Automotive Lighting Market 2023 To Rise at 7.23% CAGR With Global Leading Players - KOITO MANUFACTURING CO. LTD, STANLEY ELECTRIC CO. LTD, VALEO GROUP, MAGNETIC MARELLI S.P.A

Market Analysis:

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.

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Passenger cars sales have been increasing across the globe. 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. Among the aforementioned lighting technology, LEDS have already started penetrating into medium class cars. Exterior lighting being an essential part for every automobile has significantly covered a major of the lighting market. There have been growing concerns for vehicular safety around the world. His will cause the developing markets to rise at higher rates.

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Market Segments:
Automotive Lighting Market is segmented by:
1. Technology: Halogen, Xenon, LED, Others
2. Vehicle Type: Passenger Car, Commercial Vehicle
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

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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