Automotive Bulbs Market: Introduction
Automotive bulbs are mounted or integrated in the front, rear, sides, and in some cases the top of a motor vehicle to indicate the vehicle direction and vehicle presence for opposite and rare running vehicles, especially at night
Key Drivers of Automotive Bulbs Market
- Macroeconomic and demographic trends, such as rapid urbanization, rise in incomes and increased participation of women and youth in the labor force, have contributed to the demand for mobility. Sales of passenger cars, globally, reached 64 million units in 2019, from 49 million units in 2009, which is a 31% surge during these 10 years. This has driven the demand for automotive basic components such as bulbs. Furthermore, the year-on-year surge in the number of vehicles moving on roads is creating an aftermarket demand for automotive bulbs.
Challenges in Automotive Bulbs Market
- The COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations, thus hampering the automotive industry. Post first wave of COVID-19, global economies have started opening up automotive manufacturing and supply chain operations. Thus, the COVID impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, uncertainty in the automotive industry continues. A gradual recovery in the demand for automotive and ancillaries has been witnessed in numerous countries despite concerns around the risk of a second wave of infection.
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Opportunities in Automotive Bulbs Market
- Daytime running lights, or DRLs, are a relatively new feature on all class of automotive, which are designed to increase visibility of the vehicle in daylight hours. DRLs are fitted on the front of a vehicle and remain switched on whenever the engine is running. Countries such as Sweden, Norway, Iceland, Denmark, and Canada were among the first to adopt DRLs on all vehicles; however, the technology is being expanded to other countries across the globe. Various research studies have shown that DRLs can play a major role in reducing road accidents; hence, the technology is being adopted at a rapid pace. Thus, providing significant opportunity for the automotive bulb market.
Automotive Bulbs Market in Asia Pacific to Expand at Notable Growth Rate
- Asia Pacific is an expanding and a major market for automotive bulbs, owing to the rapid urbanization, increase in population, living standards, industrialization, and increase in per capita income. Moreover, a surge in economic activity and development of roads and infrastructure have propelled automotive sales in the region, especially in China and India. Furthermore, expansion of the e-commerce industry coupled with rapid expansion of the road logistics network is cumulatively boosting the number of vehicles moving on road. This scenario is propelling new and aftermarket demand for automotive bulbs in the region.
Key Players Operating in Automotive Bulbs Market
The global automotive bulbs market is moderately consolidated. A few of the key players operating in the global automotive bulbs market are:
- Robert Bosch GmbH
- OSRAM GmbH
- MARELLI AUTOMOTIVE LIGHTING
- Stanley Electric
- Koito Manufacturing Co Ltd
- Koninklijke Philips N.V.
- Hyundai Mobis
- Continental AG
- Denso Corporation
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Global Automotive Perception Sensor Mark: Research Scope
Global Automotive Bulbs Market, by Product Type
- LED Bulbs
- Xenon Bulbs
- Halogen Bulbs
Global Automotive Bulbs Market, by Vehicle Type
- Passenger Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Truck
- Coaches & Buses
Global Automotive Bulbs Market, by Sales Channel
Global Automotive Bulbs Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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