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At 5% CAGR, Automotive Lighting Market is Expected to Reach USD 40 billion by 2024
Market Study Report adds global automotive lighting market report studies the industry based on one or more segments covering key players, types, applications, products, technology, end-users, and regions for historical data as well as provides forecasts for next few years.
Selbyville, Delaware - December 12, 2018 /MarketersMedia/ —
The automotive lighting market is expected to witness a lucrative growth in China owing to the rapidly growing automobile industry in the country. The Chinese automotive industry has been at the forefront in terms of annual production surpassing Europe, the U.S., and Japan. China is an attractive place for foreign auto manufacturers and many established foreign players have their manufacturing plants in China. This can be credited to the cheap & easy labor availability and low costs of raw materials.
Notable Automotive Lighting market players comprise General Electric Company, HELLA GmbH & Co. KGaA, Hyundai MOBIS, Koito Manufacturing Co., Ltd, Magneti Marelli S.p.A., Namyung Lighting, OSRAM Group, Koninklijke Philips N.V, Samsung Electronics Co., Ltd, Seoul Semiconductor Co., Ltd, Stanley Electric Co., Ltd, Valeo, Varroc Group, ZKW Group.
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LED technology in the automotive lighting market is expected to witness several growth opportunities over the forecast timeline. The penetration of LED technology from high-end to mid-range and low-range vehicles is one of the major factors contributing to the growth of the automotive lighting market. This is attributed to the declining costs of LEDs ensued by the optimization and the calibration of LED modules, which is compelling the car manufacturers to introduce LED lighting in economical cars as well. The benefits include more brightness and low power consumption. The use of LED lights is not limited to headlamp systems and are increasingly implemented in the interior and backlighting systems. For instance, cars, such as Nissan Alto and Honda Accord, are equipped with LED daytime running lights.
Automotive Lighting Market is expected to reach USD 40 billion by 2024. Increasing road safety concerns across the globe have pushed the integration of advanced lighting systems in automobiles. These systems are witnessing extensive upgrades and are adopted by automotive manufacturers to provide a superior experience to the drivers. The lighting systems in vehicles enable enhanced visibility and clarity, crucial for ensuring the safety of the passengers. For instance, in 2016, a project initiated by the German Federal Ministry of Education and Research successfully developed a flexible & compact LED chip and completed the headlight demonstrator test in collaboration with Infineon, Osram, Fraunhofer Institute for Reliability and Microintegration.
Flourishing automotive industry across the globe is majorly driving the implementation of the automotive lighting market products. High production of vehicles, automotive spares, and systems in countries including Germany and China are driving the industry growth. The global automobile industry is growing as the car manufacturers have started responding to the newer government regulations for safety and customer demands for numerous advanced security features. Moreover, technological advancements and urbanization are creating manageable changes in the automotive industry.
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Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting. The growing awareness to develop safe and technically-efficient passenger vehicles and manufacturer strategies to sustain the high automotive lighting market competition drives the segment growth.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3 Automotive Lighting Industry Insights
Chapter 4 Automotive Lighting Market, By Technology
Chapter 5 Automotive Lighting Market, By Vehicle Type
Chapter 6 Automotive Lighting Market, By Application
Chapter 7 Automotive Lighting Market, By Region
Chapter 8 Company Profiles
More Details on this Report At: https://www.marketstudyreport.com/reports/automotive-lighting-market
Related Reports: -
North America Automotive Lighting Market by Manufacturers, Countries, Type and Application, Forecast to 2022
This report focuses on the Automotive Lighting in North America market, especially in United States, Canada and Mexico. This report categorizes the market based on manufacturers, countries, type and application. Automotive Lighting is a vehicle lighting tools which is including headlights, tail lights and turn signals and the like. At the same time, automotive lighting can press types can be divided into ambient lighting, dome lamp, puddle lamp, misc lamp, headlamp, combination taillight, turn light, and license plate light.
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