Revenues of the automotive lighting market stood about USD 19.6 billion in 2014. They are estimated to increase to USD 35 billion by 2020. Wide adoption of commercial vehicles should propel this growth. The market may also benefit from stringent regulations (regarding passenger safety & vehicles) and technological advancements. Burgeoning population and sales in emerging economies present ample market prospects.
Although LEDs (light emitting diodes) are costly and may inhibit demand for automotive lighting, they offer longevity and energy efficiency. Hence, market players work on developing affordable products that are compact and consume less energy.
Full research report on Global automotive lighting market analysis:
The automotive lighting market is classified as per technologies, applications, and geographies. Halogen, xenon, and LED are the three technology segments. Halogen occupied maximum (65%) shares in 2014. Its benefits include low purchasing & replacement costs and easy availability. This segment would grow at a CAGR of 5.1% from 2015 to 2022 (forecast period).
LED accounted for about 15% of the market in 2014. It is projected to register double-digit growth over the next seven years. Its biggest strength lies in its environment-friendliness. LEDs last longer than halogen and xenon lights. Red LEDs are used in indicators and brake lights. They are also used in DRLs (daytime running lamps) – a mandatory requirement for new vehicles in the European Union (EU).
Applications in the automotive lighting market comprise rear, front/headlamps, side, and interior. Front/headlamps held about 71% shares in 2014. They could lead the market till 2022. LEDs are increasingly replacing halogen and xenon in this segment. Adaptive headlamps are a key feature of front/headlamps. They enhance the safety and visibility of drivers. Adaptive headlamps are used particularly in extreme weather conditions. Europe and North America display such climate.
Request for sample of this research report:
Rear applications encompass tail lights, brake, back-up lights, and indicators. Halogen is their most commonly-used sub-segment. Vendors focus on aesthetically-appealing products for the interior segment. Geographies consist of North America, Europe, Asia Pacific, and RoW (Rest of the World). Asia Pacific will grab 46% shares by 2022. Robust automotives industry in India, China, and Japan can further the region.
North America is likely to consume substantial LED volumes in the forecast period. Leading vendors in the worldwide automotive lighting market encompass Valeo SA, Magneti Marelli, Osram GmbH, and Stanley Electric. They compete by means of joint ventures and new products.
View more reports of this category by Grand View Research at:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
Country: United States