Automotive Rear Lamps Market: Future Forecast Assessed on the basis of how the Market is Predicted to Grow
Increased brightness and better energy-efficiency is achieved by utilizing rear lamps. Moreover, the usage of lamps in combination has reduced the overall cost of the rear lighting. The usage of rear combination lamps for vehicles has provided numerous benefits such as better brightness, energy and cost saving, and also enhanced safety. These factors are likely boost the global automotive rear lamps market significantly during the forecast period.
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Increasing demand for aesthetic appearance is also a factor that is driving the automotive rear lamps market. Rear lamps are one of such car feature that plays a crucial role in the vehicle’s appearance. The esthetic appearance of the vehicle is enhanced due the usage of rear combination lamps. A major restrain for the automotive rear lams market is the initial cost for the rear combination lamps, which is higher than the conventional ones.
However, the total cost determined on the energy basis and maintenance is much lower in case of rear combination lamps. Moreover, the bulbs in combination with the rear light will be exposed to vibration, dampness, cold, heat. Thus, the fixture of lamps in combination also plays an important role in the energy efficiency and performance of the lamps.
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The global automotive rear lamps market can be segmented based on type, sales channel, vehicle, and region. In terms of type, the automotive rear lamps market can be classified into bulb type, LED type. The LED segment is expanding rapidly in emerging market, due to the longer life and lower power consumption of LED rear lamps. This, in turn, is anticipated to increase the demand for LED type rear lamps during the forecast period. Based on sales channel, the automotive rear lamp market can be divided into OEM and aftermarket.
In terms of revenue, the OEM segment is estimated to dominate the global automotive rear lamps market, with sales expected to increase rapidly during the forecast period. Working span of rear lamps being for the long duration, OEM tends to be the target for growth opportunity. Based on vehicle, the automotive rear lamps market can segregated into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment is expected to account for a key share of the automotive rear lamps market, followed by light commercial vehicle and heavy commercial vehicle segments, during the forecast period.
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Based on geography, the global automotive rear lamps market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is estimated to be a highly lucrative market for automotive rear lamps and is expected to dominate the global market during the forecast period. This is attributed to the large base of OEMs in the region. Moreover, the region has exhibited a higher rate of adoption toward such technological advancements. Europe is also projected to hold a significant share of the global automotive rear lamps market and are foreseen to remain as major markets.
The market in Asia Pacific is expected to expand at a significant growth rate during the forecast period, owing to the large automotive production base and increasing vehicle part in the region. Japan also holds a major share of the global automotive rear lamps market, the region being technically advanced has presence of some of the large OEMs. The market in Middle East & Africa is estimated to expand at a sluggish pace during the forecast period.
Key players operating in the global automotive rear lamps market are HELLA KGaA Hueck & Co., OSRAM GmbH, Peterson Manufacturing Company, LED Autolamps Europe LLP, Gordon Equipments Limited., Lucidity Enterprise Co., PROPLAST Fahrzeugbeleuchtung GmbH. and Automotive Lighting Italia S.p.A.
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