Automotive lighting system market share, Analysis, Industry trends and projected to reach $7.8 bn by 2023

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Global Automotive Lighting Market Overview:

Lighting is the main component of automotive vehicles that plays a key role in user safety. There are various lights equipped to the vehicle to increase the visibility in the bad conditions like fog and snow. Automotive lighting is classified based on the bulb fitting like Halogen, Xenon, LED and the latest HID conversion. Halogen are the most popular lighting system in Automobile industry, where the bulbs are economically affordable and easy to manufacture, and are easily replaceable.  Xenon bulbs are specially equipped to the standard and modified vehicles only. They are brighter than the Halogen with longer lifespan. LED are recent development in the automobile industry that may increase its markets by providing an extreme white and bright light. They have a longer life span and low voltage requirement compared to Halogen and Xenon.  LED’s are economically higher then Halogen and Xenon. The Automotive Lighting system market is forecasted to increase to USD 7.8 Billion by 2023. The market estimated to grow at a CAGR of 7.23 % during 2018-2023, with a market size of USD $ 37.84.

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Global Automotive Lighting Market – Drivers and Restraints:

The factor that helps in the growth of Automotive Lighting system includes the rapid sales and manufacturing of automobiles in forecast period. This growing process is expected to be high for the both passenger and two-wheelers. Awareness towards the road safety like raising number of accidents in bad conditions is the primary concern among drivers, which affects the growth of high-performance lighting system for a better visibility in darkness that helps to increase the market in the forecast period. Apart from this, government rules like proper maintenance of lighting according to road safety norms may affects the increase of the market. Halogen bulbs which are easily replaceable and economically low may increase the halogen market. However, LED bulbs are expensive affecting the market growth.

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Global Automotive Lighting Market – Geographical Segmentation:

North America is the dominant market for the Automotive Lighting System in which high research and development is aspiring. Europe and Asia Pacific are the Second large markets for the Automotive Lighting System where Asia Pacific has large number of developing countries and Europe has a high manufacturing rate of automobile industry.

List of Major Players in Global Automotive Lighting Market:

The major companies of Automotive Lighting Manufacture are Koito Manufacturing Company, Magneti Mareii Holding, Stanley Electric Co Ltd and Valeo.

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