Automotive Lighting Market Global Trends 2017 to 2025, Future Growth & Industry Drivers
With the rising demand for vehicles on a global scale, the global market for automotive vehicles has been ascending at an exceptional pace. As a result, the demand for automotive lighting will propel the demand for automotive lighting, a crucial aspect of vehicles. Automotive lighting is being developed to provide cost-effective yet efficient lighting systems in order to ensure safety of the passengers while driving.
Moreover, a number of manufacturers have been reducing energy consumption by incorporating energy efficient technologies, in alignment with environment-friendly efforts. The expanding automotive industries in several regions, growing global population, and the rising disposable incomes of people are encouraging the growth of the global automotive lighting market. In addition to these factors, the government regulatory policies worldwide pertaining to the safety of passengers has also been triggering demand.
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In addition, advent of innovative technologies recently is expected to aid the expansion of the global automotive lighting market. For instance, in February 2017, Covestro, one of the leading polycarbonate producers in the world, has collaborated with Hella KGA Hueck & Co., a German automotive lighting company, to introduce a transparent PC-based film that is coated with polyurethane, producing a 3D effect. Polyurethane coating enables the imprinting of different images, which is not only meant to enhance the appearance but also safety.
On the other hand, the high costs of HID and LED lighting systems might prevent further expansion of the market due to the presence of several price conscious consumers, particularly in the emerging economies. Another key restraint that might challenge the growth of the market is the vast volume of investment required for conducting research and development activities. However, the effect of these factors can be counterbalanced by the growing need for latest lighting solutions featuring stylish, aesthetic designs and advanced technologies.
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Global Automotive Lighting Market
Automotive lighting plays an important role in the enhancing several aspects related to the safety, visibility, and aesthetics of a vehicle. Central to vehicle of any variety, commercial, private, big or small, the field of automotive lighting has evolved significantly in terms of improved visibility, design, technology, and energy consumption in the past few years. The recent developments in the LED lighting field have significantly helped the automotive industry achieve significant success in lowering down the energy consumed by lighting units.
This report on the global automotive lighting market presents an overview of many more developments to have influenced the market and its growth in the past few years. A detailed overview of the present state of the market and verifiable predictions about the future growth prospects of the market and its key elements are also included in the report. The report also presents a thorough analysis of factors such as growth drivers, trends, restraints, regulatory framework, and competitive landscape, which are expected to have a significant influence on the future state of the market.
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Global Automotive Lighting Market: Segmentation
The report segments the global automotive lighting market on the basis of criteria such as technology, position, vehicle type, and geography. On the basis of position of the automotive lighting, the market is segmented into front, rear, side, and interior. The front lighting unit commonly comprises fog lamp and head lamp units. The head lamp unit further includes low and high beam units, daytime running lamp (DRL) unit, and indicator. Tail lamp unit includes the position lamp, stop lamp, and indicators. Interior lighting, used to enhance the visibility in car interiors, is used to improve the aesthetic appeal of the vehicle.
In terms of lighting technology commonly used in automobiles, the report analyzes the market on the basis Xenon/HID, Halogen, and LED (light emitting diode). In terms of vehicle type, the market is segmented into passenger cars, light and commercial vehicles, and two wheelers. In terms of geography, the market has been analyzed for regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Global Automotive Lighting Market: Drivers and Restraints
The rising global demand for automobiles is the foremost factor driving the overall global demand for automotive lighting. The vast rise in an affluent consumer base across emerging economies such as India, China, and Brazil has, especially, fuelled the passenger vehicles market in these regions, thus positively impacting the overall development of the automotive lighting market. The rising numbers of vehicle production units in these countries are also leveraging the demand for automotive lighting units.
In the next few years as well, the market for automotive lighting is expected to earn a massive chunk of its revenue owing to demand and supply across these emerging economies, with developed markets such as North America and Europe witnessing moderate growth owing to stagnancy.
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