Automotive Lighting Market by 2026 May See a Big Move | Koninklijke Philips, DENSO Corp, Hella KGaA Hueck, Hyundai Mobis, Koito

Rise in awareness for road safety and strict government guidelines propel the growth of the automotive lighting market.

According to the report published by Allied Market Research, the global automotive lighting market was estimated at $18.00 billion in 2018 and is expected to hit $28.77 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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Increase in automobile production, rise in awareness for road safety, and strict government guidelines propel the growth of the automotive lighting market. On the other hand, high cost of LED lights impedes the growth to certain extent. Nevertheless, surge in demand for advanced technology in vehicles is anticipated to pave the way for multiple opportunities in the near future.

On the basis of technology, the market is divided into halogen, xenon, and LED segments. The halogen segment accounted for more than two-fifths of the total market revenue in 2018 and is projected to dominate throughout 2026. Simultaneously, the LED segment would portray the fastest CAGR of 9.9% till 2026.

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On the basis of application, the rear lighting segment contributed to nearly one-third of the total market share in 2018 and is expected to retain the lion's share throughout the forecast period. At the same time, the interior lighting segment is anticipated to portray the fastest CAGR of 7.3% by the end of 2026. The side and front segments are also discussed in the report.

On the basis of region, Asia-Pacific generated the highest share in 2018, holding more than half of the global market. Moreover, the region is also predicted to showcase the fastest CAGR of 6.9% during the study period. The other three provinces analyzed in the report include North America, Europe, and LAMEA.

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The key market players analyzed in the global automotive lighting market report include Hella KGaA Hueck & Co., Koito Manufacturing Co., Ltd., ROBERT BOSCH GmbH, Stanley Electric Co., Ltd., Valeo, and Zizala Lichtsysteme GmbH, Hyundai Mobis, DENSO Corporation, Koninklijke Philips N.V., and Osram Licht AG. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.

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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.

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.

Press Release: Automotive Lighting Market Is Expected to Reach $28.77 Billion by 2026: Says AMR | https://www.globenewswire.com/news-release/2020/04/16/2017461/0/en/Automotive-Lighting-Market-Is-Expected-to-Reach-28-77-Billion-by-2026-Says-AMR.html

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.