Automotive Lighting Market for LED technology segment is expected to grow at over 7% CAGR To 2024
Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting.
The growing awareness to develop safe and technically-efficient passenger vehicles and manufacturer strategies to sustain the high automotive lighting market competition drives the segment growth.
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The automotive lighting market is expected to witness a lucrative growth in China owing to the rapidly growing automobile industry in the country.
The Chinese automotive industry has been at the forefront in terms of annual production surpassing Europe, the U.S., and Japan. China is an attractive place for foreign auto manufacturers and many established foreign players have their manufacturing plants in China.
This can be credited to the cheap & easy labor availability and low costs of raw materials.
Earlier, lights had been deployed only in the interiors of luxury automobiles however, of late, they have come to be deployed in passenger & commercial vehicles as well, for ensuring a clear visibility and providing driver safety. These systems are specifically in high demand across Europe and North America, on account of the presence of pivotal OEMs such as Mercedes, Audi, and BMW.
The U.S. government has also been undertaking initiatives to reduce the incidences of road accidents and better driver safety, creating further demand for LED-based lighting products. The consistent efforts by prominent companies and regional governments are certain to propel automotive lighting market share from interior applications.
LED technology in the automotive lighting market is expected to witness several growth opportunities over the forecast timeline. The penetration of LED technology from high-end to mid-range and low-range vehicles is one of the major factors contributing to the growth of the automotive lighting market.
This is attributed to the declining costs of LEDs ensued by the optimization and the calibration of LED modules, which is compelling the car manufacturers to introduce LED lighting in economical cars as well. The benefits include more brightness and low power consumption.
The use of LED lights is not limited to headlamp systems and are increasingly implemented in the interior and backlighting systems.
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Flourishing automotive industry across the globe is majorly driving the implementation of the automotive lighting market products. High production of vehicles, automotive spares, and systems in countries including Germany and China are driving the industry growth.
The global automobile industry is growing as the car manufacturers have started responding to the newer government regulations for safety and customer demands for numerous advanced security features. Moreover, technological advancements and urbanization are creating manageable changes in the automotive industry.
In order to bring about innovation in automotive lighting systems, currently, several companies in the automotive lighting market have been teaming up with each other for short-term and long-term projects. In September 2018 for example, the Canada-based automotive components supplier, Magna has formed a joint venture with Micro LED startup company, Rohinni for manufacturing flexible and thin LED lights for vehicles.
The focus here is on the development of lighter, brighter, and energy efficient lighting solutions with the help of Rohinni’s lighting technology and Magna’s software and electronics expertise.
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Prominent automotive lighting market players include Magneti Marelli S.p.A., General Electric, Hyundai MOBIS, HELLA GmbH & Co. KGaA, Namyung Lighting, Philips NV, Osram Group, and Varroc.
The key industry players adopt efficient product development strategies including partnerships and mergers. Companies in the automotive lighting market adopt low and value-based pricing strategies to pose entry barriers for new participants and offer increased product efficiency.
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