Competition is expected to be stiff within the Global Automotive Lighting Market, as per new research report on this Market by transparency market research TMR. There are several companies present in the market making it fragmented. Each player in the market is trying to game consumers and market share by implementing advanced technology and bringing about innovation. Players within the market are competing with each other on the basis of product differentiation and cost. Names of the leading players operating within the Global Automotive Lighting Market are ICHIKOH INDUSTRIES LTD, Hella KGaA Hueck & Co, General Electric Co., Magneti Marelli S.p.A, Hyundai Mobis, Royal Phillips Electronics, SAMSUNG ELECTRONICS Co., Ltd, Zizala Lichtsysteme GmbH, Koito Manufacturing Co., LTD, OSRAM Licht Group, and VALEO
According to TMR, the global automotive lighting market is likely to reach US$46,372.7 mn by the end of 2025, rising from US$28,250.5 mn in 2016, showcasing a healthy CAGR of 5.7% between 2017 and 2025. On the basis of geography, 46% of the total market was accounted for, by Asia-Pacific in 2016. In terms of demand, the front lighting segment is leading.
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Flourishing Automobile Industry Positively Impacting Demand for Automotive Lighting
According to the report, the global market for automotive lighting is witnessing a growth on account of the expanding automotive sector. In order for a vehicle to drive along the roads during dark, lighting is crucial and this will create a continuous demand for automotive lighting. Apart from improving the visibility in darkness, Automotive bad weather conditions. moreover Automotive lighting mix the vehicle more evident on the road by other vehicles in which helps in preventing accidents.
Demand for Energy Efficient Lighting is Increasing
There is a growing demand for energy efficient lighting today. Consumers are also demanding cost-effective Lighting systems. Therefore, market players are investing in research and development so as to offer customers the solutions. The market is also benefiting from the green disposable income of the people which is leading them to purchase vehicles. In addition to this favorable government policies are also eating the growth of the Global Automotive Lighting Market. The growing demand for improved Road elimination and increasing focus on vehicle safety are the factors helping the market to grow.
Stringent Rules Regarding Road Safety to Aid Growth of Market
Then are strict and stringent laws implemented by the government in order to ensure road safety and this will create a favorable environment for the automotive Lighting Market. As drivers need to be able to distinguish obstacles, Automotive lighting make use of UV and IT lights even in dark. Automotive lighting are adaptive to divers ambient conditions as well as respond to emergency brakes and all these factors make them extremely important in all the vehicles.
Introduction of Ambient Lighting to Drive Growth Prospects
On the other hand, the high cost of initial investment will be a challenge for the market. In addition to this volatility in the cost of the raw materials will pose a challenge for the market. However new trends within the automotive sector are expected to create opportunities for them. One of the new trends in the market is the introduction of ambient lighting wherein the equipment is placed strategically in the vagal so as to create an effect. The growth of the aftermarket sales of these systems is also expected to drive the markets growth.