openPR Logo
Press release

Automotive Lighting Market Growth Steady at 3.3% CAGR to Reach $40.41 Billion by 2027

02-14-2020 03:07 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
Automotive Lighting Market

Automotive Lighting Market

The automotive lighting market was valued at US$ 30.50 Bn in 2018 and is expected to grow at a CAGR of 3.3% from 2019 to 2027 to reach US$ 40.41 Bn by 2027.

In 2018, Asia Pacific was estimated to hold the largest market share and is expected to be fastest region with a CAGR of 3.9%.

The vehicle lighting system is capturing a significant share in the automotive industry. The modern automotive lighting is a new trend. Factors such as increasing technological advances in lighting, continuous increase in the production of the automotive, stringent environment of rules & standards are some of the factors which contribute heavily towards the growth of the market.

In addition, rapidly growing economies have translated into rising per-capita incomes and consumer expenditures, which has promoted sales of automobiles in recent times. The automotive light also improves the performance and security of both driver and passenger while providing a complex design to suit the appearance of a premium car. The device of automotive lighting, such as headlamps, is becoming complex, and thus, they need specific testing equipment to combine them with innovative technologies in a consistent manner.

Get Sample Copy of this report at https://www.theinsightpartners.com/sample/TIPRE00005243/?OpenPR-10115

The prominent market players in the automotive lighting market are Osram-Continental, Hella GmbH & Co. KGaA , koito Manufacturing Co., Ltd., Magneti Marelli, Stanley Electric co. Ltd among others for a considerable share of the market owing to their product offerings to the automotive lighting market.

Market leaders are involved in taking up various market initiatives such as geographical expansion, product innovations by implementing advanced technologies, partnerships, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name globally. For instance, in 2019, OSRAM Continental announced the opening of a new facility in Guadalajara, Mexico.

Through this new facility, the company will focus majorly on R&D activities to support business and make its strong foothold in the Americas region. For illustration, in 2019, HELLA presented its new lighting solutions for emergency vehicles at RETTmobil in Fulda. The company also presented its new lighting solutions designed for the vehicle roof. The flat LED roof bars "Micro Lightbar" and "Mini Lightbar" generates both rotating and flashing warning signal. These strategies help the companies to remain competitive in the automotive lighting market.

The increasing sales of premium and luxury car owing to rising disposable income, and stringent government regulations regarding automotive lighting are the major factors driving the market. The rise in the sales of vehicles, in particular passenger cars, can be attributed to the steady increase in the disposable incomes of consumers, especially during the post-recession era. In the western countries where consumers have high disposable incomes, it has been observed that with the rise of the vehicular population, consumer preferences for buying passenger cars differs.

Directly Purchase this research study at https://www.theinsightpartners.com/buy/TIPRE00005243/?OpenPR-10115

The automotive industry in APAC region has witnessed growth in past years, and the western OEM and automotive manufacturers have shifted their focus toward strengthening their position in the region. The rapidly growing economies have translated into rising per-capita incomes and consumer expenditures. As a result, APAC witnessed high growth in automobile sales in recent times. The higher number of automobiles on the road demands higher production of vehicles and thus present large potentials for vehicle lighting manufacturers to expand their business base in APAC.

The demand for automotive lighting in North America is growing owing to the increasing demand for passenger cars in the region. The automakers in the region are focusing on integrating advanced lighting solutions in vehicles to provide better driving experience and avoid accidents that are caused due to low lights.

The market for automotive lighting in North America is competitive, and the automotive lighting manufacturers are focusing on gaining a significant market share by taking various business initiatives. For instance, in 2019, Varroc announced the opening of State-Of-The-Art Manufacturing Hall in Nov? Ji?n. Through this new facility indulged in the manufacturing of rear lamps and fog lamps to reach the highest standards of production logistics, automation, and safety across the Europe region. Similarly, in 2018, Lumileds developed new Philips Ultinon LED headlights, which is 160% brighter than the usual light that permits the driver to see more and react faster, as well as up to 6,200 K color temperature delivers the vehicle with a new and slick modern look.

