The global automotive lighting system market is moderately fragmented, with the top four players accounting for 54.9% of the market in 2014. Koito Manufacturing Co. Ltd., Hella KGaA Hueck & Co., Stanley Electrics Co. Ltd., and Hyundai Mobis are the key players in the market. Leading players in the automotive lighting system market are adopting strategies such as product innovation to attract customers, states Transparency Market Research (TMR) in its new report.
Players in the automotive lighting systems market are investing heavily in R&D activities on a regular basis to improve lighting systems in automobiles. Considering the high demand for LED, high-intensity discharge lamps (HID/Xenon), and halogen technology in automotive lamps, manufacturers are doubling their efforts to bring products based on these technologies into the market.
According to the report, the global automotive lighting system market is expected to be worth US$32.1 bn by 2021. By vehicle type, the passenger vehicle segment is expected to remain the dominant segment of the market, accounting for 35.6% in 2021. On the basis of position, the front lighting segment will lead the automotive lighting system market in the coming years. The segment is expected to account for 45.9% of the global automotive lighting system market by 2021. “Regionally, Europe has led the market in the past and is expected to retain its dominance in the coming years due to the presence of several global automotive industry leaders in the region,” says a TMR analyst. Europe is estimated to account for 34.8% of the market by 2021.
Increased Purchasing Power of Consumers Fuels Demand for Advanced Lighting Components
The growing demand for advanced lighting components in vehicles is boosting the automotive lighting system market currently. As new and superior technologies are entering the market, the demand for modern automotive lighting systems is expected to rise. The rise in the production of automobiles, with the advent of new vehicle segments such as electric vehicles and hybrid vehicles, is also propelling the demand for advanced lighting components. Another factor driving the global advanced lighting components market is the increase in the purchasing power of consumers, leading to a high demand for the expensive LED and HID lamps. Thus, the advent of efficient technologies and the increased purchasing power of buyers are expected to continue to drive the automotive lighting system market in the coming years.
High Cost of LED and HID Lighting to Act as Barrier on Global Market’s Growth
The primary concern with the use of advanced technology such as LED and HID is their high cost. While the high cost may not be a cause of concern for consumers in Europe and North America, it will have a high impact on the consumers in APAC and the Rest of the World. This is because these regions have a large population of price-conscious people. Moreover, the high R&D expenditures required for manufacturers to ensure advancements in technology are also restraining the global automotive lighting system market.
Replacement of Standard Lamps with LED and HID to Create Opportunity in Market
The tremendous opportunities provided by LED, HID, and halogen lamps bode well for the global automotive lighting system market in the coming years. Thus, standard lamps are increasingly being replaced by such advanced counterparts. The rising consumer preference for the latest solutions will also help the market grow at a fast pace.
This information is based on the findings of a report published by Transparency Market Research, titled “Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
The global automotive lighting system market is segmented as follows:
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