Automotive Lighting Market to Reach $33.7 Billion, 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, Zizala

Front lighting application finds the largest application in automotive, followed by rear lighting. Government regulations as well as increasing demand related to efficient front lighting in vehicles is driving the growth of this market. Interior lighting would also witness appreciable growth due to the increasing trend of installing LED lights inside the vehicle for enhancing the looks.

According to a new report by Allied Market Research titled, "Global Automotive Lighting Market - Technology, Vehicle Type, Applications, Size, Share, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014-2020", the global automotive lighting market is expected to reach $33.7 billion by 2020, registering a CAGR of 6.7% during 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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Asia-Pacific, being the largest automotive vehicle market, would also be the largest market for automotive lighting. Growing automotive production, and increasing purchasing power in the two bigger markets of Asia viz., China and India, would drive the market growth of the Asia-Pacific market.

LED lighting technology would witness the highest growth during the forecast period. Traditional Halogen lighting technology will be gradually replaced by LED technology. By 2020, LED technology will constitute 1/3rd of the total automotive lighting market, growing at the highest CAGR during the forecast period. The growth would be fuelled by features such as low power consumption, longer life and compact size of LED lights. The decreasing cost of LED lights would further fuel their market growth during the forecast period. However, halogen lighting technology would maintain its leading position due to their low-cost advantages and widespread adoption.

Front lighting application finds the largest application in automotive, followed by rear lighting. Government regulations as well as increasing demand related to efficient front lighting in vehicles is driving the growth of this market. Interior lighting would also witness appreciable growth due to the increasing trend of installing LED lights inside the vehicle for enhancing the looks.

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Passenger vehicles, with their dominant market share in total vehicle segment, would be the largest vehicle type segment for automotive lighting. The demand for aesthetic lighting features would support the demand of lights in private and commercial cars.

Industry players are focusing on introducing advanced LED lighting solutions as well as expanding their presence in growing automotive markets such as China and India. For instance, Magneti Marelli, a leading manufacturer of advanced lighting solutions for automotive industry, has set up new plants in India and China in fiscal year 2014-15 to take advantage of these growing automotive markets.

Key findings of the study:

• The global automotive lighting market would grow steadily during the forecast period (2015-2020) due to rising concerns regarding road safety and growing automobile production
• LED technology would be the fastest growing lighting technology throughout the forecast period
• Halogen technology would continue to maintain its leading position due to lower cost and easy availability
• Exterior lighting in vehicles would continue to maintain its dominant share compared to interior lighting
• Asia-Pacific, with its huge automotive vehicle production capacity, would be the largest market for the automotive lighting products
• Passenger vehicles would create more demand for automotive lighting products compared to commercial vehicles during the forecast period

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. 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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