Global Automotive Lighting System Market 2018-2019 & 2024 - High Adoption of ADAS Promoting New Generation of Automotive Lighting

DUBLIN, Feb. 5, 2019 /PRNewswire/ --

The "Automotive Lighting System Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

The global automotive lighting market is estimated to generate revenues of more than $54 billion by 2024, growing at a CAGR of over 6% during 2018-2024. The market research report also offers market share analysis by unit shipment volume during the forecast period.

The implementation of electronics such as collision avoidance systems, infotainment, connected systems, and drive-by-wire technologies will lead to the adoption of the automotive lighting products in the market. The introduction of anti-lock braking systems (ABS), engine control units (ECUs), electronic fuel injection systems, and automated locking systems will promote the development of safety electronics in the market.

The global automotive lighting market is driven by increasing demand for economy and electric cars across the APAC region. The surge in the adoption of sensors owing to the development and adoption of ADAS technologies will transform the automotive industry over the next few years. The market research report provides in-depth market analysis and segmental analysis of the global automotive lighting market by products - exterior lighting, products - interior lighting, vehicle, installation, and geography.

The report considers the present scenario of the global automotive lighting market and its market dynamics for the period 2019-2024. It covers a detailed overview of the various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and other prominent companies operating in the automotive lighting market.

Automotive Lighting System Market - Dynamics

The degrading air quality and increasing environmental population are leading to the adoption of sustainable technologies in the global automotive lighting market. Government organizations are undertaking initiatives to reduce the deteriorating quality of air and carbon footprint globally. Recent studies have revealed that air pollution is a major factor that is responsible for 16% of premature deaths globally and the root cause of many respiratory diseases and disorders. The increasing consumer awareness regarding the adverse effects of air pollution is leading to the adoption of green and sustainable technology across the global automotive lighting market.

The top vendors are developing innovative interior lighting systems to attract the maximum number of consumers in the global market. The manufacturers are leveraging ambient lighting systems to control the mood and entertainment of the driver as these devices can influence concentration, mood, and eye fatigue of drivers in the market. Leading luxury vehicle brands such as Mercedes-Benz, Infiniti, Audi, Cadillac, Jaguar, and BMW are using these systems to boost their revenues in the global automotive lighting market. The development and introduction of next-generation technologies that offer better lighting design and luminaries will revolutionize the global automotive lighting market. OLED lights contain thin and flexible organic semi-conductive layers that generate light when excited by an electric current. OLED lights do not require reflectors, light guides, and optics and can be easily molded into a variety of curved and irregular shapes.

Automotive Lighting System Market - Segmentation

This market research report includes a detailed segmentation of the market by products - exterior lighting, products - interior lighting, vehicle, installation, and geography. The global automotive lighting market by exterior lighting is segmented into headlamps, rear lamps, fog lamps, and others. Headlamps dominated more than half of the total market share in 2018, growing at a CAGR of more than 6% during the forecast period.

The introduction of LED and laser headlights is one of the primary factors attributing to the development of the exterior lighting segment in the global market. The manufacturers are designing rear lamps with OLED technology to ensure high performance and power efficiency in this segment in the global market. The implementation of stringent government regulations that mandate the usage and adoption of fog lights will revolutionize the global automotive lighting market.

The interior lighting segment in the global automotive lighting market is classified into roof console, reading lights, car body lighting, and ambient lighting. Ambient lighting systems are the fastest growing segment in the global market, at a CAGR of around 8% during the forecast period. The growing demand for systems that increase the safety by illuminating vehicle interiors without driver distractions propelling the growth of this segment in the global market. The use of functional interior lighting systems such as dome lights will fuel the demand for advanced roof console systems in the global market. The installation of reading lights enables passengers to view maps for navigation or read a book without distracting the driver in the market. Car body lighting provides both functional lighting and aesthetic appeal to primarily luxury cars in the global automotive lighting market.

The global automotive lighting market by the installation is divided into OEM and aftermarket. OEM segment occupied the majority of total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The regional economic performance, automotive demand, and the adoption of stringent safety regulations are some of the key factors contributing to the growth of this segment in the global market. The increasing growth than wear-and-tear and crash-relevant parts is driving the demand for aftermarket services in the market. The rapid technological advancements and consolidation among suppliers will contribute to the development of aftermarket services segment in the global automotive lighting market.

The vehicle segment in the global automotive lighting market is categorized into the economy, mid-priced, and luxury. Mid-priced cars are the fastest growing segment in the global market, at a CAGR of over 9% during the forecast period. The increasing demand for crossovers and compact SUVs is majorly driving the growth of mid-priced cars in the global market. Vendors are integrating power electronic devices that are used for various safety components such as airbag systems or ECS systems and tire pressure monitoring systems in economy cars to attract a new group of consumers. Leading OEMs such as Tesla, Chevrolet, BMW, and Volvo are developing electric vehicles in the global automotive lighting market.

Key Vendor Analysis

The global automotive lighting market is witnessing competitive pricing and the presence of several competitors. The increasing production and adoption of electric vehicles are enabling APAC to emerge as the world leader in the global market. The increase in export activities by global giants such as Toyota, Honda, and Suzuki will intensify the competition levels in the market. The top players are focusing on product differentiation to gain a larger global market share. The increasing investment in the innovation and business expansion will fuel the development of the global automotive lighting market.

Market Dynamics

Market Growth Enablers

    --  LEDs Emerging as Power-efficient Choice for Future Mobility
    --  High Adoption of Sustainable and Green Technology Driving Growth of LEDs
    --  Increased Demand for Luxury Cars from APAC Region
    --  High Adoption of ADAS Promoting New Generation of Automotive Lighting

Market Growth Restraints

    --  Slow Development and Low Consumer Acceptance of Autonomous Vehicle
        Platforms
    --  Stringent Regulations to Phase out Inefficient Lighting Technologies
    --  Increasing Cost Pressure on Manufacturers

Market Opportunities & Trends

    --  Rapid Developments in Automotive LED Lighting Technology
    --  Emergence of Automotive Mood Lighting
    --  Increasing Adoption of OLED Lighting Technology
    --  Introduction of Laser Light Technology
    --  Growing Popularity of Autonomous Vehicles

Key Company Profiles

    --  Hella
    --  Koito Manufacturing
    --  Magneti Marelli
    --  Osram
    --  Robert Bosch
    --  Valeo

Other Prominent Companies

    --  3M
    --  APAG CoSyst
    --  Changzhou Xingyu Automotive Lighting System
    --  CML Innovative Technologies
    --  DRXLMAIER
    --  EFI LIGHTING
    --  Faurecia
    --  Federal-Mogul
    --  Flex-N-Gate
    --  Flextronics International
    --  Gentex Corp.
    --  Grupo Antolin
    --  Infineon Technologies
    --  Innotec
    --  Johnson Electric Holdings
    --  Koninklijke Philips
    --  Magna International
    --  Mentor
    --  Neolite ZKW
    --  OSHINO LAMPS
    --  Pacific Insight Electronics
    --  Panasonic Corporation
    --  Phoenix Lamps Division
    --  Samvardhana Motherson Group
    --  Schott
    --  Shanghai Sunlight Enterprise
    --  Sigma International
    --  Stanley Electric
    --  Texas Instruments
    --  Toyoda Gosei

For more information about this report visit https://www.researchandmarkets.com/research/n9xvp6/global_automotive?w=5

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

View original content:http://www.prnewswire.com/news-releases/global-automotive-lighting-system-market-2018-2019--2024---high-adoption-of-adas-promoting-new-generation-of-automotive-lighting-300790069.html

SOURCE Research and Markets