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