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Global Automotive Lamp Market Growth 2022- Industry Outlook, Present Scenario of Manufacturers, Share, Size, Opportunities and Forecast to 2027: Ken Research
Referring to the study, Global Automotive Lamp Industry Research Report 2021 Segmented by Major Market Players, Types, Applications and Countries Forecast to 2027. Some of the key companies operating in the global automotive lamp market include Draexlmaier Group (Germany), Lear (USA), Magneti Marelli (Italy), Aster (Japan), Lumax Industries (India), FBK (Japan) and among others. Manufacturers are trying to improve the efficiency of automotive and industrial lighting solutions. Many manufacturers who rely on energy-efficient electronics in cars now rely on LED car lights. LEDs have a high-tech look and longer lifespan, which is why they are becoming increasingly popular with manufacturers. Some companies make LED headlights with a flexible light source.
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By types, automotive lamp market can be segmented as back up lamp, headlight, cornering light lens, tail light and others. In addition, by application, market can be segmented as commercial vehicles and passenger cars. Passenger cars segment dominates the global market owing to rise in income and lifestyle of the population.
Increase in lighting regulations for better visibility and safety, followed by rise in demand for premium segment vehicles, increase in purchasing power of customers and high demand for adaptive lighting are some major factors, which are responsible for growth of the automotive lamp market. Apart from this, low penetration of advanced lighting in hatchback, entry-level SUV & compact sedan and high cost of LED lights may impact the market. Moreover, Evolution of new technologies along with partnership between automotive OEMs and lighting system manufacturers are leading opportunities for global market. In addition, laser lighting is also an emerging trend in the automotive industry as it is smaller and almost four times brighter than an LED.
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Based on regional analysis, the North-America is a leading region in global automotive lamp market owing to rise in usage of lighting on vehicles, growth in technological advancements and increase in passenger car sales across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rate due to existence of automotive lighting giants and increase in passenger car demand over the forecast period. It is projected that future of the global automotive lamp market will be optimistic on account of presence of automotive vehicle manufacturers
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