Pune, March 10, 2021 (GLOBE NEWSWIRE) -- Market Analysis
As per Market Research Future (MRFR), the global automotive exterior smart lighting market size is predicted to register a CAGR of 6% from 2020 to 2026 (forecast period).
The lighting system of a motor vehicle includes lighting and signaling devices mounted on the front, rear, side, and, in some cases, on the top that lights the roadway for the driver. The system also makes the vehicle more visible, mainly in low-light conditions. It alerts other drivers and pedestrians of a vehicle's presence and direction of travel.
Demand for automotive exterior smart lighting systems has gradually increased in the rear and front lighting functions of vehicles. Nowadays, advanced headlamps and taillights, fog lights, DRLs (daytime running lights), turn signal indicators, signal lamps, CHMSLs (center high-mount stoplights), parking lights, and number plate lights in modern vehicles primarily rely on automotive exterior smart lighting technology. Nevertheless, headlamps will remain a major revenue shareholder in the automotive exterior smart lighting industry in the near future.
The global automotive exterior smart lighting industry is expected to see decent growth during the forecast period due to falling led rates, stringent regulations regarding vehicle safety, and increasing awareness pertaining to vehicle safety. This is predicted to fuel demand for automotive exterior smart lighting products in the coming years.
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COVID-19 Impact on the Global Automotive Exterior Smart Lighting Market
Implementation of a range of regulations by governments of different countries to deal with the COVID-19 pandemic, such as a full shutdown of manufacturing units, is found to have an impact on the development of the global automotive exterior smart lighting market.
Market Segmentation
The global automotive exterior smart lighting industry has been segmented based on product, vehicle type, and technology.
Based on product, the global automotive lighting market has been segmented into front light, fog light front, parking light, fog light rear, stoplight, side signals/warning lights, headlamp, brake/taillight, license/number plate, panel lights. The headlamp product segment contributed substantially to the global automotive exterior smart lighting industry in 2019.
By vehicle type, the global automotive exterior smart lighting market has been segmented into passenger cars and commercial vehicles. Passenger cars had a substantial share of the global market because of the increasing disposable income, growing four-wheeler sales, and growing preference for automotive vehicles. Nevertheless, the rising fuel prices are anticipated to moderately restrain the market.
By technology, the global automotive exterior smart lighting market has been segmented into halogen, xenon, LED, and others. The halogen technology segment earned a significant market share owing to its wide usage. Nevertheless, the LED technology segment is anticipated to grow significantly in the coming years.
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Regional Analysis
By region, the global automotive exterior smart lighting market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
APAC to earn the largest market share
The Asia Pacific is set to be the largest market for automotive exterior smart lighting. It is one of the leading automobile producers and markets in the world. India, China, and Japan are the major economies in the region that are projected to develop at a significant pace.
Competitive Landscape
The global automotive exterior smart lighting system market is very diverse across geographies and has its competitive dynamics and intensity of competition. The growing emphasis on product differentiation and competitive pricing will enable vendors to maintain competition in the global automotive exterior smart lighting system market during the forecast period.
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Key industry participants active in the automotive lighting market include
- Valeo Group (France)
- Koito Manufacturing Co. Ltd (Japan)
- HELLA KGaA Hueck & Co. (Germany)
- Stanley Electric Co. Ltd (Japan)
- OsRam Licht AG (Germany)
- Magneti Marelli SpA (Italy)
- Hyundai Mobis (South Korea)
- Mitsuba Corporation (Japan)
- Lumax Industries (India), and
- Koninklijke Philips N.V. (Netherlands).
Summary
The global automotive exterior smart lighting market is projected to register a CAGR of 6% between 2020 and 2026. The lighting system of a motor vehicle comprises lighting and signaling devices installed on the front, rear, side, and, in some cases, on the top that lights the road for the driver. The system also keeps the vehicle more visible, particularly in low light conditions. It warns other drivers and pedestrians of a vehicle's presence and direction of travel. Demand for automotive exterior smart lighting systems has increased significantly in the rear and front lighting functions of automobiles. Nowadays, advanced headlamps and taillights, fog lights, DRLs (daytime running lights), turn signal indicators, signal lamps, CHMSLs (center high-mount stoplights), parking lights, and number plate lights in modern vehicles mainly depend on automotive exterior smart lighting technology. However, headlamps will continue to be a significant revenue shareholder in the automotive exterior smart lighting market through the foreseeable future.
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