Automotive Tail Light Market Analysis, Trend, Size, Share, and Forecast 2017 – 2022
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An automotive taillight is a (usually) red light mounted on the back of an automotive. Taillights are a safety feature and are used for making it possible for the vehicle to be seen in the dark and in situations where visibility is poor. Disruption through innovation has become all-pervasive in the global automotive sector. On account of increasing government mandates and ever-evolving consumer demand, manufacturers have been hard-pressed to incorporate the latest technology in their offerings. Instead of focusing entirely on the aesthetics, manufacturers are paying increasing emphasis on functionality. Safety, functionality, and aesthetics are the key focus areas for manufacturers in the automotive tail light market. Increasing emphasis on sleek and functional vehicle design will mean that taillight design and functionality become integral to automotive product offerings.
5 Key Points from Fact.MR’s Report on Automotive Tail Light Market
· Based on source, halogen tail light will continue to be the most sought-after in the market. By 2017-end, the halogen segment is anticipated to account for over half of global market revenues. Meanwhile, the led segment is expected to register the highest CAGR over the forecast period.
· On the basis of vehicle type, passenger car is expected remain the most attractive segment throughout the assessment period. In addition, the segment is estimated to surpass a valuation of US$ 4,909 Mn over 2022, increasing at moderate CAGR.
· Demand for plastic tail lights will be significantly higher than the metal variants. By the end of 2017, plastic tail lights are anticipated to command for over two-third market share in terms of revenue. This is primarily due to the product’s superior features such as light-weight, translucency, and durability. Over US$ 9,929 Mn worth plastic tail lights are likely to be sold worldwide by 2022-end.
· By sales channel, aftermarket is projected to remain the most dominant segment, exceeding a market valuation of US$ 8,131 Mn towards the end of assessment period.
· In terms of revenue, Asia Pacific excluding Japan (APEJ) is expected to lead the global automotive tail light market over 2022. The region is expected to present lucrative growth opportunities for market players over the next couple of years.
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As per the latest report published by Fact.MR, the global automotive tail light market is set to expand at a sluggish CAGR of 3.8% over the forecast period (2017-2022) to reach a valuation of US$ 12,238.9 Mn. Lighting has always been an integral auto component and plays a substantial role in supplementing automobile safety. The key utilities of an automotive tail light includes signaling, direction indication, and ensuring vehicle visibility in poor light conditions to avert on-road collision. Moreover, some of the latest tail lights are specifically designed to grace the exterior look of the car, though this is more prominent in premium-end models. Manufacturers are also concentrating in further enhancing the efficiency and functionality of their products. Growth of the auto industry in emerging countries is also expected to influence the automotive tail light market in the medium term. In recent years, China has emerged as one of the leading manufacturing hub in the world owing to availability of low-cost resources, including both labor and raw materials. In addition, factors such as increase disposable income and rising living standards are driving the global demand for vehicles thereby favoring the growth of automotive tail light market.
Halogens to Remain the Most Desirable Tail light Source
On the basis of tail light source, the halogen segment is expected to command for around half of the market revenues by 2017-end. In addition, the segment is expected to reach a market valuation of US$ 6,537 Mn towards the end of forecast period. Meanwhile, the led segment is project to witness a faster CAGR, creating a robust absolute $ opportunity between 2017 and 2022.
By vehicle type, the passenger car segment currently accounts for little under one-half revenue share of the market and is expected to maintain its dominant position throughout the forecast period. By the end of 2022, this segment is expected to exceed a valuation of US$ 4,909 Mn, registering a listless CAGR.
Preference for Plastic Tail Lights will Remain Strong
In terms of revenue, plastic tail lights are expected to account for more than two-third share of the market by 2017-end. Plastic, being translucent, easy moldable and light-weight remains one of the most suitable material for tail light manufacturing. By 2022, around US$ 9,929.1 Mn worth plastic tail lights are estimated to be sold globally.
Based on sales channel, aftermarket will continue to be the predominant segment of the market over 2022. The aftermarket segment is expected to witness a moderate CAGR to reach a significant market valuation by the end of assessment period.
General Electric Company, Robert Bosch GmbH, Koninklijke Philips N.V., Koito Manufacturing Co., Ltd., HELLA KGaA Hueck & Co., OSRAM Licht AG , Valeo S.A., UNOMINDA, Stanley Electric Co. Ltd., Phoenix Lamps Limited, and Sammoon Lighting & Electrical Co., Ltd. are some of the top companies operating in the global automotive tail light market. Rising consumer demand for specific features and styling is pushing many of these manufacturers to incorporate leading-edge lighting technology in their products.
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