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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.