Automotive Lighting Market to Reach $4,973 Million, Globally, by Top Companies General Electric (GE), Magneti Marelli S.P.A, Koito Manufacturing Co. Ltd, Valeo, Hella KGaA Hueck & Co., Stanley Electric Co., Ltd., Ichikoh Industries Ltd., Osram GmbH, Zizal

Automotive Lighting Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $33.7 billion by 2020, registering a CAGR of 6.8% during the period 2015-2020.Automotive lighting industry is witnessing a steady growth on account of growing automotive production across the world. The growing emphasis on vehicle safety and government regulations regarding automotive lighting systems, are contributing to the market growth. Additionally, increasing disposable income of people is supporting the demand of aesthetic looks for vehicles, which in turn, is creating the demand for advanced lighting solutions.

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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. 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 automotive lighting market.

Traditionally, halogen, being a low-cost and easily available technology, has been the majorly used lighting technology. Halogen was earlier a conventional choice for lighting in cars and other vehicles. However, with the advent of time, other lighting technologies became more prominent. Xenon and LED are the other prominent lighting technologies. Amongst, all the three technologies, LED would witness the highest growth during the forecast period. This can be attributed towards the discernible shift towards energy-efficient technology in lighting controls. LED lighting possesses high capabilities and flexibility for use in various automotive lighting applications. These also allow room for innovation with lighting techniques and designs, as LEDs are versatile and can be incorporated with other technologies.

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The automotive lighting market is segmented based on lighting applications, technology, product sale, vehicle types, and geography. On the basis of lighting applications, the market is segmented into front lighting, rear lighting, side lighting, and interior lighting. With respect to lighting technology, the market is segmented into halogen, xenon and LED. Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. Based on product sale, the market is segmented into OEM products and aftermarket products. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

The leading players included in the report are General Electric (GE), Magneti Marelli S.P.A, Koito Manufacturing Co. Ltd, Valeo, Hella KGaA Hueck & Co., Stanley Electric Co., Ltd., Ichikoh Industries Ltd., Osram GmbH, Zizala Lichtsysteme GmbH, and Koninklijke Philips N.

Analyst Review:

The automotive lighting market is currently witnessing a steady growth due to the growing automotive production across the world. BRIC nations, which contribute a major share in the automotive production, have emerged as lucrative markets for automotive lighting industry. Growing population and increasing purchasing power are mainly contributing to the growth in these nations. Lighting system of vehicle comprises of two main categories: Exterior and Interior lights. Exterior lights are installed at different locations such as front, rear and lateral sides of vehicle and contributes the largest share in overall vehicle lighting market. Besides increasing aesthetics of the vehicle, these lights allow drivers and pedestrians to determine the vehicle’s presence, size and direction of vehicle’s movement. In terms of the market value, front lights was the largest market in 2014 and is expected to continue to lead the market by 2020 as well.

Traditionally, Halogen, being an easily available and low-cost lighting technology, has been the majorly used lighting technology. Due to its widespread adoption, Halogen technology holds the major market share presently. However, the on-going innovations in LED lighting technology to provide bright illumination and a compact size, is rapidly fuelling the demand of these lights. LED lights are used for a variety of functions such as low beam, high beam, turn signal, parking lights and day running light. Longer life is proving to be a major advantage of LED lights, thereby increasing their installation. Besides this, on-going research would benefit to save cost, which would induce the popularity of LED lighting devices for vehicles.

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Government regulations for reducing emission and improving energy efficiency would further support the growth of innovative technologies in the future. Between, the passenger and commercial vehicles, the passenger vehicle market would continue to maintain its leading position in terms of market value across the world. The demand for aesthetic looks is creating several opportunities for the attractive lighting applications mainly in passenger vehicles.

Key players involved in automotive lighting industry are focusing on emerging countries such as Russia, India, and China to expand their business. Growing demand of vehicles in these countries is also encouraging these players. Magneti Marelli, one of the leading players in automotive lighting industry, has been striving hard to improve its presence with the expansion of production capacity in these countries. Recently, the company has set up its new plants in China and India as a growth strategy in Asian region. Apart from expansion, the industry players are focusing on launching technologically advanced lighting solutions with greater attention on LED devices for the automotive vehicles.

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