The revolutionary development of high-performance light sources is also one of the approaches undertaken by companies to gain a competitive edge over their rivals in the automotive lighting market.
— In order to tap the popularity of advanced technologies, most of the automotive lighting market players are looking forward to focusing on product design alternations, acquisitions, and facility expansions. Driven by their efforts and the upcoming technology trends in electronic lighting, automotive lighting industry share is anticipated to observe commendable growth ahead.
Digitalization of vehicle interiors and exteriors with LED lighting is one of the prominent technologies that has made its mark in modern vehicle lighting systems. The evaluation of highly functional, durable, and innovative products will have a significant impact on industry growth over the years ahead. For instance, recently, one of the world’s largest manufacturers of semiconductors, Osram Opto Semiconductors has partnered with ISELED Alliance for developing advanced solutions for automotive LED lighting. The German semiconductor manufacturer and ISELED alliance through this collaboration are looking forward to integrating effective hardware and software system to optimize LEDs.
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The shifting focus of the automakers toward the betterment of vehicle ergonomics and functionality has been propelling automotive lighting market. Over the last few years, the automotive industry has observed notable changes in technological disposition such as autonomous vehicles and connected cars which have transformed the overall design of vehicles. With the integration of attractive lighting systems in the exterior as well as the interior design of the vehicles, the automotive lighting market has been experiencing a remarkable business growth. In addition, on-going dynamic changes such as the infotainment system in the interior of vehicles also will fuel the product demand considerably.
Taking into account the continuous transformation in the automotive technologies, lighting systems, and other additional functions, automotive lighting market magnates have been investing in the development of innovative lighting systems. The constant involvement of the key players in product enhancements for tailoring the future mobility facilities accordingly is poised to augment the industry growth. Merely a few days back for instance, considering the increasing popularity of autonomous vehicles, well-known contributor in the automotive lighting industry, Osram has developed smart LEDs (light emitting diodes) for interior lighting systems.
The revolutionary development of high-performance light sources is also one of the approaches undertaken by companies to gain a competitive edge over their rivals in the automotive lighting market. The growing awareness among the product developers about energy efficient lighting systems has been encouraging them to adopt new business tactics focused around this parameter. Merely a few months before, LG Electronics acquired the well-known automotive lighting and headlight systems provider, ZKW Group.
In order to bring about innovation in automotive lighting systems, currently, several companies in the automotive lighting market have been teaming up with each other for short-term and long-term projects. In September 2018 for example, the Canada-based automotive components supplier, Magna has formed a joint venture with Micro LED startup company, Rohinni for manufacturing flexible and thin LED lights for vehicles. The focus here is on the development of lighter, brighter, and energy efficient lighting solutions with the help of Rohinni’s lighting technology and Magna’s software and electronics expertise.
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All in all, it would be accurate enough to quote that the transformation in conventional lighting systems has enhanced automotive lighting market trends over the last few years. Tech companies have also been conducting continuous research and development activities to introduce optimized and cost-effective lighting systems. Powered by the surging utilization of modern lighting systems in next generation vehicles, automotive lighting market size will register a CAGR of 5% over 2018-2024.
Glimpse of Table of Content (ToC)
Chapter 6 Automotive Lighting industry, By Application
6.1 Key trends by application
6.2 Front lighting/Headlamps
6.1.1 Market estimates and forecast, by region, 2013 - 2024
6.3 Rear lighting
6.2.1 Market estimates and forecast, by region, 2013 - 2024
6.4 Interior lighting
6.3.1 Market estimates and forecast, by region, 2013 - 2024
6.5 Side lighting
6.4.1 Market estimates and forecast, by region, 2013 – 2024
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