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Global Automotive Auxiliary Lamps Market to Shine Bright at USD 11.1 Billion by 2032 | says Allied Market Research
Automotive Auxiliary Lamps Market
According to the report, the automotive auxiliary lamps market was valued at $7.3 billion in 2022, and is estimated to reach $11.1 billion by 2032, growing at a CAGR of 4.3% from 2023 to 2032.
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Based on type the auxiliary high beam segment dominated the market share owing to the fact that auxiliary high beams significantly enhance visibility during night driving, especially on unlit rural roads and highways. As auxiliary high beams provide a wider and longer beam pattern than standard high beams, they help in improving road clarity and thus reducing the likelihood of accidents. Moreover, with the growing emphasis on road safety, the demand for auxiliary high beams is further anticipated to grow.
Depending on application, the OEM segment dominated the market share, owing to the increasing demand for the repair and maintenance of old automotive auxiliary lamps. Moreover, the ageing vehicle fleet on roads requires continuous upgrades and replacement of older auxiliary lamps. Moreover, consumers prefer automotive auxiliary lamps from OEMs as they offer quality products, which meet safety standard set by regulatory bodies, further contributing to the market growth.
On the basis of vehicle type, the passenger vehicle segment dominated the market share owing to the growing urbanization and the rising population in cities, driving the need for personal mobility solutions. Additionally, changing consumer preferences and growing disposable income contribute to the growing demand for passenger cars. Furthermore, the rising environmental concerns toward reducing emissions from vehicles are resulting in increasing demand for electric and other alternative fuel vehicles, which is further fueling the demand for passenger vehicle segment.
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Regional Outlook
The growing population and increasing disposable income in developing countries such as India, Mexico, Indonesia, China, and others have resulted in increase in sales and production of passenger vehicles. Moreover, the growing vehicle sales in Asia-Pacific is majorly attributed to rapid technological advancements in the automotive industry by local automakers. This trend has resulted in the launch of new vehicle models. Likewise, the growth in affordable financing options, such as increased loan approvals and lower interest rates, as well as automotive dealership financing options, such as zero-interest financing, are further boosting automotive sales.
Recent Developments
⏹ On April 16, 2024, OSRAM GmbH Germany joined forces with Malaysia-based automotive LED maker, DOMINANT Opto Technologies in a strategic partnership aimed at integrating ams OSRAM's Open System Protocol. The collaboration will look after fostering innovation and promoting technological compatibility within the automotive lighting sector.
⏹ On February 1, 2022, Faurecia acquired a controlling stake in Hella GmbH & Co. KGaA, seeking to increase its presence in electrification and self-driving technology.
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Key Market Players
HELLA GmbH & Co. KGaA
LAMPA SpA
Suprajit Group
OSRAM GmbH.
STANLEY ELECTRIC CO., LTD.
ICHIKOH INDUSTRIES, LTD.
Lazer Lamps Ltd
J.W. Speaker Corporation
Venta Global Ltd
VALEO SA
The report provides a detailed analysis of these key players in the global automotive auxiliary lamps market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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