Press release
Automotive OE Lighting Market: Industry Players to Show High Growth Rate by 2024
The lighting system which is specifically designed for automotive applications such as lighting the roads, signaling the other vehicles, is known as automotive lighting. OE is the term used for denoting original equipment representing the authenticity of the products from the manufacturers. The position of this lighting system depends on the lumens of the bulb which are selected or designed based on the structure of the vehicle. Some are assembled in the front, rear, and on the top of the automobile. Automotive lighting plays a vital role in transportation systems to avoid mishaps.
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Global Automotive OE Lighting Market: Segmentation
The Automotive OE lighting segmentation is based on products which include halogen, HID Xenon, and LED lights. Of which, LED lighting is dominating the market and this type is preferred based on the type of the vehicle and its application. Based on vehicle types, the global market is classified as passenger-carrying vehicles such as two-wheelers, cars, SUVs, buses, and many others as well as goods carrier and multi-utility vehicles including the truck, cranes, tractors, and so on. Based on the positioning of the lighting system, the global market is divided into the headlight, fog light parking lights, brake light, indication lights, and cabin or interior lights.
Global Automotive OE Lighting Market: Growth Factors
Significant economic growth, increasing government spending, advanced progress in infrastructure and rise in consumers leaning towards personal transportation and convenience are the factor responsible for the growth of the Automotive OE lighting market. End-user’s changing mentality towards experiencing luxury in traveling has boosted the demand for various modifications which include the major change in lighting system; as a result, this indirectly fosters the market growth. Rising craze of sports cars in the young generation with fancy and elegance is also driving the growth of the Automotive OE lighting market. Road mishaps, purposely demonstrated stunts leading to vehicle damage is driving the business for the garages and repair center, which indirectly affects the demand for the Automotive OE lighting market. However, restrictions on using high beam lights in some regions by the government are restraining the growth of the market.
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Global Automotive OE Lighting Market: Regional Analysis
The Global Automotive OE lighting market is segmented as North America, Europe, Middle East, Asia-Pacific, Latin America, and Rest of World. Europe is anticipated as leading player in the global automotive OE lighting market. This trend is followed by North America and Asia-Pacific and is anticipated to continue in future.
Global Automotive OE Lighting Market: Competitive Players
Some of the major players contributing to the development of OE lighting market globally are Delphi Automotive PLC, BASF SE, Flextronics Automotive GmbH & Co. KG, Odelo, Visteon Corporation, Federal-Mogul Corporation, Grupo Antolin Irausa S.A, OSRAM AG, Stanley Electric Co., Ltd., Hyundai Mobis Co., Ltd., Koito Manufacturing Co. Ltd. Other participants in the global market are ZKW, Covestro, Lumileds, Hella KGaA Hueck & Co., Gentex Corporation, Ichikoh Industries Ltd., and Valeo SA. Many companies are adopting new strategies to firm their marketplace. For instance, China’s Luye Auto Lighting company has launched its first LED-based automotive lighting plant in Nanchang. The total value of the manufacturing facility is about $72.97 million with a production capacity of 500,000 modules.
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Global Automotive OE Lighting Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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