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Global Automotive Lighting Market: Growing Production of Automobiles Worldwide Plays a Vital Role in Growth, says TMR Research
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The spiraling production of automobiles across the world is one of the leading factors augmenting the global automotive lighting market. The widening base of affluent consumers across developing countries such as India, China, and Brazil is stoking the growth of the passenger vehicles market in these regions, which in turn is providing a fillip to the global market for automotive lighting. In addition, the flourishing growth of the automotive sector and increasing spending power of people in these regions are working in favor of the market. Moreover, the increasing regulatory policies worldwide pertaining to passenger safety are positively impacting the growth of the market.
On the other hand, the high costs pertaining to lighting systems such as HID and LED are hampering the growth prospects of the global automotive lighting market. Furthermore, the massive volume of investments required for research and development activities in the field is restricting the further expansion of the market. Nevertheless, the growing popularity of the latest lighting solutions featuring advanced technologies and aesthetic designs is likely to provide tremendous momentum to the market.
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On the basis of technology, the global automotive lighting market can be segmented into xenon/HID, LED, and halogen. Based on vehicle type, the market can be divided into light vehicles, passenger cars, and commercial vehicles. In terms of geography, the report covers markets in North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. The market in developing regions such as Asia Pacific and Latin America will post noteworthy growth rates owing to the robust growth of the automotive sector and rising disposable income of the populace. However, developed regions such as Europe and North America will witness moderate growth due to stagnancy.
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A raft of small and large companies operating in the global automotive lighting market are competing fiercely in terms of aesthetics, material, product features, and cost, making the arena highly competitive in nature. Some of the prominent players in the market are Zizala Lichtsysteme GMBH, Stanley Electric Co. Ltd, Changzhou Xingyu Automotive Lighting Systems Co. Ltd, Varroc Lighting Systems, TYC Brother Industrial Co. Ltd, Wipac Limited, Koito Manufacturing Co. Ltd, Osram GMBH, Hella Kgaa Hueck & Co., General Electric, and Ichikoh Industries Ltd.
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TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.
Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.
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