The global automotive lighting market revenue is expected to expand at a lucrative CAGR over the forecast period. Rising disposable income with improving economic conditions, especially in developing economies, is driving demand for vehicles, as well as growth of the automotive industries. Increasing automotive production capacity, coupled with stringent governments regulations is expected to drive demand for automobiles over the forecast period.
The global automotive lighting market report has been segmented on the basis of technology, vehicle type, application and region.
On the basis of technology, the target market is segmented into halogen, xenon/HID (High-Intensity Discharge), LED (Light Emission Diode). LED segment is expected to dominate the global market. Traditionally it was used in rear lighting of vehicles, but due to advanced features such as better lighting systems and improved power efficiency, these accessories are being increasingly used as front lighting and headlamps as well.
On the basis of vehicle type, the target market is segregated into commercial vehicle and passenger vehicle. The passenger vehicles segment accounts for the largest market share of the global market currently. Passenger cars majorly deploy these lighting systems due to easy incorporation into interiors and exteriors, sides, rear, and front-lighting applications.
On the basis of application, the global market is classified into front light, fog light, rear light, side light, and interior light. The front light segment is estimated to be the largest revenue contributing segment in the target market.
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Based on region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to account for highest revenue share over the forecast period, owing to increasing automotive production along with government safety regulations is expected to drive growth of the market over the forecast period. In addition, government programs and initiatives to reduce the number of road accidents, and manufacturers focusing on improving driver experience are among other factors projected to spur growth of the target market.
Key players operating in the global automotive lighting market include General Electric, Magneti Marelli S.P.A, Koito Manufacturing Co. Ltd., Valeo, Hella KGaA Hueck & Co., Stanley Electric Co., Ltd., Ichikoh Industries Ltd., Osram GmbH, Lumax Industries Zizala Lichtsysteme GmbH, Koninklijke Philips N., and Royal Philips Electronics.