Xenon lights: Key market research findings
- Use of xenon lights for vehicle differentiation
- Exterior lighting segment accounts for the majority share of the market
- Key vendors – GE, HELLA, Koninklijke Philips, Magneti Marelli, OSRAM, Stanley Electric, and Valeo
Technavio’s market research analysts predict the global xenon lights market to grow at a CAGR of almost 15% between 2016 and 2020. The augmented usage of lighting as a means of vehicle design differentiation is the primary growth driver for this market. New lighting technologies such as xenon lighting enable improved flexibility and greater scalability across several applications and different vehicle models. Manufacturers are leveraging these technologies to enhance the appeal of cars and increase the demand for premium vehicles. At present, APAC accounts for more than 45% of the market space and will be the dominant shareholder in the global xenon lights market. The rising demand for automotive lighting from India and China, the largest markets for automotive production in the region, is expected to boost growth in the xenon lights market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the xenon lights segments based on application.
“The rising popularity of ambient lighting is the latest trend in the market as it can be used to create a more stylish interior for the automobiles. Ambient lighting makes use of light pipes, light rings, pin spot lights, and diffuser lenses that are assimilated into the vehicle’s console, door panels, instrument panel, and seat frames,” says Sunil Kumar Singh, Lead Analyst, Hardware & Semiconductor, Technavio Research.
Currently, the exterior lighting segment, which accounted for almost 96% of the market will dominate the xenon lights market globally. The global xenon exterior lighting market in the automotive industry was valued at over $6 billion during 2015. With the rise in the number of manufacturers focusing on safety, the demand for exterior lighting will grow in the coming years.
The key vendors in the market include GE, HELLA, Koninklijke Philips, Magneti Marelli, OSRAM, Stanley Electric, and Valeo. The global xenon lights market is highly fragmented due to the presence of many global and local providers. The prospects for growth in this market are dependent on automobile sales and the increase in automotive production. The market is also characterized by constant innovations and new product development, which in turn has resulted in intense competition among automotive lighting manufacturers.
A more detailed analysis is available in the Technavio report, Global Xenon Lights Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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