Automotive Exterior Lighting Market

The demand for the global automotive exterior lighting market has witnessed significant growth in the exterior lighting sector, which mostly include front headlight or tail lighting. The lighting structure of an automobile consists of lighting and signaling devices, which are installed to the front, rear, and sides of the vehicle. This illuminates the roads for the driver, which increases the visibility, especially during the night time. Exterior lights play an important role in driver and pedestrian safety as daytime running lights (DRL’s) increases the visibility of a vehicle on the road. However, DRL’s do not illuminate the road; whereas, projector headlamps which are usually to be found in luxury vehicles emit brighter light. In addition, projector headlamps are gaining attraction in the market as they are less likely to blind other drivers because the light is directed downwards toward the road unlike the halogen lights that shines in the driver’s eyes. Leading lighting tech innovators have also stepped into the market due to a higher profit margin from exterior lighting segment.

COVID-19 scenario Analysis: 

• Majority of exterior headlight producers who are involved in the manufacturing are facing major issues such as closure of factories and unavailability of workforce due to the lockdown, which further affects the production of the final product such as a car.
• As the governments all over the world have authorized various lockdown measures, over the past few months, both demand and supply have been affected.
• China, being a major manufacturing hub of the automotive industry, was significantly affected by the pandemic that resulted in a complete halt of all the Chinese markets; therefore, the production of headlights was disorderly stopped.
• Multiple automotive industries such as China, Germany, and the U.S. are facing adverse effects due to the lockdown declared by the governments, which has led to closure of the manufacturing plant operations; thereby, disrupting the production. 
• If a customer is not able to leave their shelter then it becomes very difficult for the industry to deliver the product, so the production was disrupted and showrooms being closed. 
• In an extreme case, it is estimated that real manufacturing Gross Value Added (GVA) would fall by a sharp 5% in FY21

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Rise in disposable income coupled with the improved lifestyle of the people, emerging government regulations regarding road safety, and increase in sales of luxury vehicles drive the growth of the market. However, high cost of LED lights and low penetration of advanced lighting in economical vehicles are expected to hamper the growth of the market. On the contrary, evolution of exterior advanced lighting such as OLEDs is anticipated to provide lucrative growth opportunity as market investments are done in automation. Although, this trend of LED and OLED lights presents new pathways in the industry.

The global automotive exterior lighting market trends are as follows:

Rise in disposable income coupled with the improved lifestyle of the people 

Disposable income is the income which is left after deduction of all the taxes and social security charges. It is available to be spent or saved, and corresponds to increase in the purchasing power. Increase in purchasing power leads to rise in spending on lifestyle changes, which also include purchasing of vehicles. This is expected to boost the sales of the global automotive exterior lighting industry. Therefore, with an increase in spending power, the global vehicle sales are expected to increase; thereby, boosting the growth of the automotive exterior lighting market. 

Key benefits of the report:

• This study presents the analytical depiction of the global automotive exterior lighting industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the global automotive exterior lighting market.
• The current market is quantitatively analyzed to highlight the global automotive exterior lighting market growth scenario.
• The headlamps segment is expected to generate significant revenue in the automotive exterior LED lighting market during the forecast period.

Questions answered in the global automotive exterior lighting market research report:

• Which are the leading market players active in the global automotive exterior lighting market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Automotive Exterior Lighting Market Report Highlights