Automotive Lighting Market to Reach Size of USD 37.84 billion by 2023 at a CAGR of 7.23% during 2018 – 2023

Automotive Lighting Market

LEDS and laser are most trending automotive lighting technologies, and gradually experiencing increase in the adoption rate majorly in the luxury and premium type segmented vehicles. Among the aforementioned lighting technology, LEDS have already started penetrating into medium class cars. Exterior lighting being an essential part for every automobiles, has significantly covered a major of the lighting market.

There have been growing concerns for vehicular safety around the world. Exterior lighting forms an important part of vehicular safety. Many countries have come out with stringent lighting regulations that require a specific brightness or temperature of the headlamps. This is driving the automotive lighting market. Automobiles in developed economies have already come up with a higher standard of lighting but in order to save on costs, they often do not meet the regulations. This will cause the developing markets to rise at higher rates.

Automotive Lighting Market Major players:  Stanley Electric Co., Ltd, Valeo Group, Hyundai Mobis, Philips, HELLA KGaA Hueck & Co., Magnetic Marelli S.p.A, AGM Automotive, LLC, Ichikoh Industries, Ltd., Lumax Industries Ltd., Jiangsu Tongming Auto Lamp Co., Ltd., etc.

Global Automotive Lighting Market Segmentation, By Technology: Halogen, Xenon , LED, Others

Global Automotive Lighting Market, Segmented By Vehicle Type: Passenger Car, Commercial Vehicle.

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The global automotive lighting market is expected to register a CAGR of 7.23% during the forecast period (2018 – 2023), with a market size of USD 37.84 billion by 2023.

Asia-Pacific Covering Major Share in the Market:

Car manufacturers known for their more flamboyant interiors have been gaining popularity, especially in the fast-growing Asia-Pacific. In some of the Asia-Pacific countries, the prices of automobiles are relatively high and customers expect a high quality of interiors and exteriors at that price point, so manufacturers have to invest in upgrading them specifically for the price conscious Asia-Pacific region.

Increasing Passenger Car Sales to Boost the Market:

Passenger cars sales have been increasing across the globe. In 2016, global passenger car sales accounted for 69,464,432 units. China has the largest share for passenger vehicles, followed by the United States, Japan, Germany, South Korea and India. China alone contributed to 26.99% of the global sales. This improvement in sales in expected to encourage automakers to ramp up the production activities, driving the market for automotive lighting over the forecast period.

Recent Developments:

  • June 2017: Magnetic Marelli Automotive Lighting and Changchun Fudi Equipment Technology Development Co. Ltd., a Chinese investment company with activities in automotive parts industry, have inaugurated a new plant, Changchun Magnetic Marelli Automotive Lighting System Co., Ltd, under their joint venture agreement which was established in December 2015.
  • October 2017: Osram India launched new automotive lighting solutions called Rallye, which is compatible for two-wheelers, four-wheelers and commercial vehicles. Also, the product is manufactured in Osrams manufacturing plants in Germany and China.

Regions Covered in this report are as Follows:

United States, North America (Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).

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Reasons to Purchase this Report:

  • The report analyses how the stringent emission control norms will drive the global Automotive Lighting market.
  • Analyzing various perspectives of the market with the help of Porters five forces analysis.
  • Study on the product type that is expected to dominate the Automotive Lighting Market.
  • Study on the regions that are expected to witness fastest growth during the forecast period.
  • Identify the latest developments, market shares and strategies employed by the major players of Automotive Lighting Market.
  • 3 months analyst support along with the Market Estimate sheet (in excel).

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