Automotive Lighting Market | (HELLA, Magneti Marelli, OSRAM, Samsung Electronics, Philips Lighting, Valeo)
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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.
Industry Growth drivers:
1 Increasing concerns regarding road safety to propel global demand
2 Emerging government regulations
3 Flourishing automotive industry in China
4 Premium car production in Germany
5 Penetration of LED technology from high-end to mid-range and low-end vehicles in the U.S
6 Focus of companies on the Asia Pacific region to boost demand
Automotive Lighting Market By Technology
Automotive Lighting Market By Vehicle Type
• Passenger Cars
• Commercial Vehicles
Automotive Lighting Market By Application
• Interior Lighting
• Side Lighting
• Rear Lighting
• Front Lighting/Headlamps
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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.
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.
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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.
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