Automotive Lighting Market Is Growing Rapidly | GE, HELLA, Magneti Marelli, OSRAM, Philips Lighting, Samsung Electronics, Valeo, Varroc Group
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As per estimates, automotive lighting market size from LED technology will register a CAGR of more than 7% over 2018-2024. Over the last few years, with the increasing importance imparted to aesthetic and ergonomics of the vehicles' interior as well as exterior, the design approach of contributors in the automotive lighting industry has indeed changed. They are now giving preference for the advancement of infotainment systems that will turn out to be rather beneficial for them in terms of revenue generation. As of now, the extensive use of LEDs for deploying lighting systems in vehicles will further stimulate the automotive lighting market size.
The revolutionary development of high-performance light sources is also one of the approaches undertaken by companies to gain a competitive edge over their rivals in the automotive lighting market. The growing awareness among the product developers about energy efficient lighting systems has been encouraging them to adopt new business tactics focused around this parameter. Merely a few months before, LG Electronics acquired the well-known automotive lighting and headlight systems provider, ZKW Group.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1.General Electric Company
2. HELLA GmbH & Co. KGaA
3. Hyundai MOBIS
4. Koito Manufacturing Co., Ltd.
5. Magneti Marelli S.p.A.
6. Namyung Lighting
7. OSRAM Group
8. Koninklijke Philips N.V.
9. Samsung Electronics Co., Ltd.
10. Seoul Semiconductor Co., Ltd.
11. Stanley Electric Co., Ltd.
13. Varroc Group
14. ZKW Group
The shifting focus of the automakers toward the betterment of vehicle ergonomics and functionality has been propelling automotive lighting market. Over the last few years, the automotive industry has observed notable changes in technological disposition such as autonomous vehicles and connected cars which have transformed the overall design of vehicles. With the integration of attractive lighting systems in the exterior as well as the interior design of the vehicles, the automotive lighting market has been experiencing a remarkable business growth. In addition, on-going dynamic changes such as the infotainment system in the interior of vehicles also will fuel the product demand considerably.
Taking into account the continuous transformation in the automotive technologies, lighting systems, and other additional functions, automotive lighting market magnates have been investing in the development of innovative lighting systems. The constant involvement of the key players in product enhancements fortailoring the future mobility facilities accordingly is poised to augment the industry growth. Merely a few days back for instance, considering the increasing popularity of autonomous vehicles, well-known contributor in the automotive lighting industry, Osram has developed smart LEDs (light emitting diodes) for interior lighting systems.
Industry Growth drivers:
o Increasing concerns regarding road safety to propel global demand
o Emerging government regulations
o Flourishing automotive industry in China
o Premium car production in Germany
o Penetration of LED technology from high-end to mid-range and low-end vehicles in the U.S
o Focus of companies on the Asia Pacific region to boost demand
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In order to bring about innovation in automotive lighting systems, currently, several companies in the automotive lighting market have been teaming up with each other for short-term and long-term projects. In September 2018 for example, the Canada-based automotive components supplier, Magna has formed a joint venture with Micro LED startup company, Rohinni for manufacturing flexible and thin LED lights for vehicles. The focus here is on the development of lighter, brighter, and energy efficient lighting solutions with the help of Rohinni's lighting technology and Magna's software and electronics expertise.
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