ALBANY, New York, April 30, 2019 /PRNewswire/ -- The global automotive lighting market depicts a competitive and fragmented landscape. Growing investments in research and development is fuelling the competition, reports Transparency Market Research (TMR). Some key players in the global automotive lighting are Hella KGaA Hueck & Co, ICHIKOH INDUSTRIES LTD, Magneti Marelli S.p.A, General Electric Co., and Royal Phillips Electronics, Hyundai Mobis, SAMSUNG ELECTRONICS Co., Ltd.
A major challenge in the arena of automotive lighting market is engaging in a cost-effective innovation that is rewarding for the end-consumers. Currently, many solutions such as LED lighting dominate the appealing luxury segments in automobiles. However, lighting is a service for end-consumers and also plays a significant role in selling cars with attractive headlight displays. In order to meet the demand for next-generations automated vehicles, a key focus back on the real purpose of lighting solution is necessary.
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In the near future, TMR predicts the fragmentation and level of competition in the market will rise. The growing innovation in the market and presence of automotive industries in various regions of the world, are expected to drive the fragmentation up in the global automotive lighting market.
The global automotive lighting market is expected to expand at a remarkable 5.7% CAGR during 2016-2025. The market's evaluation stood at US$28,250.5 mn in 2016. It is expected to reach US$46,372.7 mn by 2025 end. Among many product segments in the market, LED lighting solutions are expected to expand at a robust pace. The space-saving, energy efficient, and weight reduction properties of LED lighting solutions are expected to drive major revenue growth in the automotive lighting market.
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Among regions, Asia Pacific region is expected to expect to account for the largest share of the total revenues in the global automotive lighting market. The region bagged over 45% share of the automotive lighting market in 2016. Growing manufacturing and demand in the region, will likely soar growth for the automotive lighting market further in the near future.
Flourishing Sales of Automobiles to Drive Growth
Car sales in the US showed a modest increase in 2018. This development defied several ground realities including rising interest rates, rising prices of vehicles, and an unstable stock market. On average, the auto interest rose from 4.8% in 2018 to 5.6% in 2018. The geographical necessity of purchasing vehicles, and American enthusiasm continues to drive growth. Additionally, the growth also highlights recovery of the American economy, wherein real estate prices are starting to increase. The unemployment rate in the US has also fallen low to a 3.3%. These developments along with lowering fuel prices are expected to become a boon for the automotive lighting market.
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Autonomous Vehicles to Boost the Automotive Lighting Market
Autonomous vehicles are creating a new buzz in the automobile industry worldwide. The new trend will be beneficial to end-consumers in many ways. Autonomous vehicles especially the electric ones promise to reduce fuel-related costs, lower road accidents, and additionally, promise comfort and rest for drivers. Autonomous vehicles are also experiencing problems with visions during nights. During testing, these vehicles have led to several cases of misdiagnosis. The essential need for safety in vehicle lighting and reliance on automation makes high-end solutions such as LED lighting highly desirable for end-users of the automotive lighting market.
Additionally, growing demand for solutions such as ambient lighting are also expected to drive growth for the automotive lighting market. Ambient lighting creates a glow around luxury vehicles, which increases their premium value even further. Moreover, in emerging markets such as Asia Pacific, social prestige, and approval are big factors in the purchase making decisions.
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Information provided in this review is obtained from a TMR report, titled "Automotive Lighting Market (Vehicle Type – Passenger and Commercial; Application - Front lighting, Rear lighting, Interior Lighting, and Side lighting; Technology - Halogen, Xenon, and LED; Product Scale - OEMs and Aftermarket Product) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025."
Global Automotive Lighting Market is segmented as:
- Front lighting
- Rear lighting
- Interior lighting
- Side lighting
- Aftermarket Product
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