Automotive Lighting Market 2019 Strong Partnerships & Collaborations: Valeo, Samsung Electronics, Philips Lighting, OSRAM, Magneti Marelli, HELLA, General Electric(GE)

Automotive Lighting Market will grow at a CAGR of over 5% with USD 40 billion by 2024.

The shifting focus of the automakers toward the betterment of vehicle ergonomics and functionality has been propelling automotive lighting market. Over the last few years, the automotive industry has observed notable changes in technological disposition such as autonomous vehicles and connected cars which have transformed the overall design of vehicles. With the integration of attractive lighting systems in the exterior as well as the interior design of the vehicles, the automotive lighting market has been experiencing a remarkable business growth. In addition, on-going dynamic changes such as the infotainment system in the interior of vehicles also will fuel the product demand considerably.

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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.

In yet another instance, in 2017, Chinese LED product manufacturer for automotive applications has signed a four-year strategic deal with the Taiwanese LED chip manufacturer, Epistar to achieve a dominating position in APAC region. Both the companies have been mainly looking forward to raising their capabilities to produce automotive lighting products and control the infringement. They also have been planning to reduce the product prices in order to speed up their reach across myriad geographies. The rapid growth in the automotive lighting industry across Asia Pacific region will turn out to be beneficial for the companies which have been implementing new business tactics over the last few years.

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. Magneti Marelli S.p.A.
5. OSRAM Group
6. Philips Lighting
7. Samsung Electronics Co., Ltd.
8. Valeo
9. Varroc Group
10. ZKW Group

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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.

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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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