Automotive Lighting Market Overview:
Automotive Lighting Market is expected to garner $33.7 billion by 2020. This is supported by a CAGR of 6.8% during the forecast period 2015‐2020.
Lighting, being a vital component in automotive vehicles, plays an important role in automotive safety. Automotive vehicle consists of variety of lights to increase the visibility in darkness and bad weather conditions. Besides this, these lights also increase the conspicuity of the vehicle. The lighting system comprises of lighting and signaling devices. These lighting equipment are placed at different locations in the vehicle such as front, rear, top, and interiors. The lighting provides illumination for the driver. It helps other vehicle drivers and pedestrians on the road to detect the vehicle position, direction of movement and size, and drive the vehicle safely. Further, it also adds aesthetic looks to both the interior and the exterior parts of the vehicle.
The automotive lighting market size is witnessing a steady growth with the rise in the demand for automotive vehicles. Automotive vehicles, including passenger and commercial vehicles, require energy-efficient and cost-effective lighting systems to enable a safe driving experience. The growing population, increase in automotive production, and the rising concerns about vehicle safety triggered by the government regulations are driving the growth of the market. Additionally, the increase in purchasing power of individuals is also creating more opportunities for the market growth.
Traditionally, halogen, being a low-cost and easily available technology, has been the majorly used lighting technology. Halogen was earlier a conventional choice for lighting in cars and other vehicles. However, with the advent of time, other lighting technologies became more prominent. Xenon and LED are the other prominent lighting technologies. Amongst, all the three technologies, LED would witness the highest growth during the forecast period. This can be attributed towards the discernible shift towards energy-efficient technology in lighting controls. LED lighting possesses high capabilities and flexibility for use in various automotive lighting applications. These also allow room for innovation with lighting techniques and designs, as LEDs are versatile and can be incorporated with other technologies. Many technological innovations and unique products are being created using LED lighting, to cater to a vast customer base. Presently, LED lights are installed mostly in high-end vehicles due to their relatively higher cost. However, the ongoing research to lower their cost, would create significant demand of these lights. The market forecast for automotive lighting looks promising in the given forecast period.
The automotive lighting market is segmented based on lighting applications, technology, product sale, vehicle types, and geography. On the basis of lighting applications, the market is segmented into front lighting, rear lighting, side lighting, and interior lighting. With respect to lighting technology, the market is segmented into halogen, xenon and LED. Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. Based on product sale, the market is segmented into OEM products and aftermarket products. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The leading players included in the report are General Electric (GE), Magneti Marelli S.P.A, Koito Manufacturing Co. Ltd, Valeo, Hella KGaA Hueck & Co., Stanley Electric Co., Ltd., Ichikoh Industries Ltd., Osram GmbH, Zizala Lichtsysteme GmbH, and Koninklijke Philips N.
POTENTIAL BENEFITS FOR STAKEHOLDERS:
- The study provides an in-depth analysis of the automotive lighting market share with current and future trends to elucidate the imminent investment pockets in the market.
- Porter five force analysis highlights the potency of the suppliers and buyers along with a competitive scenario of the market, which would facilitate efficient strategic planning.
- The value chain analysis of the industry provides a clear view of key intermediaries involved and elaborates their roles and value addition at every stage in the chain.
- Quantitative analysis of the current automotive lighting industry and estimations through 2015‐2020 would determine the financial potential of the market.
- The report provides information regarding key drivers, restraints and opportunities with their impact analysis.
Automotive Lighting Market Key Segments:
Market segmentation is illustrated below:
By Vehicle type
By Product Sale
Original Equipment Manufacturer Product (OEM Product)