Press release
Automotive Lighting Market Forecast & Trends from 2019 to 2024 | Magneti Marelli, Osram, Valeo, Hyundai MOBIS, HELLA, General Electric, Varroc, Koninklijke Philips, Samsung Electronics
Automotive Lighting Market is anticipated to hit USD 40 billion by 2024. Increasing road safety concerns across the globe have pushed the integration of advanced lighting systems in automobiles. These systems are witnessing extensive upgrades and are adopted by automotive manufacturers to provide a superior experience to the drivers. The lighting systems in vehicles enable enhanced visibility and clarity, crucial for ensuring the safety of the passengers.
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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
Flourishing automotive industry across the globe is majorly driving the implementation of the automotive lighting market products. High production of vehicles, automotive spares, and systems in countries including Germany and China are driving the industry growth. The global automobile industry is growing as the car manufacturers have started responding to the newer government regulations for safety and customer demands for numerous advanced security features. Moreover, technological advancements and urbanization are creating manageable changes in the automotive industry.
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 Vehicle Type
• Passenger Cars
• Commercial Vehicles
• Two-Wheelers
Automotive Lighting Market By Application
• Interior Lighting
• Side Lighting
• Rear Lighting
• Front Lighting/Headlamps
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LED technology in the automotive lighting market is expected to witness several growth opportunities over the forecast timeline. The penetration of LED technology from high-end to mid-range and low-range vehicles is one of the major factors contributing to the growth of the automotive lighting market. This is attributed to the declining costs of LEDs ensued by the optimization and the calibration of LED modules, which is compelling the car manufacturers to introduce LED lighting in economical cars as well. The benefits include more brightness and low power consumption. The use of LED lights is not limited to headlamp systems and are increasingly implemented in the interior and backlighting systems. For instance, cars, such as Nissan Alto and Honda Accord, are equipped with LED daytime running lights.
Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting. The growing awareness to develop safe and technically-efficient passenger vehicles and manufacturer strategies to sustain the high automotive lighting market competition drives the segment growth.
The automotive lighting market is expected to witness a lucrative growth in China owing to the rapidly growing automobile industry in the country. The Chinese automotive industry has been at the forefront in terms of annual production surpassing Europe, the U.S., and Japan. China is an attractive place for foreign auto manufacturers and many established foreign players have their manufacturing plants in China. This can be credited to the cheap & easy labor availability and low costs of raw materials.
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Prominent automotive lighting market players include Magneti Marelli S.p.A., General Electric, Hyundai MOBIS, HELLA GmbH & Co. KGaA, Namyung Lighting, Philips NV, Osram Group, and Varroc. The key industry players adopt efficient product development strategies including partnerships and mergers. Companies in the automotive lighting market adopt low and value-based pricing strategies to pose entry barriers for new participants and offer increased product efficiency.
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Global Market Insights, Inc.
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