Feb 6, 2019   SOURCE: PR NewsWire

Global $4 Bn Automotive Interior Lighting System Market to 2024 - Increasing Use of Sensors Enabling Remote Control of Interior Lighting in Cars

DUBLIN, Feb. 6, 2019 /PRNewswire/ --

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

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The global automotive interior lighting system market is estimated to generate revenues of more than $4 billion by 2024, growing at a CAGR of around 6% during 2018-2024. The market research report also offers market share analysis by unit volume produced during the forecast period.

The increasing use of automotive electronics such as collision avoidance systems, infotainment, connected systems, and drive-by-wire technologies will propel the demand in the global market. The growing need to receive a higher safety rating and to comply with the stringent safety and emission norms is encouraging the leading vendors to introduce innovative safety systems in the market. The global automotive interior lighting system market is driven by the increasing efforts to form regulations and guidelines for the autonomous driving platform in Europe and North America. The introduction of electric and hybrid vehicles will drive innovation in the global market.

Automotive Interior Lighting System Market - Dynamics

The exponential wealth expansion and growing demand for luxury goods are driving the growth of the global automotive interior lighting market over the next few years. APAC's recent expansion of the luxury car segment has created lucrative opportunities for leading OEMs operating in the global market. In 2017, China accounted for about 32% of the global luxury car sales, overtaking the US. The high responsiveness of LED products makes it a better choice for rear lamps and headlamps in the market. Top OEMs are leveraging LEDs to offer efficient lighting systems that are in sync with next-generation automotive technology such as ADAS in the global market.

Factors such as power efficiency, high performance, and a longer lifespan will drive the demand for LED light systems in the global automotive interior lighting market. The installation of ambient and interior lighting systems is helping manufacturers offer an optimal driving experience to consumers in the global automotive interior lighting market. The increasing adoption of ADAS and the introduction of autonomous driving platforms will mark as a product differentiator in the global market. The introduction of dynamic ambient lighting also known as interior spectrum lighting will transform the global automotive interior lighting market.

Automotive Interior Lighting System Market - Segmentation

This market research report includes a detailed segmentation of the market by product, vehicle, installation, and geography. The global automotive interior lighting system market by product is classified into roof console, reading lights, car body lighting, and ambient lighting. Roof console dominated almost half of the total market share in 2018, growing at a CAGR of over 5% during the forecast period. The growing demand for economy cars and optimal vehicle performance is fueling the growth of this segment in the global market. The exponential growth of electric vehicles and the introduction of autonomous vehicle platform is expected to surge the demand for innovative lighting systems in the global market. The leading vendors are focusing on introducing systems that increase the safety by illuminating vehicle interiors without driver distraction.

The installation type segment in the global automotive interior lighting system market is divided into OEM and aftermarket. Aftermarket is the fastest installation type segment in the global market, at a CAGR of more than 7% during the forecast period. The increasing adoption of ambient lighting technologies and the growing popularity of custom LED lights are fueling the growth of this segment in the global market. The supportive government policies that encourage the adoption of the latest automotive technologies will lead to the development of the global market over the next few years. The strategic partnerships between suppliers and OEMs are helping to reduce operational costs and boost the use of LED technology in the automotive interior lighting market.

The global automotive interior lighting system market by vehicle is segmented into the economy, mid-priced, and luxury. Economy segment occupied more than half of the total market share in 2018, growing at a CAGR of approximately 5% during the forecast period. The exponential advancements in the automotive semiconductor technologies and increasing focus on improving the safety components will lead to the growth of the economy car segment in the global market. The emergence of connected and autonomous cars is propelling the demand for LED interior lighting systems and ambient lighting systems, thereby transforming the global automotive interior lighting system market.

Key Vendor Analysis

The global automotive interior lighting system market is witnessing intense competition due to the presence of several international and regional players. The high product reach, increasing demand, and the presence of several competitors that compete regarding price and market share are intensifying the competition in the APAC market. Product differentiation is gaining immense importance, and companies are leveraging it to sustain the competition levels in the market. The development of Mexican and Canadian economy will positively impact the market and attract several vendors to these regions. The rapid technological advancements in automotive lighting will drive the development of the global automotive interior lighting system market.

The major vendors in the global market are:

    --  Valeo
    --  Hella
    --  OSRAM

    --  Bosch

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study

5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation

6 Market at a Glance

7 Introduction
7.1 Overview

8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Increasing Demand for EVs Boosting LED Adoption
8.1.2 Growing Penetration of Luxury Cars in APAC
8.1.3 Increasing Demand for LED Lights in Vehicles
8.1.4 Increasing Adoption of ADAS Promoting New-generation Smart Lights
8.2 Market Growth Restraints
8.2.1 Stringent Regulations to Phase Out Conventional Lighting Technology
8.2.2 Slow Developments in Autonomous Vehicle Platforms
8.2.3 Increasing Cost Pressure on Manufacturers
8.3 Market Opportunities & Trends
8.3.1 Growing Popularity of Automotive Mood Lighting
8.3.2 Emergence of Autonomous Vehicles
8.3.3 Increasing Use of Sensors Enabling Remote Control of Interior Lighting in Cars

9 Market Landscape
9.1 Market Overview
9.2 Market Size & Forecast 2018-2024
9.3 Porter's Five Forces Analysis

10 By Product
10.1 Market Overview
10.2 Roof Console Lighting System
10.3 Reading Light system
10.4 Car Body Lighting System
10.5 Ambient Lighting System

11 By Installation Type
11.1 Market Overview
11.2 OEM Retrofitting
11.3 Aftermarket

12 By Vehicle Type
12.1 Market Overview
12.2 Economy Vehicles
12.3 Mid-priced Vehicles
12.4 Luxury vehicles

13 Market By Geography

Competitive Landscape

Key Company Profiles

    --  Hella
    --  OSRAM
    --  Robert Bosch
    --  Valeo

Other Prominent Companies

    --  3M
    --  APAG CoSyst
    --  Changzhou Xingyu Automotive Lighting System
    --  CML Innovative Technologies
    --  DRXLMAIER
    --  EFI LIGHTING
    --  Faurecia
    --  Flex-N-Gate
    --  GRUPO ANTOLIN
    --  Innotec
    --  Koninklijke Philips
    --  Mentor
    --  Neolite ZKW
    --  Oshino Lamps
    --  Pacific Insight Electronics
    --  Schott
    --  Shanghai Sunlight Enterprise
    --  Sigma International
    --  Texas Instruments
    --  Toyoda Gosei

For more information about this report visit https://www.researchandmarkets.com/research/fv8g5w/global_4_bn?w=5

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