Contact Us:
Call: +1-646-491-9876
Email: sales@theinsightpartners.com

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Automotive Lighting Market Growth Steady at 3.3% CAGR to Reach $40.41 Billion by 2027 here

News-ID: 1933035 • Views:

More Releases from The Insight Partners

Avocado Oil Market Business Prospects and Growth Projections to 2027
Avocado Oil Market Business Prospects and Growth Projections to 2027
Avocado oil are perceived to be one of the healthiest ingredient which can be used in various food products such as bakery & confectionary, beverages, dairy & frozen desserts, and sweet & savory snacks. Avocado oil is gaining high popularity among the consumers due to rising awareness about the health benefits offered by avocado oil. Download sample PDF: https://www.theinsightpartners.com/sample/TIPRE00010900/?utm_source=OpenPR&utm_medium=10822 The avocado oil market, based on nature, is segmented into organic and conventional.
Optical Coating Market Classification, Opportunities, Types and Applications, St …
An optical coating is made of a combination of thin film layers that create interference effects to enhance transmission or reflection properties within an optical system. An optical coating is composed of a blend of thin layers of materials such as metals, rare earth materials, or oxides. The performance of an optical coating is dependent upon the number of layers, the thickness of the individual layers, and the refractive index
Infantile Spasms Therapeutics Market Partnering Deals of Key Players 2024-2031
Infantile Spasms Therapeutics Market Partnering Deals of Key Players 2024-2031
The Infantile Spasms Therapeutics Market size (volume and value) and industry chain structure published by The Insight Partners through its high quality database which is a valuable source of guidance and direction for companies and individual interested in the industry. Major companies with their market volumes and revenues are covered for each of the regions (North America, Europe, Asia Pacific, Middle East & Africa, South & Central America). Download Sample PDF
Sailcloth Market SWOT analysis by Size, Status and Forecast 2030
Sailcloth Market SWOT analysis by Size, Status and Forecast 2030
The latest market research released by The Insight Partners- "Growth Projections on Sailcloth Market - Statistics and Facts" is the one-stop solution for all Sailcloth market-related queries. Sailcloth market size is projected to grow from US$ 133.18 million in 2022 to US$ 171.69 million by 2030; it is anticipated to register a CAGR of 3.2% from 2022 to 2030. This report offers a thorough picture of those challenges to prepare businesses

All 5 Releases


More Releases for Automotive

KSA Automotive Market | KSA Automotive Industry | KSA Automotive Industry Resear …
Saudi Arabia’s automotive market faced a decline in new car sales due to tripling of value-added tax (VAT) rates. Effective in July 1, 2020, Saudi Arabia hiked its VAT from 5% to 15%. Vision 2030 trying to attract foreign investment to kick start Dammam manufacturing city to aid re-exports & fulfill domestic demand Surge in Domestic Manufacturing to gain independence of Imports: With Vision 2030, KSA is trying to gain impendence of
Automotive Fuel Injectors Market: Growing Automotive Sales Fueling Automotive Fu …
Automotive fuel injectors market is likely to grow at a steady pace in the long run, according to a new report by Fact.MR. The demand for automotive fuel injectors continues to remain influenced with a multitude of industry-specific and macroeconomic factors. Significant growth in the automotive sector, coupled with increasing vehicle fleet remain instrumental in driving the demand for automotive fuel injectors worldwide. Fact.MR estimates that the sales of automotive fuel injectors are expected
Automotive Gearbox Market,Automotive Gearbox Industry, Global Automotive Gearbox …
Latest industry research report on: Global Automotive Gearbox Market : Industry Size, Share, Research, Reviews, Analysis, Strategies, Demand, Growth, Segmentation, Parameters, Forecasts This industry study presents the global Automotive Gearbox market size, historical breakdown data (2013-2018) and forecast (2018-2025). The Automotive Gearbox production, revenue and market share by manufacturers, key regions and type; The consumption of Automotive Gearbox in volume terms are also provided for major countries (or regions), and for each
Automotive Windscreen Sales Market – Analysis of Automotive Windscreen Sales G …
Automotive Windscreen Market report provides an in detail study of Manufactures in the market which is based on the various objectives associated with an organization such as Analysis, Market Share, Regional Market Performance, Product Specification, and the Company Introduction. The latest market intelligence study on Automotive Windscreen Sales market relies on statistics derived from the application of both primary and secondary research to present insights pertaining to the operational model, opportunities
Global Automotive Windshield Pumps Market 2018- SHW AG, TRW Automotive, Delphi A …
Apex Market Reports, recently published a detailed market research study focused on the "Global Automotive Windshield Pumps Market" across the global, regional and country level. The report provides 360° analysis of "Global Automotive Windshield Pumps Market" from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the Global Automotive Windshield Pumps industry, and estimates the future
Automotive Steering System Market Players: Mitsubishi Electric, TRW Automotive H …
Automotive steering system market is expected to grow with the CAGR of about 6% from 2016 to 2022. Due to increasing demand for the driving comfort & fuel efficient vehicle as well as increasing vehicle production globally will drive the Automotive steering system market. Market Scenario Steering is the connection point between car and driver. It provides control and the feel of the road and plays a key role in the vehicle’s