Press release
Global Automotive Tail Light Market Projected to Experience Major Revenue Boost during the Period between 2017-2022
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Ever-evolving consumer preferences, coupled with increasing mandates from governmental regulatory bodies, are pushing the incorporation of advanced technology solutions into automobiles – attracting automakers and technology giants alike. Growing consumer demand for sleek, lightweight, and functional vehicles is fueling innovations in each structural and functional vehicular component, including automotive tail light. With the functionality as well as design becoming imperative to automotive product offerings, manufacturers of automotive tail lights have started to shift their focus from only design and aesthetics to enhanced functionality.
Over the five-year assessment period, the global market for automotive tail light has been projected to follow a passive growth curve at a CAGR of 3.8%, reaching the value in excess of US$ 12 Bn by 2022 end.
As indicated by the global market intelligence on automotive tail light that has been recently published by Fact.MR, the global market for automotive tail light is among those auto components that is yet to discover its complete functional and aesthetic applicability beyond conventional functional utilities in the automotive space, which will continue to influence the performance of the global automotive tail light market throughout the forecast period.
Although tail lights hold a limited application base in the automotive industry, their vital function continues to enable them to remain a key auto component. With rapidly growing efforts by both automakers and automotive tail light manufacturers to dig deeper into the next-generation applicability of automotive tail light, Fact.MR estimates that the market for automotive tail light will possibly witness a series of new growth opportunities over 2017-2022.
Automotive Tail Light Market: About the Report
FMR’s research report on the global automotive tail light market analyzes the prospects for the overall performance of the automotive tail light market during the examination period, providing pragmatic insights on the scenario of global market for automotive tail light. The key objective of the report on automotive tail light market is to help participants in the global automotive tail light marketplace devise and execute informed developmental strategies through thorough understanding of the automotive tail light space.
Automotive Tail Light: Market Definition
An automotive taillight is a rearward-facing red light mounted on the back of an automotive. Working in a relay with head lights, automotive tail lights serve a primary function of maintaining the safety aspect of vehicles. With escalating incorporation of advanced technologies in automobile components, automotive tail lights have been undergoing innovation over the past decade – creating a slew of potential growth opportunities for automotive tail light manufacturers in the upcoming few years.
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Additional Questions Answered by Global Automotive Tail Light Market Report
What potential opportunities are likely to emerge in automotive tail light market, as plastics are expected to witness the maximum adoption by automakers?
Will LED and OLED technology-enabled automotive tail lights take over the ever-dominant automotive tail light source – halogen - in the near future?
How does the prospective competitive landscape scenario appear, if considered in resonance with increasing shift of manufacturers to advanced technology?
With China forging ahead at a massive pace, what could be the prospects for neck-on-neck competition between markets in North America, Europe, and APEJ for automotive tail light?
Competition Analysis: Automotive Tail Light Market
A majority of automotive tail light manufacturers are focusing on tail light functionality improvement by adopting the latest technologies such as LED and OLED. Embracing the technological advances will additionally help manufacturers of automotive tail light achieve attractive design, appealing aesthetics, and avant-garde functionality of automotive tail light.
Recently, Hella – the electronics and lighting expert, announced the integration of the OLED technology into the rear combination lamps of Audi’s new flagship car- A8. This innovation involves four upright OLED tail lights in each unit, and serves distinctive attributes for vehicular manufacturers (VMs) with sophisticated lighting functions. According to the lighting technology experts at Hella, the vehicular lighting technology can eliminate the need for additional optics, reflectors, and light guides – post adoption of the new OLED technology.
Key Insights: Global Automotive Tail Light Market
Halogen will continue to be the most sought-after tail light source in the global Automotive Tail Light Market with more than half of the total value of the global automotive tail light market.
FMR projects a relatively higher CAGR for LED through 2022.
With an estimated US$ 5 Bn revenue by the end of 2022, passenger cars are foreseen to remain the most attractive vehicle type for automotive tail light manufacturers.
Plastic tail lights will continue to reign supreme over their metallic counterparts, attributed to high endurance, lightweight nature, and translucency of the former.
Aftermarket, with projected sales revenue worth over US$ 8 Bn by 2022 end, is likely to maintain the maximum revenue share in the global automotive tail light market throughout the assessment period.
China, the global manufacturing hub, has been one high-potential market for automotive tail light over the years. Lower Price point in terms of raw material as well as labor will continue to enable Chinese market for automotive tail light remain the key revenue generator over 2017-2022.
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About FactMR
FactMR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market insights reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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