Automotive Lighting Market 2019 Share, Competitive Dynamics & Global Outlook 2023 By KOITO MANUFACTURING, STANLEY ELECTRIC, VALEO GROUP, MAGNETIC MARELLI S.P.A

The global automotive lighting market is expected to register a CAGR of 7.23% during the forecast period (2018 - 2023), with a market size of USD 37.84 billion by 2023.

Evolving Lighting Technologies in Automotive Industry
LEDS and laser are most trending automotive lighting technologies, and gradually experiencing increase in the adoption rate majorly in the luxury and premium type segmented vehicles. Among the aforementioned lighting technology, LEDS have already started penetrating into medium class cars. Exterior lighting being an essential part for every automobiles, has significantly covered a major of the lighting market.

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There have been growing concerns for vehicular safety around the world. Exterior lighting forms an important part of vehicular safety. Many countries have come out with stringent lighting regulations that require a specific brightness or temperature of the headlamps. This is driving the automotive lighting market. Automobiles in developed economies have already come up with a higher standard of lighting but in order to save on costs, they often do not meet the regulations. This will cause the developing markets to rise at higher rates.

Major Players:
KOITO MANUFACTURING CO. LTD, STANLEY ELECTRIC CO. LTD, VALEO GROUP, MAGNETIC MARELLI S.P.A amongst others.

Key Developments in the Market
June 2017: Magnetic Marelli Automotive Lighting and Changchun Fudi Equipment Technology Development Co. Ltd., a Chinese investment company with activities in automotive parts industry, have inaugurated a new plant, Changchun Magnetic Marelli Automotive Lighting System Co., Ltd, under their joint venture agreement which was established in December 2015.
October 2017: Osram India launched new automotive lighting solutions called Rallye, which is compatible for two-wheelers, four-wheelers and commercial vehicles. Also, the product is manufactured in Osram’s manufacturing plants in Germany and China.

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Asia-Pacific Covering Major Share in the Market
Car manufacturers known for their more flamboyant interiors have been gaining popularity, especially in the fast-growing Asia-Pacific. In some of the Asia-Pacific countries, the prices of automobiles are relatively high and customers expect a high quality of interiors and exteriors at that price point, so manufacturers have to invest in upgrading them specifically for the price conscious Asia-Pacific region.

Increasing Passenger Car Sales to Boost the Market
Passenger cars sales have been increasing across the globe. In 2016, global passenger car sales accounted for 69,464,432 units. China has the largest share for passenger vehicles, followed by the United States, Japan, Germany, South Korea and India. China alone contributed to 26.99% of the global sales. This improvement in sales in expected to encourage automakers to ramp up the production activities, driving the market for automotive lighting over the forecast period.

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This release was published on openPR.