Raipur, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Automotive Lighting Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the automotive lighting market is driven by a host of factors, some of which are noted below:
- Major factors such as a surge in the production of passenger and commercial vehicles, and increasing preference towards aesthetically pleasing and technologically modern automotive lights accompanied by the growing demand from OEMs as well as aftermarket distributors.
- The rise in the disposable income of consumers mixed with growing road safety concerns related to passenger and commercial vehicles.
The report also includes growth rate estimates based on the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Automotive Lighting Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- By Vehicle Type (PCV, LCV, HCV, and Two-wheelers),
- By Technology Type (LED, Halogen, and Xenon),
- By Application Type (Interior Lighting, Side Lighting, Rear Lighting, and Front Lighting/Headlamps),
- By Region (North America, Europe, Asia-Pacific, and the Rest of the World).
Automotive Lighting Market Insights
By Vehicle Type
The market is segmented into PCV, LCV, HCV, and two-wheelers. PCV is expected to witness a significant growth rate in the market during the forecast period owing to the frequent launch of passenger car vehicle models along with multiple offers provided by vehicle manufacturers.
In addition, increasing investments by the premium and luxury car manufacturers to manufacture new products with enhanced features, and growing demand for passenger car sales in developed economies is further expected to drive the market growth during the forecast period.
By Technology Type
The market is segmented as LED, halogen, and xenon. LED technology type is anticipated to register a high growth rate in the market owing to its attributes such as reduced power consumption, increased longevity, and power output, which are boosting the product demand in the market during the forecast period.
To meet the industry demand, major industry players are coming up with LED-focused products. Various efforts and investments are being made by automobile manufacturers to innovate better lighting solutions and enhance safety measures.
By Application Type
The market is segmented into interior lighting, side lighting, rear lighting, and front lighting. The interior lighting application is estimated to account for the major share of the market during the forecast period on account of the growing usage of lighting in automobile interiors to supply enhanced lighting attributes.
Interior lights sensitive to motion and surroundings are a preferred choice for customers who own expensive luxury and modern passenger cars.
In addition, the integration of interior lights in buses and other commercial vehicles in order to avail enhanced visibility experience for passengers is further expected to drive the market growth during the forecast period.
Which region offers the best opportunity and growth?
Europe is estimated to be the leading region in the market owing to the factor that the region is home to major automobile manufacturers such as BMW, Mercedes, Volkswagen, and Volvo. These companies are the growth engines of the region contributing to the growing demand for automotive lighting products during the forecast period.
In order to expand their businesses, manufacturers such as Philips, Osram, and Samsung are likely to maintain long-term settlements with the manufacturers in the European region and this is further expected to fuel the market growth over the forecast period. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
COVID-19 Impact on the Automotive Lighting Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/1803/automotive-lighting-market.html#form
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed the company profiles of the below-given players -
- General Electric Company
- Hella KGaA Hueck & Co.
- Hyundai Mobis
- Koito Manufacturing Co., Ltd.
- Koninklijke Philips N.V.
- Magneti Marelli S.p.A.
- Osram Licht AG
- Samsung Electronics
- Valeo
- Varroc
What deliverables will you get in this report?
- In-depth analysis of the Automotive Lighting Market
- Detailed market segmentation.
- Competitive landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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