PUNE, India, April 22, 2021 (GLOBE NEWSWIRE) -- Automotive Lighting Market: Key Insights
According to our new research study on “Automotive Lighting Market to 2027 – Global Analysis and Forecast – by Technology, Application, and Vehicle Type,” the Automotive Lighting Market Size was valued at US$ 31,141.2 million in 2019 and is projected to reach US$ 40,405.9 million by 2027; it is expected to grow at a CAGR of 3.3% during 2020–2027. The projected market growth is mainly attributed to increasing sales of premium and luxury cars with rising disposable income.
Automotive Lighting Market: Competition Landscape and Key Developments
HELLA GmbH & Co. KGaA, Koito Manufacturing Co., Ltd, OSRAM Continental GmbH, Stanley Electric Co., Ltd., and Stanley Electric Co. Ltd., are among the key players in the global automotive lighting market. Parameters such as overall revenue; brand image; current automotive lighting solutions portfolio; geographic reach; and technology integration and product enhancements, new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities have been taken into consideration while listing the key players. Automotive Lighting LLC, Lumileds Holding B.V., SL Corporation, Tungsram, and Valeo SA are among the other notable players operating in the automotive lighting market, which were studied and analyzed during this market study.
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In 2019, HELLA announced an integrated solution for complex lighting systems that are used to simulate the front lighting functions on PCs.
In 2018, Varroc announced the inauguration of its Smart Lighting production unit in Rychvald. This new facility further strengthens the company’s production capabilities of smart headlamps and rear lamps, based on the LED and Matrix technologies, in the Moravian region.
The trend of urbanization is growing at an exponential rate worldwide, which is leading to the hike in the average disposal income of urban population, allowing them to upgrade their lifestyles, thereby bolstering the demand for luxury products such as passenger cars. The rise in demand is eventually propelling the manufacturers to uplift their production capacities. There has been a steady rise in the production of vehicles, including passenger cars, in developed, as well as developing, economies since 2010, i.e., post-recession. Lowered interest rates on loans have also favored the growth of the automobile industry. The year-on-year growth rate of passenger car production has been close to 2% in the past 7–8 years.
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As per automobile associations, the global vehicular population crossed 1 billion in 2010, which was driven by the aggressive growth rates in India and China in that fiscal year. Asia Pacific (APAC) led the automotive lighting market in 2019, and it is also a region with enormous opportunities for automotive manufacturers and automotive lighting providers. The dominance of the region is majorly attributed to the presence of large numbers of automotive manufacturers in Asia. South Korea, China, Japan, and India are among the major countries having a strong foothold in the Asian market. These countries are also at the forefront of global vehicle manufacturing. India witnessed a spike of 8% in total vehicle production in 2018, with a total of 5,174,645 vehicles produced in that year. Moreover, China is the largest vehicle producing country across the world, and it produced 27,809,196 vehicles in 2018. The presence of a strong automotive sector, with escalating vehicle manufacturing capacity, is the major factor fueling the automotive lighting market growth in APAC.
Vehicle lighting systems are gaining high traction worldwide. Car manufacturers need to continuously focus on the compliance of their offerings, along with their car parts, with various regulations, to ensure meeting the international standards for claiming the safety of drivers and passengers. For instance, automotive lightings marketed by HELLA GmbH comply with SAE and ECE regulations. The SAE International Lighting Standard Committee is a standardization body involved in developing standards for the benefits of drivers and passengers. Recently, the committee has published the J3069 standard for adaptive drive beam (ADB) headlamps that use LD and LED light sources, wherein beams are dynamically controlled.
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Automotive Lighting Market: Segmental Overview
Based on technology, the automotive lighting market is segmented into halogen, LED, xenon, and laser. The LED segment led the market with a share of 68.16% in 2018, and it is further anticipated to be the largest shareholder in the market during the forecast period. LEDs are the recent innovation introduced in headlight technology. The diodes present in LEDs produce light upon the electronic stimulation by electric current stimulates their electrons. Although LEDs require low amount of power to operate, they produce high temperature on the diode. Therefore, heat control systems are required at the bottom of an LED headlight to control high temperature. The LEDs have color temperature of around 6,000 K, which makes it appear brighter and whiter even in daylight.
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