The automotive lighting market is flourishing with the compound annual growth rate (CAGR) of 6.50% through the forecast period of 2019 to 2025.
automotive lighting market is flourishing with the compound annual growth rate (CAGR) of 6.50% through the forecast period of 2019 to 2025. This report covers Automotive Lighting Market Market Size by vehicle type and technology, Automotive Lighting market share by top 5 companies and also the market share by start-ups during the forecast period. The report also presents a thorough whereabouts of the competitive landscape, trends, drivers, and challenges. Additionally, the study also incorporates the key market participants with necessary business insights.— The traffic fatality rate is on an upswing, and a lot of that is endorsed to the rising pedestrian deaths. Innovations in automotive lightings is an imperative factor playing an important role for the safety of driver as well as pedestrians. Investment in the automotive lighting segments are increasing and was observed to reflect its global market size at $23.8 billion as of 2018. As per the IndustryARC market research report, the
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Global Automotive Lighting Market: Leading Segments
Considering the applications, the passenger cars vertical is the fastest growing one in the automotive lighting market. The demands in the passenger vehicles are increasing at a considerate pace owing to the increasing disposable income and changing the lifestyle of the urban populous. The mindset of people has changed from cars-as-a-luxury to cars-as-a-need, this is the most important aspect in the passenger cars growth which observed the application CAGR to be growing at 5.20% through to 2025. Moreover, increasing business opportunities in the car-rentals industry are propelling the uptake of passenger cars vehicles.
By region, North America is leading the pack in the global automotive lighting market. The region is calculated to grab 33.50% of the total automotive lighting market share. This hefty share is accredited to the presence of dominating key players in the region accustomed with premium car segment. Additionally, the ballooning automotive industry accumulated with the emerging electric vehicle segment is accounted for the extensible growth in the global automotive lightings market.
Global Automotive Lighting Market Analysis
Automotive lighting systems including side lighting, rear lighting, interior lighting, and front lighting/headlamps are paramount for passenger cars, commercial vehicles, and two-wheelers. The application of these lights are not limited to night driving only but also they are essential in conditions such as rain, fog, dust or snow. According to the National Safety Council, medically consulted injuries due to automotive incidents totaled 4.6 million in 2017, and the aggregated injury costs were assessed at $433.8 billion in the same year. As per an article from the RAC Motoring Services, 58% of the motorists on the U.K. road think that brightness emitted by new age headlights is not appropriate and is accountable for putting the drivers at risk of collision. Although, the lighting industry is growing in the automotive sector the industry is still looking for efficient, productive, and most importantly much safer lighting solutions in the automotive lighting market.
Global Automotive Lighting Market Trends
Many of the mid-range and premium car manufacturers are installing adaptive battery lighting technology. While steering the car in corners and curves, these active lights pivot in the direction of traffic providing a better sight to the driver. These headlights are adjusted on vehicles speed and steering wheel movement to illuminate the road ahead. This increases the illumination of the road for the driver and simultaneously enhances safety due to incoming traffic.
Glares from oncoming vehicle’s high beam headlights cause distraction, stress, and temporary blindness. This is evidently hazardous and can contribute to hundreds of fatal night crashes. Niche companies are coming up with solutions that disable light rays directed towards the driver that can significantly improve the vehicle’s headlight performance at night.
Laser light is a commendable innovation in the automotive lighting technology after the introduction of xenon, LED, and halogen lighting system. Laser lights provide a luminous long ranged headlight for the cars taking much less space accompanied with high efficiency. The brightness these lights produce is almost four times than that of an LED. The automotive light market will witness an innovative and uncompromising lighting solution.
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Global Automotive Lighting Market: Competitive Landscape
Some of the key players mentioned in the report that are currently leading the automotive lighting market are Koninklijke Philips N.V., Stanley Electric Co., Ltd. , Hyundai Mobis, Valeo S.A., Osram GmbH., Hella KGaA Hueck & Co., Ichikoh Industries, Ltd., Magneti Marelli, General Electric Company, Koito Manufacturing Co., Ltd.
A. Automotive Ambient Lighting Market
B. Global Automotive Electronics Market
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