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Automotive Lighting Market: Rising Demand for Road Safety to Offer Market Growth Opportunities,
Browse The Report: https://www.transparencymarketresearch.com/automotive-lighting-market.html
According to TMR, the global automotive lighting market is likely to reach US$46,372.7 mn by the end of 2025, compared to US$28,250.5 mn in 2016, reporting a CAGR of 5.7% between 2017 and 2025. Occupying over 46% of the global automotive lighting market based on revenue, Asia Pacific emerged dominant in 2016. Based on application, the demand for front lighting was the highest in 2016.
Expansion in Automotive Sector to Create Lucrative Prospects
The steady growth witnessed in the global automotive lighting market is significantly influenced by the expansion of the automotive industry. Lighting is crucial for a vehicle to travel along roads during dark. Besides improving visibility during bad weather conditions and darkness, automotive lighting also increases the conspicuity of a vehicle. Be it passenger or commercial vehicles, energy efficient and cost-effective lighting systems are very important to ensure safe driving. Therefore, the rising demand for vehicles, and the subsequent growth in automotive production will give significant impetus to the global automotive lighting market. Additionally, the market is likely to benefit from the rising purchasing power of consumers, especially in emerging nations. Favorable government policies are also likely to enable the global automotive lighting market gain momentum in the coming years.
The market will gain considerably from rising focus on vehicle safety. This, coupled with the rising demand for improved road illumination, is expected to enable growth in the market in the coming years. With governments across various nations implementing more stringent laws to ensure better road safety, the automotive lighting market is likely to witness lucrative growth prospects in the coming years. To enhance road safety and make driving experience more relaxed, automakers are integrating technologically advanced lighting solutions, to enable drivers distinguish obstacles even at dark within the help of UV and IT lights. Furthermore, various signal lightings are introduced as well. These lights are adaptive to diverse ambient conditions and can respond to emergency breaks.
Fluctuating Raw Materials Prices Could Adversely Impact Overall Market
Newer trends recently introduced in the automotive sector are also creating newer opportunities for the market. For instance, the advent of ambient lighting is one of the newer applications, wherein the equipment is strategically installed in the vehicle to create a pleasing effect. In the last couple of years, the aftermarket sales of these systems have significantly increased over the years, indicating the rising demand for the same among automobile enthusiasts. The prevailing environment is therefore conducive for the steady growth of the automotive lighting market. On the downside, involvement of high initial investment and fluctuating prices of raw materials can have adverse influence on the overall automotive lighting market.
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Information provided in this review is obtained from a TMR report, titled “Automotive Lighting Market (Vehicle Type – Passenger and Commercial; Application - Front lighting, Rear lighting, Interior Lighting, and Side lighting; Technology - Halogen, Xenon, and LED; Product Scale - OEMs and Aftermarket Product) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025.”
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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