenon), Position (Front, Side, Rear, Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive lighting market is estimated to be USD 18.4 billion in 2019 and is projected to reach USD 23.3 billion by 2027, at a CAGR of 3%.
Rising disposable income and increasing sales of premium vehicles and SUVs to drive the growth of the automotive lighting market
The trend of improving illumination in premium vehicles & SUVs is driving the growth of the market. The increasing sales of these cars are expected to propel the growth of the market further. Moreover, consumers are paying more attention towards aesthetically appealing lights in a car which ultimately drive the demand for automotive lighting. Furthermore, the rising sales of electrified, semi-autonomous, and autonomous vehicles are expected to open new opportunities for the growth of the market over the next few years.
Passenger vehicle segment is expected to be the largest market during the forecast period
Automotive lightings are used mostly used in passenger vehicles where the customer is aware of the benefits of adaptive headlights and is ready to invest. Moreover, advancing technology catering to this vehicle segment coupled with quick consumer adaptability for these modules is expected to drive the growth of the market during the forecast period.
LED technology lighting expected to be the fastest-growing segment
The LED technology is expected to be the fastest-growing market as it provides aesthetically appealing looks to the vehicle. Moreover, this lighting technology offers better visibility to both the driver and the oncoming car from the opposite direction in comparison to the other technologies like halogen and xenon.
The Asia Pacific is the largest market for the automotive lighting market, followed by North America
The Asia Pacific has been witnessing significant growth in the new car sales volume over the past few years, especially in emerging economies such as China and India. High disposable income of consumer and quick adoption of advancing technology, especially in vehicles, is expected to drive the demand for automotive lighting. Given below are a few key reasons driving the market for automotive lightings:
- Production of the SUV segment in India grew from 0.65 million units in 2016 to 0.97 million units in 2018, and the growth is expected to continue in the near future.
- Production of the luxury segment (D and E) in China grew from 2.5 million in 2016 to 3.4 million units in 2018.
- Moreover, production of the luxury SUV segment (SUV C and SUV D) increased from 2.31 million units in 2016 to 2.81 million units in 2018.
Many new models in the US that started offering LED headlights are Cadillac XT4, Honda Insight, Honda Passport, Opel Ampera-e, and BMW X7, among others.
The key players automotive lighting market are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan) and Zizala (Austria).
The study includes an in-depth competitive analysis of these key players in the automotive lighting market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
- Increase in Demand for Premium Segment Vehicles
- Lighting Regulations for Better Visibility & Safety
- High Demand for Adaptive Lighting
- High Cost of LED Lights
- Low Penetration of Advanced Lighting in Hatchback, Compact Sedan, and Entry-Level SUV
- Partnership Between Automotive OEMs and Lighting System Manufacturers
- Evolution of New Technologies
- Volatility of Raw Material Prices
- Increase in Competition From Local Companies Offering Counterfeit/Retrofit Solutions
- Less Penetration of Advanced Lighting in Commercial Vehicle Segment
- India & China are High Priority Markets for Automotive Lighting Suppliers
Companies Can Emphasize on LED Technology for Automotive Lighting Applications
- Hella KGaA Hueck & Co.
- Valeo S.A.
- Osram GmbH
- Continental AG
- Hyundai Mobis
- Ichikoh Industries, Ltd.
- Magneti Marelli
- Koito Manufacturing Co. Ltd.
- Stanley Electric Co. Ltd.
- Koninklijke Philips N.V.
- Robert Bosch GmbH
- Zizala Lichtsysteme GmbH
- NXP Semiconductors
- Aptiv PLC
- Grupo Antolin
- Federal-Mogul Corporation
- Lear Corporation
- Gentex Corporation
- North American Lighting
- Denso Corporation
- Renesas Electronics Corporation
For more information about this report visit https://www.researchandmarkets.com/r/94gaoe