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Automotive lighting market forecast to 2022 available in new report

Increasing vehicle production and sales, technological advancement and tightened regulations regarding safety measures are the prominent driving forces for the automotive lighting market size. The global vehicle production has witnessed considerable increase due to growing demand and emerging economies.

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Lighting, being a vital component in automotive vehicles, plays an important role in automotive safety. Automotive vehicle consists of variety of lights to increase the visibility in darkness and bad weather conditions.

Besides this, these lights also increase the conspicuity of the vehicle. The lighting system comprises of lighting and signaling devices.

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These lighting equipment are placed at different locations in the vehicle such as front, rear, top, and interiors. The lighting provides illumination for the driver.

It helps other vehicle drivers and pedestrians on the road to detect the vehicle position, direction of movement and size, and drive the vehicle safely. Further, it also adds aesthetic looks to both the interior and the exterior parts of the vehicle.

The automotive lighting market size is witnessing a steady growth with the rise in the demand for automotive vehicles. Automotive vehicles, including passenger and commercial vehicles, require energy-efficient and cost-effective lighting systems to enable a safe driving experience.

The growing population, increase in automotive production, and the rising concerns about vehicle safety triggered by the government regulations are driving the growth of the market. Additionally, the increase in purchasing power of individuals is also creating more opportunities for the market growth.

The increasing purchasing power of the people worldwide, especially in emerging economies in particular, is another key growth driver of the market. Furthermore, the prices of vehicles are likely to go up as advanced lighting technologies are increasingly deployed.

The rise in the revenue of automobile industry will be reflected in that of global automotive lighting system market.

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High initial investment required for research and development activities might surface as a major bottleneck for the market. The development of advanced lighting systems necessitates state of the art manufacturing equipment and facilities, which are extremely high-priced.

Moreover, the high cost of these systems might affect growth owing to the presence of a large number of price conscious consumers in Asia Pacific. Nevertheless, the negative impact of these restraints is likely to be nullified by the shift in preference among consumers from conventional lamps to advanced lighting systems such as Halogen, LED, and HID lamps.

Based on geography, the global automotive lighting system market is segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). Europe appears to be the leading market, closely followed by North America.

Constant research activities and the consequent development of automotive lighting systems have been responsible for the growth of the automotive lighting system market in North America. The emerging economies such as China and India are likely to exhibit substantial growth as the per capita income of the middle class rises by degrees.

The vast population base, growing penetration of technology, and booming automotive industries of these nations are driving the growth in these regions.

Japan, being one of the largest exporters of automotive lighting components, is slated to emerge as one of the most prominent markets. Cheap labor, lower costs of raw materials, and increased production of automobiles have been the factors aiding the expansion of the automotive lighting system market in India and China. 

Among the countries included under the Rest of the World segment, the UAE appears to be the leading segment. As the prices of fuel are low in this region, the demand for automobiles has increased.

The presence of the affluent class in this region is also expected to fuel growth. The automotive lighting system market in the UAE is projected to expand at a favorable 2.6% during the forecast period.

Some of the major companies operating in the global automotive lighting system market are Magneti Marelli S.p.A., Hyundai Mobis, Hella KGaA Hueck & Co., general Electric, Osram Licht AG, Koninklijke Philips N.V., Valeo S.A., and Stanley Electrics Co. Ltd.

 

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