$54 Billion Automotive Lighting System Markets, 2024 - Increasing Adoption of OLED Lighting Technology Presents Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 5, 2019--The “Automotive Lighting System Market - Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global automotive lighting market is estimated to generate revenues of more than $54 billion by 2024, growing at a CAGR of over 6% during 2018-2024. The market research report also offers market share analysis by unit shipment volume during the forecast period.
Growth EnablersLEDs Emerging as Power-efficient Choice for Future Mobility High Adoption of Sustainable and Green Technology Driving Growth of LEDs Increased Demand for Luxury Cars from APAC Region High Adoption of ADAS Promoting New Generation of Automotive Lighting
Growth RestraintsSlow Development and Low Consumer Acceptance of Autonomous Vehicle Platforms Stringent Regulations to Phase out Inefficient Lighting Technologies Increasing Cost Pressure on Manufacturers
Opportunities & TrendsRapid Developments in Automotive LED Lighting Technology Emergence of Automotive Mood Lighting Increasing Adoption of OLED Lighting Technology Introduction of Laser Light Technology Growing Popularity of Autonomous Vehicles
This market research report includes a detailed segmentation of the market by products - exterior lighting, products - interior lighting, vehicle, installation, and geography. The global automotive lighting market by exterior lighting is segmented into headlamps, rear lamps, fog lamps, and others.
Headlamps dominated more than half of the total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The introduction of LED and laser headlights is one of the primary factors attributing to the development of the exterior lighting segment in the global market.
The manufacturers are designing rear lamps with OLED technology to ensure high performance and power efficiency in this segment in the global market. The implementation of stringent government regulations that mandate the usage and adoption of fog lights will revolutionize the global automotive lighting market.
The interior lighting segment in the global automotive lighting market is classified into roof console, reading lights, car body lighting, and ambient lighting. Ambient lighting systems are the fastest growing segment in the global market, at a CAGR of around 8% during the forecast period. The growing demand for systems that increase the safety by illuminating vehicle interiors without driver distractions propelling the growth of this segment in the global market.
The use of functional interior lighting systems such as dome lights will fuel the demand for advanced roof console systems in the global market. The installation of reading lights enables passengers to view maps for navigation or read a book without distracting the driver in the market. Car body lighting provides both functional lighting and aesthetic appeal to primarily luxury cars in the global automotive lighting market.
The global automotive lighting market by the installation is divided into OEM and aftermarket. OEM segment occupied the majority of total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The regional economic performance, automotive demand, and the adoption of stringent safety regulations are some of the key factors contributing to the growth of this segment in the global market.
The increasing growth than wear-and-tear and crash-relevant parts is driving the demand for aftermarket services in the market. The rapid technological advancements and consolidation among suppliers will contribute to the development of aftermarket services segment in the global automotive lighting market.
The vehicle segment in the global automotive lighting market is categorized into the economy, mid-priced, and luxury. Mid-priced cars are the fastest growing segment in the global market, at a CAGR of over 9% during the forecast period. The increasing demand for crossovers and compact SUVs is majorly driving the growth of mid-priced cars in the global market.
Vendors are integrating power electronic devices that are used for various safety components such as airbag systems or ECS systems and tire pressure monitoring systems in economy cars to attract a new group of consumers. Leading OEMs such as Tesla, Chevrolet, BMW, and Volvo are developing electric vehicles in the global automotive lighting market.
Key Vendor Analysis
The global automotive lighting market is witnessing competitive pricing and the presence of several competitors. The increasing production and adoption of electric vehicles are enabling APAC to emerge as the world leader in the global market. The increase in export activities by global giants such as Toyota, Honda, and Suzuki will intensify the competition levels in the market.
The top players are focusing on product differentiation to gain a larger global market share. The increasing investment in the innovation and business expansion will fuel the development of the global automotive lighting market.
The major vendors in the global market are:Hella Koito Manufacturing Magneti Marelli OSRAM Bosch Valeo
Other prominent vendors include: 3M, APAGCoSyst, Changzhou Xingyu Automotive lighting, CML Innovative Technologies, DRAEXLMAIER, EFI LIGHTING, Faurecia, Federal-Mogul, Flex-N-Gate, Flextronics International, Gentex Corporation, Grupo Antolin, Infineon Technologies, Innotec, Johnson Electric Holdings, Koninklijke Philips, Magna International, MENTOR, Neolite ZKW, OSHINO LAMPS, Pacific Insight Electronics, Panasonic, Phoenix Lamps Division, SamvardhanaMotherson Group, SCHOTT, Shanghai Sunlight Enterprise, Sigma International, Stanley Electric, Texas Instruments, and Toyoda Gosei.
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Related Topics:Automotive Body, Trim and Glass
INDUSTRY KEYWORD: AUTOMOTIVE AFTERMARKET
SOURCE: Research and Markets
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PUB: 02/05/2019 08:14 AM/DISC: 02/05/2019 08:14 AM