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Automotive Lighting Market: Rising Demand for Road Safety to Offer Market Growth Opportunities
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Hella KGaA Hueck & Co, ICHIKOH INDUSTRIES LTD, General Electric Co., Magneti Marelli S.p.A, Hyundai Mobis, Royal Phillips Electronics, SAMSUNG ELECTRONICS Co., Ltd, Koito Manufacturing Co., LTD, Zizala Lichtsysteme GmbH, OSRAM Licht Group, and VALEO are some of the most prominent players.
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.
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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.
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.
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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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
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