Automotive Lighting Market is directly influenced by the automotive industry production of vehicles. Any fluctuation in the production of vehicle affects the dynamics of the automotive lighting market. Due to an increase in the demand for vehicle, it is estimated that the automotive lighting market would grow in the years to come. Due to the stringent emission norms, environment, and health and safety concerns, the governmental regulatory authorities have issued guidelines and regulations associated with the mentioned concerns. The norms and guidelines encourage the automotive lighting systems manufacturers to develop an efficient lighting system. It is anticipated that automotive lighting would show significant growth in the next seven years.
The automotive lighting market is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is expected to reach USD 29.97 Billion by 2022.
MARKETS AND MARKETS
The Automotive Lighting Market is majorly driven by increasing vehicle production and increasing lighting applications, especially in passenger cars. Additionally, factors such as passenger and pedestrian safety regulations and increased demand for luxury, comfort, and ambience are driving technological advancements in the automotive lighting industry. The automotive lighting market is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is expected to reach USD 29.97 Billion by 2022.
The research methodology used in the report involves various secondary sources including paid databases and directories. Experts from related industries and suppliers have been interviewed to understand the future trends of the Automotive Lighting Market. The bottom-up approach has been used to estimate the market size, by volume and value. The market size, in terms of volume, is then multiplied by the average OE price (AOP) of lighting units required for each application and vehicle type to calculate the market in terms of value. The summation of the country-wise market gives the regional market and further summation of the regional market provides the global automotive market, by volume and value. Lighting manufacturers associations such as Automotive Component Manufacturers Association of India (ACMA), Japan Lighting Manufacturers Association (JLMA), European Automobile Manufacturers’ Association (ACEA), and The Canadian Vehicle Manufacturers’ Association, among others were consulted for gathering the information.
Target Audience of Automotive Lighting Market
- Manufacturers of automotive lighting systems
- Lighting component suppliers
- Dealers and distributors of automotive lighting systems
- Original equipment manufacturers
- Industry associations, investment firms, equity research firms, and private equity firms
“The study answers several questions for the stakeholders, primarily which market segments to focus in the next two to five years (depends on range of forecast period) for prioritizing their efforts and investments”.
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With the continuous developments in LED and intelligent lighting technologies, various automobile manufacturers have succeeded in lower energy consumption levels of lighting units and to provide better and safer visibility system. Koito Manufacturing (Japan), Valeo S.A. (France), and Hella KGaA Hueck & Co. (Germany), are the major players in the automotive lighting market. The advanced automotive lighting would help the automotive manufacturers to cater to stringent emission norms put in effect by various nations. The developing markets for automotive lighting such as India, China, Brazil, Russia, and others are expected to act as new value generators in future. The booming economy of these countries has also changed the buying pattern, as customers buy vehicles with efficient lighting technology.
Growing markets like China and India to drive the lighting market for automotive industry
China and India together contribute 35% of the global vehicle production and approximately 34% of the global passenger car production. Owing to increasing vehicle production, the demand for automotive lighting will also increase in the region. The lighting market for exterior applications is estimated to be the largest market in the region and halogen technology will have the largest share.
Available Customizations of Automotive Lighting Market
With the given market data, MarketsandMarkets can provide market data for below categories:
- Off Highway lighting market (By Position, By Technology)
- Transport Lighting Market (Rolling Stock lighting market, Aviation lighting Market)
- Two Wheeler Lighting Market
- Adaptive Lighting market, by technology
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