Market Research Report
Global Automotive Lighting Market 2016-2020
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||249590|
|Published||Content info||77 Pages
Technavio's market research analyst predicts the global automotive lighting market to grow at a CAGR of around 8% during the forecast period. An increased focus on vehicle safety and high demand for better road illumination are driving the market growth. Technologically advanced lighting systems that on reduce glare, distinguish obstacles by utilizing IR or UV light, and introduce signal lighting that is adaptive to varying ambient conditions and responds to emergency braking are being introduced by vendors in the market.
New trends in the automotive lighting sector have created new opportunities especially for lighting applications. Ambient lighting is one such application wherein lighting is strategically placed in the vehicle to create an experience and induce a psychologically pleasing effect. Aftermarket sales for these systems is increasing, with automobile enthusiasts fixing them for customization.
The LED lighting segment is likely to grow at a rapid pace during the forecast period. Headlamps, taillights, and DRL are the most popular segments in this market attracting automotive designers with their stylish and unique looks. By 2020, the use of LED lighting is expected to cover more than 20% of the total market.
During 2015, the exterior lighting segment dominated the global automotive lighting market, with a market share of 95%. Exterior lighting plays a vital role in ensuring safety, and with more manufacturers focusing strongly on the safety aspect, demand for exterior lighting is expected to rise further.
APAC dominated the global automotive lighting market during 2015, accounting for a market share of around 45%. The growth in this region is driven by China and India, which are the largest markets for automotive production in the region. The region is a hub for automotive components due to the improvement in infrastructure, changing lifestyles and preferences, governmental initiatives, and the reduced overall vehicle production costs.
The global automotive lighting market is a highly fragmented market with the presence of many global and regional local vendors. The market is very dependent on automobile sales and is driven by the increase in automotive production. The market has seen constant innovations and development of new products, which has resulted in intense competition among the automotive lighting manufacturers.
The leading vendors in the market are -
The other prominent vendors in the market include Depo Auto Parts, ICHIKOH, OSRAM, Neolite, SL Corporation, and Ta Yih Industrial.