The global xenon lights market to grow at a CAGR of 14.82% during the period 2016-2020.
Global Xenon Lights Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend which will boost market growth is the growing popularity of ambient lighting. Ambient lighting is used to create more stylish interiors and atmosphere inside automobiles. Most of the automobile manufacturers use xenon bulbs for interior lighting. This concept was introduced in luxury vehicles in 2007 and has expanded to mid-size cars since then. Automotive vendors in the market are enhancing consumer appeal by employing ambient interior lights to differentiate their offerings and harmonize with the other elements of the vehicle interiors.
According to the report, a key growth driver is the rising demand for sophisticated lighting technologies. The technologies in lighting such as xenon lights and LEDs offer low energy consumption, high light output, and a longer life span. Furthermore, xenon lights are more cost-effective than HID and LED lights, which are rapidly replacing incandescent and halogen lights in all the car segments. Innovation in automotive lighting is an ongoing process. In 2015, many enterprises were involved in the development of advanced lighting technologies like laser lights, which are still in their nascent stage.
Further, the report states that one challenge that could hamper market growth is the high cost of integration. While xenon lights are more efficient and have a long life span, their upfront costs are high.