Global Automotive Lighting System: Snapshot
Of late, there has been an increasing awareness among people about the availability and significance of automotive lighting systems. Additionally, shift in focus of automotive lighting manufacturers from inefficient, obsolete lamps to highly efficient, smart, and energy-saving lighting systems is expected to boost the global automotive lighting system market.
The report presents a detailed analysis of the trends, opportunities, drivers, and restraints prevailing in the global automotive lighting system market. Both bottom-up and top-down approaches have been adopted in order to analyze the market for automotive lighting systems across the geographical segments.
Expansion of Automotive Industry to Ensure Increased Demand
Automotive lighting systems are a crucial part of automobile production. The expansion of the automobile industry is boosting the growth of the global automotive lighting system market. The market will gain significant momentum due to the emergence of newer and advanced lighting technologies such as HID, Halogen, and LED. These lighting technologies have larger life spans and consume lesser energy when compared with conventional lighting systems. As a result, automobile manufacturers have been increasingly deploying these lighting systems. Therefore, the global automotive lighting system market will prosper to a great extent.
The increasing purchasing power of the people worldwide, especially in emerging economies in particular, is another key growth driver of the market. Furthermore, the prices of vehicles are likely to go up as advanced lighting technologies are increasingly deployed. The rise in the revenue of automobile industry will be reflected in that of global automotive lighting system market.
High initial investment required for research and development activities might surface as a major bottleneck for the market. The development of advanced lighting systems necessitates state of the art manufacturing equipment and facilities, which are extremely high-priced. Moreover, the high cost of these systems might affect growth owing to the presence of a large number of price conscious consumers in Asia Pacific. Nevertheless, the negative impact of these restraints is likely to be nullified by the shift in preference among consumers from conventional lamps to advanced lighting systems such as Halogen, LED, and HID lamps.
Asia Pacific Promises Substantial Growth
Based on geography, the global automotive lighting system market is segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). Europe appears to be the leading market, closely followed by North America. Constant research activities and the consequent development of automotive lighting systems have been responsible for the growth of the automotive lighting system market in North America. The emerging economies such as China and India are likely to exhibit substantial growth as the per capita income of the middle class rises by degrees. The vast population base, growing penetration of technology, and booming automotive industries of these nations are driving the growth in these regions.
Japan, being one of the largest exporters of automotive lighting components, is slated to emerge as one of the most prominent markets. Cheap labor, lower costs of raw materials, and increased production of automobiles have been the factors aiding the expansion of the automotive lighting system market in India and China.
Among the countries included under the Rest of the World segment, the UAE appears to be the leading segment. As the prices of fuel are low in this region, the demand for automobiles has increased. The presence of the affluent class in this region is also expected to fuel growth. The automotive lighting system market in the UAE is projected to expand at a favorable 2.6% during the forecast period.
Some of the major companies operating in the global automotive lighting system market are Magneti Marelli S.p.A., Hyundai Mobis, Hella KGaA Hueck & Co., general Electric, Osram Licht AG, Koninklijke Philips N.V., Valeo S.A., and Stanley Electrics Co. Ltd.
The market research study analyzes the automotive lighting system market on a global level and provides estimates in terms of revenue (USD) from 2015 to 2021. It gives a comprehensive overview of the automotive lighting system industry from all the important aspects of the market. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.
Lighting system in an automobile comprises of signaling and lighting devices fitted to the front, rear, interior and the exterior sides of the vehicle. The function of automotive lighting is to provide safety by ensuring visibility to the driver during the night and under dark weather conditions. The lighting on the sides of the vehicles emphasizes on the signaling feature, which assists the driver to make diversions to the left or the right side.
In the recent times, there has been an increasing awareness among people relating to automobile safety and security. In addition, stringent lighting regulations and legislations set up by the government of various countries have shifted the focus of automotive lighting manufacturers from obsolete inefficient automotive lamps to smart and efficient automotive lighting. Technologies such as LED, HID/Xenon and Halogen have brought a transition in the recent trend of automotive lighting. Advanced front lighting system (AFS) and active intelligent lighting system (AILS) is a certain technology that uses the navigation system of the vehicle to ensure automatic visibility to the driver of the vehicle.
The increase in the demand for advanced automotive lighting technologies such as LED, HID/Xenon and Halogen lamps is due to the low consumption of energy and longevity of such lamps. Among the above mentioned technologies, Halogen lamps are widely preferred because of its low cost and efficiency. LED and HID/Xenon lamps are relatively expensive but much more efficient as compared to Halogen lamps. During the forecast period, the preference of the consumers is expected to partly shift from Halogen technology to LED and HID/Xenon, with the rising disposable income of the people across the globe.
Europe holds the largest market share in the automotive lighting system market followed by North America, Asia Pacific and Rest of the World (RoW). Due to the saturation in the markets of North America, the automotive lighting system market is expected to witness maximum growth in the Asia Pacific region and RoW by the end of the forecast period. It is also to be considered that the market in North America and Europe is expected to maintain a stable growth because of the continuous advancements in the automotive lighting system market in the two regions.
This report provides tactical analysis of the automotive lighting system market and the growth forecast for the period 2015 to 2021. The span of the report includes competitive analysis of various market segments based on the types, module and in detail cross sectional analysis of the automotive lighting system market across diverse geographic segments. To maintain the strategic decision making, the report also includes profiling of leading players in the industry, their market share and various strategy adopted by them. The cause and effect analysis (fish-bone diagram) and market attractiveness analysis is also included in the report to provide imminent market dynamics and market competition.
The report also provides company market share analysis of the various industry participants along with company overview, financial overview, business strategies and recent developments in the field of automotive lighting system market. Major market participants profiled in this report include Koninklijke Philips N.V. (Netherlands), Hyundai Mobis (South Korea), General Electric (U.S.), Valeo S.A. (France), Osram Licht AG (Germany), Stanley Electrics Co. Ltd. (Japan), Magneti Marelli S.p.A. (Italy) and Hella KGaA Hueck & Co. (Germany).
The report segments the Automotive Lighting System market as:
Automotive Lighting System Market: By Vehicle
- Heavy Vehicle
- Passenger Vehicle
- Luxury Vehicle
Automotive Lighting System Market: By Position
- Front Lighting
- Rear Lighting
- Interior Lighting
- Side Lighting
Automotive Lighting System Market: By Geography
- North America
- Asia Pacific
- Rest of the World (RoW)