Automotive Lighting Market Size, Share, Growth, Revenue, Global Industry Analysis and Future Demand | Fortune Business Insights(TM)

Accounting to the high number of fatalities due to road accidents, governments across the world have imposed strict regulations regarding road safety and high beam light installation. These factors will have a direct impact on the growth of the overall market in the forthcoming years.

he global automotive lighting market size is projected to reach 100.8 billion. Driven by strict government regulations regarding road safety, the market will rise at a considerable rate in the coming years. According to a report published by Fortune Business Insights, titled "Global Automotive Lighting Market Size, Share & Industry Analysis, By Technology Type (LED, Halogen, Xenon), By Application Type (Front Lighting, Rear Lighting, Side Lighting, Interior Lighting) and Regional Forecasts, 2019-2026," the market volume was USD 53.8 billion in 2018 and will exhibit a CAGR of 8.3% during the forecast period, 2019-2026.

Ideal automotive lighting helps drivers see clearly during night times as well as extreme weather conditions. The demand for proper lightings in an automobile across the world has emerged in favor of the growth of the market in recent years. The high prevalence of road accidents has contributed to the demand for automotive lighting. According to the World Health Organization (WHO), around 20-50 million people are injured in road accidents. Moreover, road accidents account for 1.25 million deaths among which, natural disasters such as fog, snow, dust, and rain are primary reasons.

The report provides an in-depth analysis of the global automotive lighting industry. It highlights the latest product launches and labels major innovations in the market. In addition to this, it states the impact of these products on the growth of the market. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years.

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Forecast values have been provided for the market for the period of 2019-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals.

List of the leading companies that are operating in the Automotive Lighting Market include;

Bosch
Hyundai Mobis
Koninklijke Philips N.V.
Varroc Group
Valeo
Continental
HELLA GmbH
Denso Corporation.
Lear Corporation
OSRAM
Automotive lighting (Magneti Marelli)
North American Lighting, Inc.
Koito Manufacturing co., ltd
Lumax Industries.
Gentex corporation
Stanley Electric Co., Ltd.

Browse detailed market insights of automotive lighting market research report: https://www.fortunebusinessinsights.com/automotive-lighting-market-101978

Increasing Number of Product Innovations Will Have a Positive Impact on Market Growth

The report highlights several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product innovations have contributed to the wide product adoption. Moreover, increasing investments in product R&D will have a direct impact on market growth. In September 2019, Osram announced the launch of 'Eviyos', a product that is capable of delivering HD projections on the road that will help display any obstructions in the road. The report analyzes a few of the factors, similar to such product innovations, and gauges their impact on the global market.

Europe is Projected to Dominate the Market; Strict Government Policies Will Emerge in Favor of Market Growth

The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Europe is projected to dominate the market in the coming years driven by strict government norms supporting road safety. Besides Europe, Asia Pacific holds a high potential for the coming years, accounting to the increasing number of vehicle users in this region. As of 2018, the market in Asia Pacific was worth USD 13.0 billion and this value is projected to increase further in the coming years.

Noteworthy Industry Developments:

January 2018: Magneti Marelli unveiled new autonomous lighting at the North American Auto Show in Detroit.

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