The automotive lighting market is anticipated to reach USD 34.65 billion by 2022. Strict government policies and rising safety concerns are likely to propel growth over the forecast period. In addition, growing consumer awareness concerning the significance of adaptive lighting including dynamic bend light and a glare-free high beam is also expected to have a positive impact on the exterior lighting market.
Increasing
apprehensions about using energy-efficient methods coupled with rising consumer
disposable income are expected to drive the industry. In addition, growing
demand for vehicles and technological advancements in the automotive industry
is expected to propel utilization. Attractive growth opportunities for new
entrants are expected in the industry owing to the growing number of total
vehicles purchased y-o-y across BRIC nations. However, there is a need for
legislative authorities to collaborate with light sourcing technology suppliers
to develop flexible design techniques.
THE
Automotive LED market is estimated to demonstrate considerable growth at a CAGR
of over 12.0% from 2015 to 2022. Halogen lights contributed to over 66.0% of
overall industry revenue in 2014, followed by LED and xenon. It has gained
prominence on account of easy availability, low purchasing costs, and low
replacement costs. However, rising fuel prices are expected to pose a threat to
the industry.
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The
increase in demand for eco-friendly LED technologies on account of high
efficiency, reduced CO2 levels, and high power, is expected to propel growth.
Companies have been trying to develop eco-friendly LEDs to promote product
differentiation and strengthen their global foothold. LEDs are used in daytime
running lights (DRL), parking light, brake lights, and turning lights. LEDs are
preferred over xenon and halogen lights owing to optimum light-bearing
capacities and improved design, which lead to increased shelf life.
The
adaptive headlight is an active safety feature that is intended to enhance the
drivers’ visibility in poorly illuminated areas. It encompasses functionalities
including automatic rotation which can sync with sensors and adjust brightness
and intensity of light. The front lighting segment accounted for over 70.0% of
the total revenue in 2014 owing to the availability of advanced features
including automatic rotation which can sync with automatic brightness modules
and sensor response. Extreme climatic conditions in Europe and North America
are expected to trigger demand for fog lights over the forecast period.
The
automotive lighting industry in Asia Pacific is estimated to grow at a CAGR of
over 8.0% and acquire a market share of about 45.0% over the forecast period.
The continuous expansion of suppliers coupled with a vast production base is
expected to position this region as the market leader. Countries including
India, Japan, and China account for the major production base for vehicles
globally, thus offering extensive growth opportunities.
Key
companies including Hella KGaA Hueck & Co., Koito Manufacturing Co.,
Magneti Marelli S.p.A and Valeo. Vendors usually employ the strategy of new
product development and mergers & acquisitions to enter new markets. The
introduction of low-cost LEDs and energy-efficient alternatives is foreseen as
a cost-effective strategy for the industry.
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Grand View Research has segmented
the automotive lighting market on the basis of technology, application, and
region:
Automotive Lighting
Technology Outlook (Revenue, USD Million, 2012 - 2022)
- Halogen
- Xenon
- LED
Automotive Lighting
Application Outlook (Revenue, USD Million, 2012 - 2022)
- Front/headlamps
- Rear
- Side
- Interior
Automotive Lighting
Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Europe
- Asia Pacific
- RoW
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registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
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