Automotive Lighting Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025
With the rising demand for vehicles on a global scale, the global market for automotive vehicles has been ascending at an exceptional pace. As a result, the demand for automotive lighting will propel the demand for automotive lighting, a crucial aspect of vehicles. Automotive lighting is being developed to provide cost-effective yet efficient lighting systems in order to ensure safety of the passengers while driving.
Moreover, a number of manufacturers have been reducing energy consumption by incorporating energy efficient technologies, in alignment with environment-friendly efforts. The expanding automotive industries in several regions, growing global population, and the rising disposable incomes of people are encouraging the growth of the global automotive lighting market. In addition to these factors, the government regulatory policies worldwide pertaining to the safety of passengers has also been triggering demand.
In addition, advent of innovative technologies recently is expected to aid the expansion of the global automotive lighting market. For instance, in February 2017, Covestro, one of the leading polycarbonate producers in the world, has collaborated with Hella KGA Hueck & Co., a German automotive lighting company, to introduce a transparent PC-based film that is coated with polyurethane, producing a 3D effect. Polyurethane coating enables the imprinting of different images, which is not only meant to enhance the appearance but also safety.
On the other hand, the high costs of HID and LED lighting systems might prevent further expansion of the market due to the presence of several price conscious consumers, particularly in the emerging economies. Another key restraint that might challenge the growth of the market is the vast volume of investment required for conducting research and development activities. However, the effect of these factors can be counterbalanced by the growing need for latest lighting solutions featuring stylish, aesthetic designs and advanced technologies.
Automotive lighting plays an important role in the enhancing several aspects related to the safety, visibility, and aesthetics of a vehicle. Central to vehicle of any variety, commercial, private, big or small, the field of automotive lighting has evolved significantly in terms of improved visibility, design, technology, and energy consumption in the past few years. The recent developments in the LED lighting field have significantly helped the automotive industry achieve significant success in lowering down the energy consumed by lighting units.
This report on the global automotive lighting market presents an overview of many more developments to have influenced the market and its growth in the past few years. A detailed overview of the present state of the market and verifiable predictions about the future growth prospects of the market and its key elements are also included in the report. The report also presents a thorough analysis of factors such as growth drivers, trends, restraints, regulatory framework, and competitive landscape, which are expected to have a significant influence on the future state of the market.
The report segments the global automotive lighting market on the basis of criteria such as technology, position, vehicle type, and geography. On the basis of position of the automotive lighting, the market is segmented into front, rear, side, and interior. The front lighting unit commonly comprises fog lamp and head lamp units. The head lamp unit further includes low and high beam units, daytime running lamp (DRL) unit, and indicator. Tail lamp unit includes the position lamp, stop lamp, and indicators. Interior lighting, used to enhance the visibility in car interiors, is used to improve the aesthetic appeal of the vehicle.
In terms of lighting technology commonly used in automobiles, the report analyzes the market on the basis Xenon/HID, Halogen, and LED (light emitting diode). In terms of vehicle type, the market is segmented into passenger cars, light and commercial vehicles, and two wheelers. In terms of geography, the market has been analyzed for regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The rising global demand for automobiles is the foremost factor driving the overall global demand for automotive lighting market. The vast rise in an affluent consumer base across emerging economies such as India, China, and Brazil has, especially, fuelled the passenger vehicles market in these regions, thus positively impacting the overall development of the automotive lighting market. The rising numbers of vehicle production units in these countries are also leveraging the demand for automotive lighting units.
In the next few years as well, the market for automotive lighting is expected to earn a massive chunk of its revenue owing to demand and supply across these emerging economies, with developed markets such as North America and Europe witnessing moderate growth owing to stagnancy.
In the highly competitive automotive lighting market, a large number of small and large players compete in terms of product features, material, aesthetics, and cost. Some of the key vendors in the market are Stanley Electric Co. Ltd, Zizala Lichtsysteme GMBH, Varroc Lighting Systems, Changzhou Xingyu Automotive Lighting Systems Co. Ltd, Wipac Limited, TYC Brother Industrial Co. Ltd, Osram GMBH, Koito Manufacturing Co. Ltd, General Electric, Hella Kgaa Hueck & Co., and Ichikoh Industries Ltd.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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