Portland, OR, April 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive lighting market was estimated at $18.00 billion in 2018 and is expected to hit $28.77 billion by 2026, registering a CAGR of 6.7% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in automobile production, rise in awareness for road safety, and strict government guidelines propel the growth of the automotive lighting market. On the other hand, high cost of LED lights impedes the growth to certain extent. Nevertheless, surge in demand for advanced technology in vehicles is anticipated to pave the way for multiple opportunities in the near future.
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On the basis of technology, the market is divided into halogen, xenon, and LED segments. The halogen segment accounted for more than two-fifths of the total market revenue in 2018 and is projected to dominate throughout 2026. Simultaneously, the LED segment would portray the fastest CAGR of 9.9% till 2026.
On the basis of application, the rear lighting segment contributed to nearly one-third of the total market share in 2018 and is expected to retain the lion’s share throughout the forecast period. At the same time, the interior lighting segment is anticipated to portray the fastest CAGR of 7.3% by the end of 2026. The side and front segments are also discussed in the report.
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On the basis of region, Asia-Pacific generated the highest share in 2018, holding more than half of the global market. Moreover, the region is also predicted to showcase the fastest CAGR of 6.9% during the study period. The other three provinces analyzed in the report include North America, Europe, and LAMEA.
The key market players analyzed in the global automotive lighting market report include Hella KGaA Hueck & Co., Koito Manufacturing Co., Ltd., ROBERT BOSCH GmbH, Stanley Electric Co., Ltd., Valeo, and Zizala Lichtsysteme GmbH, Hyundai Mobis, DENSO Corporation, Koninklijke Philips N.V., and Osram Licht AG. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Another Regional Report We Have: India's Automotive Lighting Market