Lighting Market for Automotive Growing at a CAGR of 6.80% During 2017 to 2022 - ReportsnReports.com
26 Jun, 2017, 02:30 BST
PUNE, India, June 26, 2017 /PRNewswire/ --
Lighting market for Automotive is projected to grow at a CAGR of 6.80%, to reach $29.97 billion by 2022. LED technology will showcase fastest growth and will lead in future lighting market while Front Adaptive Lighting will have largest market in automotive adaptive lighting with Asia-Oceania region will dominate market.
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"Increase in vehicle production and lighting applications to upsurge the lighting demand in automotive industry"
The Lighting market for Automotive, by value, is projected to grow at a CAGR of 6.80% from 2017 to 2022, to reach USD 29.97 billion by 2022. In addition to growing vehicle demand and increasing lighting applications, factors such as safety regulations and rising demand for comfort and luxury are expected to fuel the demand for advanced technologies such as adaptive lighting systems.
The major factors hindering the growth of the Lighting market for Automotive are the high cost involved in R&D and fluctuating prices of raw materials.
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The global Lighting market for Automotive is segmented based on the position into front, rear, side, and interior. The front lighting market is expected to showcase the largest market with halogen as the predominant technology in this position. In terms of lighting technology, the market is segmented into Halogen/incandescent, Xenon/HID, and LED.
Target Audience for Lighting Industry Research Report will be:
- Manufacturers of automotive lighting systems
- Lighting component suppliers
- Dealers and distributors of automotive lighting systems
- Original equipment manufacturers
- Industry associations, investment firms, equity research firms, and private equity firms
"LED technology is estimated to showcase fastest growth and is expected to lead in future lighting market"
The market for front LED technology, by value, is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. This growth can be attributed to the benefits offered by LED technology, such as energy efficiency, low power consumption, lightweight, and flexibility. These benefits help to minimize the design constraints as compared to halogen lamps. The technology is estimated to lead the front lighting segment with applications such as Daytime Running Lamp (DRL), and projector headlamps as well as interior lighting segment where its applications are dashboard, glove box, reading, dome, and rear view mirror lights.
"Front Adaptive Lighting to have the largest market in automotive adaptive lighting"
The front adaptive lighting market is expected to be the largest and fastest growing segment in the Lighting market for Automotive, by adaptive lighting. This growth can be attributed to stringent safety regulations in Europe and increased adoption of adaptive lighting features in premium cars in the Asia-Oceania region.
"Asia-Oceania region to dominate the market growth"
China and India together contribute 35% of the global vehicle production and approximately 34% of the global passenger car production. Due to this Asia-Oceania is estimated to dominate the Lighting market for Automotive, by value. It is projected to grow at the highest CAGR of 7.02% during the forecast period. This can be attributed to emerging economies such as China and India. In Asia-Oceania, the growth of automotive lighting solutions has been observed owing to the easy availability of raw materials and strong government support, which have boosted vehicle production and the overall lighting market.
The study contains insights provided by various industry experts. The break-up of the primaries is as follows: By Company Type- Tier-1 - 60%, OEM 20%, and Tier 2 - 20%, By Designation- C level - 25%, Manager level - 60%, and Others - 15%, By Region- Europe - 20%, Asia-Oceania - 50%, North America - 30%
The major companies in the automotive lighting industry are profiled in the study. These includeHella KGaAHueck & Co (Germany), Magneti Marelli S.p.A (Italy), Stanley Electric K.K (Japan), Valeo S.A. (France), Koito Manufacturing Co. Ltd. (Japan), OSRAM Licht AG (Germany), Koninklijke Philips N.V (Netherlands), Hyundai Mobis (South Korea), Ichikoh Industries Ltd. (Japan), and General Electric (U.S).
Order a copy of Lighting Market for ICE & EVs By Technology (Halogen, LED, Xenon), Position (Front, Side, Rear, Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting & Region - Forecast to 2022 Research Report at:
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Research Coverage of Lighting market for Automotive Industry:
The global Lighting market for Automotive is segmented based on the position (front, rear, side, and interior). The lighting used in these positions are categorized on the basis of technologies that have been deployed (Halogen/incandescent, Xenon/HID, and LED). The Lighting market for Automotive is also segmented based on the application-exterior (headlight, fog lights, DRL, taillights, CHMSL, sidelights, and others) and interior (dashboard, glove box, reading lights, dome lights, rear view mirror lights); and based on vehicle type-ICE vehicles and alternate fuel vehicles. The adaptive lighting market is covered along with the alternate fuel vehicle market.
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