The penetration of LED technology from high-end to mid-range and low-range vehicles is one of the major factors contributing to the growth of the automotive lighting market.
— The revenue of Automotive Lighting Market crossed $30 billion in the year 2017 and is predicted to touch 40 billion-dollar mark till 2024, growing at 5% between the years 2018 and 2024; as per the research done by Global Market Insights, Inc.
• Increasing concerns regarding road safety to propel global demand
• Emerging government regulations
• Flourishing automotive industry in China
• Premium car production in Germany
• Penetration of LED technology from high-end to mid-range and low-end vehicles in the U.S
• Focus of companies on the Asia Pacific region to boost demand
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Flourishing automotive industry across the globe is majorly driving the implementation of the automotive lighting market products. High production of vehicles, automotive spares, and systems in countries including Germany and China are driving the industry growth. The global automobile industry is growing as the car manufacturers have started responding to the newer government regulations for safety and customer demands for numerous advanced security features. Moreover, technological advancements and urbanization are creating manageable changes in the automotive industry.
LED technology in the automotive lighting market is expected to witness several growth opportunities over the forecast timeline. The penetration of LED technology from high-end to mid-range and low-range vehicles is one of the major factors contributing to the growth of the automotive lighting market. This is attributed to the declining costs of LEDs ensued by the optimization and the calibration of LED modules, which is compelling the car manufacturers to introduce LED lighting in economical cars as well. The benefits include more brightness and low power consumption. The use of LED lights is not limited to headlamp systems and are increasingly implemented in the interior and backlighting systems. For instance, cars, such as Nissan Alto and Honda Accord, are equipped with LED daytime running lights.
Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting. The growing awareness to develop safe and technically-efficient passenger vehicles and manufacturer strategies to sustain the high automotive lighting market competition drives the segment growth.
Browse key industry insights spread across 170 pages with 147 market data tables & 27 figures & charts from the report, “Automotive Lighting Market “ in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/automotive-lighting-market
The automotive lighting market is expected to witness a lucrative growth in China owing to the rapidly growing automobile industry in the country. The Chinese automotive industry has been at the forefront in terms of annual production surpassing Europe, the U.S., and Japan. China is an attractive place for foreign auto manufacturers and many established foreign players have their manufacturing plants in China. This can be credited to the cheap & easy labor availability and low costs of raw materials.
Prominent automotive lighting market players include Magneti Marelli S.p.A., General Electric, Hyundai MOBIS, HELLA GmbH & Co. KGaA, Namyung Lighting, Philips NV, Osram Group, and Varroc. The key industry players adopt efficient product development strategies including partnerships and mergers.
Glimpse of Table of Content (ToC)
Chapter 5 Automotive Lighting industry, By Vehicle Type
5.1 Key trends by vehicle type
5.2 Passenger cars
5.1.1 Market estimates and forecast, by region, 2013 - 2024
5.3 Commercial vehicles
5.2.1 Market estimates and forecast, by region, 2013 - 2024
5.3.1 Market estimates and forecast, by region, 2013 – 2024
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
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/automotive-lighting-market
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