Press release
Automotive Daytime Running Lamps Market Estimated to Expand at a Robust CAGR over 2016 - 2026
Automotive Daytime Running Lamps Market Dynamics
The automotive daytime running lamps market is driven by increasing vehicle production & sales, safety concerns, and technological advancements. The technology advancement in the field of safety and security is expected to fuel the demand of automotive daytime running lamps market throughout the forecast period. The daytime running lamps equipped with LED (Light Emitting Diodes) light source are the most recent technology used in the automobile industry as LED light source is more energy efficiency than the conventional light source that is halogen. Despite of the various growth drivers, there are some challenges faced by the market such as expensive price of LED and high development costs. The advantages of global LEDs lights over traditional lights are low voltage, durable, zero UV emission, flexible designs, eco-friendly, and long life.
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Automotive Daytime Running Lamps Market: Regional outlook
In terms of geography, the automotive daytime running lamps market has been divided in to seven key regions including North America, Latin America, Western Europe, Eastern Europe, Japan, Asia-Pacific excluding Japan (APEJ), and Middle East & Africa. The global automotive daytime running lamps market is expected to register healthy CAGR during the forecast period. North America is anticipated to be the dominant market for automotive daytime running lamps market followed by Europe and Asia Pacific. Factors such as increase in the adoption of daytime running lamps as they are mandated and permitted by government agencies along with an increase in vehicle production & sales and rising safety & security system per vehicle, are fuelling the demand for automotive daytime running lamps market globally.
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Automotive Daytime Running Lamps Market Key Players
The major players identified across the value chain of global automotive interior ambient lighting systems market include Hella KGaA Hueck & Co., Koito Manufacturing Co. Ltd., Magneti Marelli S.p.A, Valeo SA, Ichikoh Industries Ltd., Stanley Electric Co., Ltd., and ZIZALA Lichtsysteme among others. Major light source suppliers are Koninklijke Philips N.V., General Electric, and Osram GmbH. The automotive lighting companies work closely with OEMs to provide customized daytime running lamps as per the OEMs requirements to match the design of the vehicle.
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