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Automotive Lighting Market Share - Industry Size, Growth Report 2024 | General Electric, Philips Lighting, and Samsung Electronics, Magneti Marelli, Osram, HELLA
Automotive Lighting Market
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The automotive lighting market is driven by the development of lighting solutions by various manufacturers such as adaptive front & rear lighting and dynamic bend lighting systems. Increasing demand from OEMs for advanced LEDs and laser-based light modules to improve the vehicle safety parameters and providing aesthetic looks to the vehicles further contribute to the industry demand. The popularity of the intelligent lighting technologies in the commercial vehicles, such as situation based light control and driver assistance at night, creates several growth opportunities in the automotive lighting market. Factors such as rising purchasing power and improving consumer lifestyle across various regions are contributing to the increasing sales of luxury vehicles and passenger cars.
LED lighting technologies are witnessing a high popularity in the automotive industry due to the rising implementation of vehicle lighting systems. LEDs offer several benefits such as performance & energy efficiency, bright lights, and low power consumption. Major users of the LED-based automotive lighting market products are global automotive OEMs including Audi, BMW, Honda Motor Company, General Motors, Tata Motors, etc. However, high tariff and trade restrictions in several countries will hamper the automotive lighting market growth. These restrictions limit the sales of lighting and other automotive systems to different countries. In addition, fluctuations in the raw materials and component prices due to changing supplier conditions will hinder the product development.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. General Electric Company
2. HELLA GmbH & Co. KGaA
3. Hyundai MOBIS
4. Koito Manufacturing Co., Ltd.
5. Magneti Marelli S.p.A.
6. Namyung Lighting
7. OSRAM Group
8. Koninklijke Philips N.V.
9. Samsung Electronics Co., Ltd.
10. Seoul Semiconductor Co., Ltd.
11. Stanley Electric Co., Ltd.
12. Valeo
13. Varroc Group
14. ZKW Group
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In the automotive lighting market, the passenger cars segment is anticipated to grow at 6% CAGR from 2018 to 2024. A high demand for passenger cars across the globe is compelling the increasing consumption of lighting products. An increased focus on enhancing the vehicle aesthetics and looks by automobile companies demands advanced and high-quality lighting systems. The commercial vehicles in the market are witnessing steady growth due to the implementation of enhanced lighting products. These vehicles require highly efficient lighting components to offer a longer life and quick response in emergency situations. The demand for commercial vehicles is on the rise due to the growth in trade & transportation business and government infrastructure development projects.
The interior automotive lighting market is expected to grow at 7% CAGR from 2018 to 2024. Modern passenger cars and luxury vehicles deploy advanced LED & halogen lamp components in the interior systems. These components lend enhanced ambiance and atmosphere to the modern cars. The implementation of LEDs in vehicle interiors supports the smart and intelligent technologies such as automated light switching, touch-free lighting, and color consistency. These systems provide illumination & brightness benefits while driving at night and support the situation-based light controlling in modern vehicles.
The European automotive lighting market was valued at over USD 8 billion in 2017 and is anticipated to grow further due to the presence of major automotive manufacturers in the region such as BMW, Audi, Mercedes-Benz, etc. Additionally, several manufacturing standards set by the European Commission to support sustainable development and energy-efficient products account for the industry growth. Lighting system manufacturing companies across the globe follow these standards for manufacturing the lighting components used in automobiles.
Browse key industry insights spread across 170 pages with 148 market data tables & 27 figures & charts from the report, “Automotive Lighting Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-lighting-market
Key players in the automotive lighting market include HELLA GmbH & Co. KGaA, Hyundai MOBIS, Koito Manufacturing Co., Magneti Marelli S.p.A., Valeo, Osram Group, Philips N.V., General Electric, Samsung Electronics Co., Ltd., and Varroc. The automotive lighting industry is fragmented with the presence of a large number of enterprises and small players. The established companies in the industry possess a significant purchasing power and have strong partnerships & collaborations with the suppliers and OEMs. Companies operating in the lighting marketplace focus on the research & development activities to offer highly efficient and technically-advanced products, expanding the regional presence to gain eminence in the market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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