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The global automotive perimeter lighting system market is expected to exhibit a strong 12.56% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global automotive perimeter lighting system market is mainly driven by the demand for effective lighting systems that enable clear visibility of the vehicle in unfavorable weather conditions. The growing demand for innovations in the automotive industry is likely to drive the global automotive perimeter lighting system market over the forecast period. The report presents a comprehensive overview of the global automotive perimeter lighting system market by profiling major players operating in the market as well as the leading drivers and restraints operating on the market. the major factors likely to have a lasting impact on the global automotive perimeter lighting system market are assessed in detail in the report.Automotive perimeter lighting systems include the vehicle’s internal lighting as well as external lighting. In other words, all lighting systems designed to increase the vehicle’s visibility are a part of the perimeter lighting system. These systems are an important part of the automotive sector, especially in Northern parts of the world such as the U.S., Canada, and Northern Europe, where lack of visibility due to weather is a fairly common condition. The increasing legislation of stringent government regulations aimed at increasing passenger safety in automobiles is likely to be a key driver for the automotive perimeter lighting system market over the forecast period.
The increasing use of energy-efficient systems in automotive perimeter lighting systems is likely to be a key feature of the global automotive perimeter lighting system market over the forecast period. The increasing use of LED and OLED systems in automotive perimeter lighting system market is likely to remain a key factor for the market.
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Competitive Analysis:
Leading players in the global automotive perimeter lighting system market include Feniex Industries, Automotive Lighting, Samvardhana Motherson Group, Magna International Inc., Koito Manufacturing Co. Ltd., HELLA GmbH & Co., and Gentex Corporation.
In October 2018, GM announced that its new 2019 Silverado would feature an all-new automotive perimeter lighting system, comprising eight LED lights installed at strategic points along the vehicle.
Segmentation:
The global automotive perimeter lighting system market is segmented on the basis of type, material, application, and region.
By type, the global automotive perimeter lighting system market is segmented into LED, halo rings, fluorescent bulbs, and others.
By material, the global automotive perimeter lighting system market is segmented into plastic, glass, fiber, and others.
By application, the global automotive perimeter lighting system market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and electric vehicles.
Regional Analysis:
Europe is likely to dominate the global automotive perimeter lighting system market over the forecast period due to the rapid growth of the automotive industry, increasing demand for passive safety solutions such as more conspicuous lighting, and the increasing government support for the development of highly energy-efficient lighting systems for use in the automotive sector. The strong government support for automotive safety regulations in Europe is likely to be a major driver for the automotive perimeter lighting system market in the region over the forecast period.
North America is also likely to play a key role in the development of the global automotive perimeter lighting system market over the forecast period due to the growing attention on passenger safety and the increasing government support to the same, which has resulted in increasing prevalence of mandatory inclusion of perimeter lighting systems in automobiles.
Asia Pacific is likely to exhibit the fastest growth in the global automotive perimeter lighting system market over the forecast period due to the growing demand for automobiles in emerging countries such as China, India, the Philippines, Indonesia, and Malaysia. The growing demand for premium automobiles in this region, as well as the growing production of automotive components in the region, is likely to be a major driver for the automotive perimeter lighting system market in Asia Pacific over the forecast period.
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