Competition is rife in the global automotive lighting market. The presence of numerous companies exerts considerable influence on the prevailing market trends. Given the scenario, the market has witnessed considerable innovations in the recent and many more are on cards.
As market players attempt gaining competitive strength, their effort toward product differentiation will rise, subsequently creating positive prospects for the global automotive lighting market’s growth, finds Transparency Market Research (TMR) in a recent study.
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Hella KGaA Hueck & Co, ICHIKOH INDUSTRIES LTD, General Electric Co., Magneti Marelli S.p.A, Hyundai Mobis, Royal Phillips Electronics, SAMSUNG ELECTRONICS Co., Ltd, Koito Manufacturing Co., LTD, Zizala Lichtsysteme GmbH, OSRAM Licht Group, and VALEO are some of the most prominent players.
According to TMR, the global automotive lighting market is likely to reach US$46,372.7 mn by the end of 2025, compared to US$28,250.5 mn in 2016, reporting a CAGR of 5.7% between 2017 and 2025. Occupying over 46% of the global automotive lighting market based on revenue, Asia Pacific emerged dominant in 2016. Based on application, the demand for front lighting was the highest in 2016.
Expansion in Automotive Sector to Create Lucrative Prospects
The steady growth witnessed in the global automotive lighting market is significantly influenced by the expansion of the automotive industry. Lighting is crucial for a vehicle to travel along roads during dark. Besides improving visibility during bad weather conditions and darkness, automotive lighting also increases the conspicuity of a vehicle.
Be it passenger or commercial vehicles, energy efficient and cost-effective lighting systems are very important to ensure safe driving. Therefore, the rising demand for vehicles, and the subsequent growth in automotive production will give significant impetus to the global automotive lighting market.
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Additionally, the market is likely to benefit from the rising purchasing power of consumers, especially in emerging nations. Favorable government policies are also likely to enable the global automotive lighting market gain momentum in the coming years.
The market will gain considerably from rising focus on vehicle safety. This, coupled with the rising demand for improved road illumination, is expected to enable growth in the market in the coming years.
With governments across various nations implementing more stringent laws to ensure better road safety, the automotive lighting market is likely to witness lucrative growth prospects in the coming years. To enhance road safety and make driving experience more relaxed, automakers are integrating technologically advanced lighting solutions, to enable drivers distinguish obstacles even at dark within the help of UV and IT lights. Furthermore, various signal lightings are introduced as well. These lights are adaptive to diverse ambient conditions and can respond to emergency breaks.