The dynamic evolution of the automobile industry is attributed primarily to changing consumer preferences, growing focus on environment concerns, increased safety, and stringent government regulations. Lighting plays a critical role in the automotive industry and is growing at a rapid pace, driven by safety and design factors. Rapid technological developments in the automotive lighting industry have witnessed a radical transformation from the simple incandescent and gas discharge based light sources to the light emitting diodes (LEDs) laser technology and organic light emitting diodes (OLEDs). The price of LEDs have reduced drastically in the past decade, and this trend is expected to continue in the forecast period.
This changing paradigm of automotive lighting industry has led to a shift from traditional lighting sources such as incandescent and fluorescent lamps to solid-state light sources, which has resulted in an overall reduction in CO2 emissions, which acts as an important factor in driving the demand for automotive lighting market.
The overall demand for automotive adaptive lighting is increasing significantly owing to the factors such as growing vehicle sale volume and stringent government regulations. The automotive adaptive lighting market has grown extensively and is on the transition from traditional lighting technologies such as halogen and xenon to LED. Energy efficient LED lighting sources are gaining popularity due to stringent government regulation on emissions.
The rapid decline in LED prices is also encouraging the automotive manufacturers for the development of LEDs for different applications in vehicles such as interior/ ambient lighting.
The market is driven by a number of factors such as declining average price of LEDs, technological advancements, and increased vehicle sales volume. High cost associated with smart lighting and fluctuation in the prices of raw materials are some of the major factors which are hampering the overall market growth. However, growth of automotive industry in emerging economies such as India and China also plays an important role, which is expected to boost the market growth in the forecast period.
According to the market report by BIS Research, titled ‘Global Automotive Adaptive Lightin…recast, 2017–2023’, the market is estimated to witness growth at a CAGR of 13% over the period of 2017 to 2023 and is projected to reach $1.49 billion by 2023. On the basis of technology, the automotive lighting market is segmented into halogen, xenon, LEDs, OLED, and laser. The automotive adaptive lighting market by technology is categorized into: halogen, xenon, and LED as the scope for OLED and laser for adaptive lighting is currently low. Halogen light dominated the global automotive adaptive lighting market and contributed 62.3% in 2016 and is expected to continue its dominance in the forecast period. Factors such as low-cost and easy availability are major factors driving the demand for halogen lights.
Few Companies Mentioned in the Report:
- General Electric
- Grupo Antolin
- Hella KGaA Hueck & Co.
- Hyundai Mobis Co. Ltd.
- Ichikoh Industries Ltd.
- Koito Manufacturing Co. Ltd.
- Koninklijke Philips N.V.
- Magneti Marelli S.p.A
- Osram Licht AG
- SL Corporation
- Stanley Electric Co. Ltd.
- TA YIH INDUSTRIAL CO. LTD.
- Valeo Group
- Varroc Group
- Zizala Lichtsysteme GmbH
Key questions addressed in the report:
- What is the market size for global automotive adaptive lighting and automotive lighting market respectively, in terms of value from 2016-2023?
- What is the dominant technology by value for automotive adaptive lighting and automotive lighting market?
- What is the revenue generated by the different applications in the global automotive lighting market 2016-2023?
- Which application will lead by value in the automotive adaptive lighting market by the end of the forecast period?
- What is the revenue generated by the different distribution channel in the global automotive adaptive lighting market 2016-2023?
- What are the different factors driving the market forward in the forecast period?
- What are the major factors challenging the growth of global automotive adaptive lighting market?
- What type of new strategies are being adopted by existing market players to make a mark in the industry?
- Which region will lead the global automotive adaptive lighting market by the end of the forecast period?
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