Global Automotive Lighting System Market: Savvy Companies Focus on Product Development to Enhance Positions, finds TMR
The four most dominant players in the global automotive lighting system market hold almost identical shares in the market. Together, they account for slightly over half the market share. This makes the competitive landscape fragmented. Among the top players, Koito Manufacturing Co. Ltd. held the maximum share – about 20% – in 2014. This is because it is one of the leading suppliers to global automotive behemoths such as General Motors (GM) and Toyota. Hella KGaA Hueck & Co., which mostly manufactures automotive electronic parts and modules has a solid geographic outreach, follows in the second position. Stanley Electronic Co. Ltd. ranks third and Hyundai Mobis trails all others in the fourth position.
One of the popular strategies adopted by the savvy companies in the global market for automotive lighting system is strong emphasis on product development in tandem with the latest technological innovation. To do so, companies invest heavily in research and development. Growing at a healthy pace, the global market for automotive lighting system is slated to achieve a value of US$32.166 bn by 2021.
Growth Pace in Europe to Come Down due to Mature Market
Depending upon the type of vehicle, the key segments of the market are SUV, heavy vehicle, MUV, passenger vehicle, and luxury vehicle. Among them, the passenger vehicle segment rakes in maximum revenue on account of a sizeable proportion of people using it worldwide. The global passenger vehicle segment is slated to reach a value of US$11.436 in 2021.
Geography-wise, the global market for automotive lighting system is segmented into Europe, North America, Asia pacific, and the Rest of the World. Powered by Germany and the U.K., which are the dominant manufacturers of automotive lighting system in the region, Europe dominates the market with maximum share. One noticeable trend in the market in the region is the growing demand for technologically advanced LED and HID lighting. In the future too, Europe is slated to retain its leading market position. Its growth pace, however, is expected to come down marginally on account of its mature market. Asia Pacific will likely exhibit maximum pace of growth in the near future. Japan, China, and India are the major contributors to the Asia Pacific market. The overall Asia Pacific market was worth US$4.926 bn in 2015.
Sophisticated Lighting Consuming Less Energy Drives Market
Driving the global market for automotive lighting system is the cutting-edge lighting technologies such as HID, LED, and Halogen, that consume less energy and last longer. Such superior lighting components have seen swift uptake in the recent past because of their unique perceived benefits. Another prominent growth driver is the burgeoning vehicle production necessitated by a growing world population having the means to splurge on vehicles. “Moreover, usage of the relatively new hybrid and electric vehicles are also set to bolster growth in the global automotive lighting system market,” adds the lead analyst of the TMR report.
High Cost of LED and HID Lighting Damps Demand
Factors countering the growth in the market is the expensiveness of LED and HID lighting and the high research and development expenditure. While in the economically advanced continents of North America and Europe may not take a substantial hit from the steep prices of LED and HID lighting, demand in the Asia Pacific and the Rest of the World is likely to be negatively impacted by it. This is because superior automotive lighting solutions need state-of-the-art manufacturing facilities and sophisticated equipment which are typically expensive. Another factor posing a challenge to the market is the rapidly evolving technological landscape which results in current systems becoming obsolete in no time.
This review is based on the findings of a TMR report titled, “Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
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)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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