Global Automotive Lighting Market to Grow 4.62% CAGR to 2021 – Analysis of Hella, KOITO, Magneti Marelli, OSRAM, and Valeo

MarketResearchNest.com adds “Global Automotive Lighting Market 2017-2021” new reports to its research database. The report spread across 90 pages with tables and figures in it.

The research analysts forecast the global automotive lighting market to grow at a CAGR of 4.62% during the period 2017-2021.

Lighting in an automobile is one of the major systems since it provides safety and convenience while driving. In the modern vehicles, it is an important styling aspect too. The automotive lighting system includes lighting and signaling devices located on the front, sides, and rear of a vehicle. The primary function of automotive lighting is to ensure visibility to the driver by illuminating the path ahead of the automobile. Lighting improves vehicle visibility by indicating the presence and position of the vehicle to others. Hence, automotive lighting systems are designed and developed as per the visibility spectrum and its perception by human eyes.

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Technavio recognizes the following companies as the key players in the global automotive lighting market: Hella, KOITO, Magneti Marelli, OSRAM, and Valeo.

Other Prominent Vendors in the market are: Federal-Mogul, NEOLITE, SL Corporation, and Varroc Group.

The latest trend gaining momentum in the market is Decline in time gap between introduction of each new lighting technology. Looking onto the introduction timeline of automotive headlight systems, we are finding a trend of gradually dropping time gap between the introduction of each new lighting technology. This trend is, in turn, setting very short time to market (TTM) option for OEMs and suppliers, which can impact the product strategies for the entire value chain. Continuing the trend, we expect the next automotive headlight technology to be introduced anytime between 2018 and 2020.

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According to the report, one of the major drivers for this market is Increasing adoption of ambient lighting in mid-premium and entry-level vehicles. Ambient lighting is the interior lighting, which enhances the cabin appearance, especially during night time. It provides a stylish atmosphere inside automobiles. This concept was introduced in luxury vehicles in 2007 and has expanded to mid-prime and economical models ever since. The number of aftermarket vendors in the ambient lighting market is increasing owing to the consumer preference for better interior lighting.

Further, the report states that one of the major factors hindering the growth of this market is High cost of raw materials. Rising costs of raw materials used in vehicle lighting, especially for LED and other advanced technologies, can restrict the growth of the market. Plastic and lighting technology raw material costs hiked in 2016. Plastic polymer transparent materials, such as methyl methacrylate (MMA) and polycarbonate (PC), which are integral parts of the lighting systems, are witnessing increasing price levels, especially in the Europe and US markets since 2016. This is owing to the increasing demand for oil and gas, where the monomers that are used to make these polymers largely depend on.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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