Press release
Automotive Lighting Market Forecast 2024 - Philips Lighting, Valeo, Osram, General Electric (GE), HELLA, Magneti Marelli, and Samsung Electronics
Automotive Lighting Market
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Industry Growth drivers:
• Increasing concerns regarding road safety to propel global demand
• Emerging government regulations
• Flourishing automotive industry in China
• Premium car production in Germany
• Penetration of LED technology from high-end to mid-range and low-end vehicles in the U.S
• Focus of companies on the Asia Pacific region to boost demand
Digitalization of vehicle interiors and exteriors with LED lighting is one of the prominent technologies that has made its mark in modern vehicle lighting systems. The evaluation of highly functional, durable, and innovative products will have a significant impact on industry growth over the years ahead. For instance, recently, one of the world’s largest manufacturers of semiconductors, Osram Opto Semiconductors has partnered with ISELED Alliance for developing advanced solutions for automotive LED lighting. The German semiconductor manufacturer and ISELED alliance through this collaboration are looking forward to integrating effective hardware and software system to optimize LEDs.
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. 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
Automotive Lighting Market By Technology
• LED
• Halogen
• Xenon
Automotive Lighting Market By Application
• Interior Lighting
• Side Lighting
• Rear Lighting
• Front Lighting/Headlamps
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Over the last few years, with the increasing importance imparted to aesthetic and ergonomics of the vehicles’ interior as well as exterior, the design approach of contributors in the automotive lighting industry has indeed changed. They are now giving preference for the advancement of infotainment systems that will turn out to be rather beneficial for them in terms of revenue generation. As of now, the extensive use of LEDs for deploying lighting systems in vehicles will further stimulate the automotive lighting market size. As per estimates, automotive lighting market size from LED technology will register a CAGR of more than 7% over 2018-2024.
In August 2018, the Canadian automotive product supplier, Magna acquired the headlight and lighting component provider, Olsa for expanding its automotive lighting business. With the acquisition of the Olsa, Magna has grown its lighting capabilities from designing and manufacturing of headlamps, tail lamps, and other lighting systems. Moreover, the acquisition of advanced technology will also help Magna better its portfolio in distinctive and featured lighting products. The rise in the integration of electronics in lighting systems and shifting focus of automakers toward styling will turn out to be rather fruitful for lighting product manufacturers.
Browse Report Summery @ 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.
About Global Market Insights:
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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Corporate Sales, USA
Global Market Insights, Inc.
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