Automotive Lighting Market - Product Expert Unique Ideas by ROBERT BOSCH, Valeo, DENSO Corp, Hella, Hyundai Mobis, Koito Manufacturing, Koninklijke Philips, Osram Licht, Stanley Electric
Key Finding of The Automotive Lighting Market:
1) Based on technology, the LED segments generated the highest revenue in 2018.
2) Based on vehicle type, the passenger vehicle segment was the highest revenue contributor in 2018.
4) Based on region, Asia-Pacific contributed the highest market revenue in 2018, followed by Europe, North America, and LAMEA.
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According to a recent report published by Allied Market Research, titled, "Automotive Lighting Market by Technology, Vehicle Type, Application, and product Sale: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global automotive lighting market size was valued at $18.00 billion in 2018, and is projected to reach $28.78 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026.
Automotive Lighting Market Based on technology, the LED segment dominated the global automotive lighting market in 2018, in terms of revenue. In addition, based on vehicle type, the passenger vehicle segment is expected to lead the market throughout the forecast period. In terms of application, rear lighting segment is expected to lead the market during the forecast period. Based on product sale, the original equipment manufacturers (OEMs) is the highest contributor to the automotive lighting system. At present, Asia-Pacific is the highest revenue contributor, and is expected to garner the highest revenue in the global market during the forecast period, followed by Europe, North America, and LAMEA.
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Asia-Pacific dominates the market, followed by Europe, North America, and LAMEA. China dominated the global automotive lighting market share in 2018, whereas India is expected to grow at a significant rate in the Asia-Pacific during the forecast period.
Lighting, being a vital component in automotive vehicles, plays an important role in automotive safety. Automotive vehicle consists of variety of lights, which increases visibility in darkness and bad weather conditions. In addition, the lights can increase conspicuity of vehicle. Lighting system comprises lighting and signaling devices. The lighting equipment are placed at different locations in the vehicle including front, rear, top, and interiors. Lighting provides illumination for the drivers, helping other vehicle drivers and pedestrians on the road to detect other vehicle's position, direction of movement, and size. Further, it also adds aesthetic looks for both interior and exterior parts of vehicles.
Many leading automotive lighting manufacturers are introducing new range of systems with innovations and advancements in it. For instance, Hyundai Mobis has developed the concept of communication based on lighting system used in automobiles. In addition, Hyundai Mobis has developed the world's first advanced adaptive driving beam linked to the advanced driver assistance system (ADAS), which prevents glare on the driver of the car moving in front and providing high beams on all front sides while driving. Also, HELLA KGAA HUECK & CO. has made several agreements and collaborations for developing and enhancing advanced lighting system to be used in automobiles.
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Automotive lightings are used for providing a better view while driving and increase the safety and security while driving. With the increased production and sales of automobiles across the globe, the demand for adaptive lighting system has increased eventually leading the players operating in the region to develop new technologies to be applied in automobiles. Automotive lighting includes halogens, xenon/Hid, and LEDs among which halogens have a wider application due to its lower cost and easy availability. During the forecast period, LED lighting technology would witness the highest growth. This growth would be fueled by features such as low power consumption, longer life, and compact size of LED lights. The decreasing cost of LED lights would further fuel their growth during the forecast period. However, halogen lighting technology would maintain its leading position due to their low-cost advantages and widespread adoption.
Front lighting application finds the largest application in automotive, followed by rear lighting. Stringent government regulations as well as increase in demand related to efficient front lighting in vehicles drive the growth of the automotive lighting market. Moreover, interior lighting would also witness growth due to increase in trend of installing LED lights inside the vehicle for enhancing the looks. Passenger vehicles, with their dominant market share in total vehicle segment, would be the largest vehicle type segment for automotive lighting. The demand for aesthetic lighting features would support the demand of lights in private and commercial cars.
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The factors such as increase in emphasis toward road safety, stringent government regulations, and growth in automobile production foster the growth of the automotive lighting market. However, high cost of LEDs is expected to hinder the automotive lighting market growth. Furthermore, rise in demand for automotive in developing nations is anticipated to provide a remarkable growth opportunity for the players operating in the automotive lighting market.
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