Automotive Lighting Market Pegged for Robust Expansion During 2018 - 2028
Nearly 60% of the automotive lighting systems installed are of headlights/front lights, which collectively capture more than 3/4th of the market revenue, with rear lights. Fog lights are gradually gaining ground in front and rear lighting systems, which is likely to shape the overall performance of automotive lighting market, as indicated by the report.
Lightweight automotive components have been a trendsetter over the past decade, will push the demand growth of lightweight automotive lighting in parallel. This growth forecast is predominantly owing to increasing vehicle electrification and surging demand for high-performance, fuel efficient vehicles.
Halogen lamps continue to reign supreme, holding more than 65% share in the automotive lighting market. In line with tightening vehicle emission standards that demand reduced weight and improved fuel efficiency, the automotive lighting market will observe strong emergence of LED. Superior endurance and high energy efficiency are projected to provide an impetus to LED popularity over halogen and HID counterparts. The report envisages a preeminent push to LED automotive lighting from manufacturers of premium class vehicles.
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Enhanced aesthetic appeal of vehicles with innovative lighting features will remain a priority strategy for leading automakers and OEMs. However, lighting technology innovators in collaboration with prominent market players are also strategizing on introducing economic range products, which is cited as another factor providing a strong push to LED automotive lighting products.
While compact and mid-size passenger car manufacturers remain prime consumer of automotive lighting solutions, the report indicates that this demand growth will be spectacular in EVs over the coming years. Hybrid EVs will further account for a considerable demand share in automotive lighting market. Moreover, billowing sales of motorcycles, particularly in developing economies, will bolster installations of a wide range of automotive lighting in the two-wheelers segment, says the report.
In a fairly consolidated competitive landscape of automotive lighting market, a majority of players are based in North America, Europe, and China. Automotive lighting market leaders such as Koito Manufacturing, Valeo SA, Magneti Marelli, Hella, and Stanley Electric continue to dedicate a majority of investments in strategic acquisitions and new product launches.
Valeo recently acquired a Japanese automotive lighting manufacturer, Ichikoh Industries, Ltd. Expansion has also been among the key developmental strategies in the competitive landscape of automotive lighting market. On the other side, Tier 2 companies including Osram, Varroc Group, Robert Bosch, LG Lightings, and Hyundai Mobis are focusing on collaborative ventures that prominently target product innovations and new launches in automotive lighting space.
In the latter half of 2018, Fiat Chrysler Automobiles N.V. inked a collaborative agreement over the sale of their automotive components business - Magneti Marelli S.p.A. to the Japanese supplier CK Holdings Co., Ltd. (Calsonic Kansei Corporation’s holding company). Osram has been actively introducing new automotive lighting product lineups in the market.
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While Europe retains the top consumer title in automotive lighting landscape, the report projects significant growth potential for automotive lighting market in emerging Asian countries. Automakers, OEMs, and other lighting product manufacturers will capitalize on a series of untapped opportunities particularly in East Asian market, attributed to soaring automotive sales, elevating acceptance for EVs and HEVs, and more importantly, improving purchasing power of consumers. East Asia is likely to represent just-under a third of the global automotive lighting market value, towards 2019 end.
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