The automotive lighting market is projected to grow from USD 18.4 billion in 2019 to USD 23.3 billion in 2027 at a CAGR of 3.0%
Rising disposable income and increasing sales of premium vehicles and SUVs to drive the growth of the automotive lighting market.
NEW YORK, Sept. 12, 2019 /PRNewswire/ --
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The automotive lighting market is projected to grow from USD 18.4 billion in 2019 to USD 23.3 billion in 2027 at a CAGR of 3.0% during the forecast period. The trend of improving illumination in premium vehicles & SUVs is driving the growth of the market. The increasing sales of these cars are expected to propel the growth of the market further. Moreover, consumers are paying more attention towards aesthetically appealing lights in a car which ultimately drive the demand for automotive lighting. Furthermore, the rising sales of electrified, semi-autonomous, and autonomous vehicles are expected to open new opportunities for the growth of the market over the next few years.
Passenger vehicle segment is expected to be the largest market during the forecast period
Automotive lightings are used mostly used in passenger vehicles where the customer is aware of the benefits of adaptive headlights and is ready to invest. Moreover, advancing technology catering to this vehicle segment coupled with quick consumer adaptability for these modules is expected to drive the growth of the market during the forecast period.
LED technology lighting expected to be the fastest-growing segment.
The LED technology is expected to be the fastest-growing market as it provides aesthetically appealing looks to the vehicle. Moreover, this lighting technology offers better visibility to both the driver and the oncoming car from the opposite direction in comparison to the other technologies like halogen and xenon.
Asia Pacific is the largest market for the automotive lighting market, followed by North America
Asia Pacific has been witnessing significant growth in the new car sales volume over the past few years, especially in emerging economies such as China and India. High disposable income of consumer and quick adoption of advancing technology, especially in vehicles, is expected to drive the demand for automotive lighting. Given below are a few key reasons driving the market for automotive lightings:
-- Production of the SUV segment in India grew from 0.65 million units in 2016 to 0.97 million units in 2018, and the growth is expected to continue in the near future
-- Production of the luxury segment (D and E) in China grew from 2.5 million in 2016 to 3.4 million units in 2018
-- Moreover, production of the luxury SUV segment (SUV C and SUV D) increased from 2.31 million units in 2016 to 2.81 million units in 2018
Many new models in the US that started offering LED headlights are Cadillac XT4, Honda Insight, Honda Passport, Opel Ampera-e, and BMW X7, among others.
The key players automotive lighting market are are Hella (Germany), Marelli (Italy), Osram (Germany), Valeo (France), Continental (Germany), Philips (Netherlands), Bosch (Germany), Varroc (India), Hyundai Mobis (South Korea), Koito (Japan), Denso (Japan), North American Lighting (US), Renesas (Japan), Lumax (India), Aptiv (Netherlands), Grupo Antolin (Spain), Lear Corporation (US), Keboda (China), NXP (Netherlands), Gentex (US), FlexNGate (US), Federal-Mogul (US), Stanley Electric (Japan), Ichikoh (Japan) and Zizala (Austria)
-- By Company Type: Tier I - 50%, Tier II - 20%, OEMs - 20%, Others - 10%
-- By Designation: C level - 20%, Director Level- 50%, Others- 30%
-- By Region: Asia Pacific - 30%, Europe - 50%, North America - 20%
Note: Others include Design Engineer, Exterior Lighting Designer, etc.
The study includes an in-depth competitive analysis of these key players in the automotive lighting market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage
The automotive lighting market has been segmented by technology (halogen, LED, and xenon), by application (Headlight, Fog light, Day Time Running Light (DRL), Taillight, Sidelight, Dashboard Light, Glove Box, Reading Light, Center High-Mount Stop Light (CHMSL), Dome Light), by vehicle type (passenger car, light commercial vehicle, bus and truck), by adaptive lighting (Front adaptive lighting (Auto on/off, bending/curve/cornering, high beam assist, headlight leveling), rear adaptive lighting, ambient lighting), by region - Asia Pacific (China, India, Japan, South Korea, and Thailand), Europe (France, Germany, Italy, Russia, Spain, and the UK), North America (Canada, Mexico, and the US), and RoW (Brazil and South Africa)
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
-- Market Size, by product type technology: The report offers in-depth market sizing and forecast up to 2027, in terms of value, by headlight technology (halogen, LED, and xenon).
-- Market Size, by application: The report offers in-depth market sizing and forecast up to 2027 in terms of value, by application of automotive lighting market (Headlight, Fog light, Day Time Running Light (DRL), Taillight, Sidelight, Dashboard Light, Glove Box, Reading Light, Center High-Mount Stop Light (CHMSL), Dome Light).
-- Market Size, by adaptive lighting: The report offers in-depth market sizing and forecast up to 2027 in terms of value, by adaptive lighting (Front adaptive lighting (Auto on/off, bending/curve/cornering, high beam assist, headlight leveling), rear adaptive lighting, ambient lighting)
-- The report provides "competitive leadership mapping" that profiles key players as visionary leaders, innovators, dynamic differentiators, and emerging companies.
-- The report also provides "Revenue Impact" section that helps the Automotive Lighting manufacturers to understand the key impacting factors for the Automotive Lighting market.
-- Market Development: The report provides comprehensive information about lucrative emerging markets for the Automotive Lighting market across regions.
-- Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the Automotive Lighting market.
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