This market research report includes a detailed segmentation of the global lighting market in the automotive industry by application type (interior lighting and exterior lighting) and by technology (halogen, xenon, and LED). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are Hella, Koito, Magneti Marelli, Stanley, and Valeo.
Technavio’s market research analysts estimate the global automotive lighting market, to grow at a CAGR of 8% between 2016 and 2020. An increased focus on vehicle safety and high demand for better road illumination are driving the market growth. Vendors are coming up with advanced lighting systems that reduce glare, distinguish obstacles by utilizing IR or UV light, and have introduced signal lighting in vehicles. APAC leads the global market for automotive lighting, occupying around 45% of the total market share. The region is a hub for automotive components due to the improvement in infrastructure, changing lifestyles and preferences, governmental initiatives, and the reduced overall vehicle production costs.
The new market research report from Technavio provides a breakdown and analysis of the automotive lighting segments by technology.
“Ambient lighting is one of the latest trends gaining traction in the automotive lighting market. It is an application wherein lighting is strategically placed in the vehicle to create an experience and induce a psychologically pleasing effect. Of late, the aftermarket sales for these systems is increasing, with automobile enthusiasts fixing them for customization,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research
The exterior lighting segment dominates the global automotive lighting market, with a market share of 95%. Exterior lighting plays a vital role in ensuring safety, and with more manufacturers focusing strongly on the safety aspect, demand for exterior lighting is expected to rise further. LED lights are the most preferred lights in vehicles, where headlamps, taillights, and DRL, are attracting automotive designers with their stylish and unique looks.
The key players in the global automotive lighting market include Hella, Koito, Magneti Marelli, Stanley, and Valeo. The market is a highly fragmented market with the presence of many global and regional local vendors. The market is very dependent on automobile sales and is driven by the increase in automotive production. The market has seen constant innovations and development of new products, which has resulted in intense competition among the automotive lighting manufacturers.
A more detailed analysis is available in the Technavio report, Global Automotive Lighting Market 2016-2020.
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