Portland, OR -- (SBWire) -- 02/16/2018 --Automotive Lighting Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $33.7 billion by 2020, registering a CAGR of 6.8% during the period 2015-2020.Automotive lighting industry is witnessing a steady growth on account of growing automotive production across the world. The growing emphasis on vehicle safety and government regulations regarding automotive lighting systems, are contributing to the market growth. Additionally, increasing disposable income of people is supporting the demand of aesthetic looks for vehicles, which in turn, is creating the demand for advanced lighting solutions.
Asia-Pacific, being the largest automotive vehicle market, would also be the largest market for automotive lighting. Growing automotive production, and increasing purchasing power in the two bigger markets of Asia viz.,China and India, would drive the market growth of the Asia-Pacific market.
Get the sample copy of this report: https://www.alliedmarketresearch.com/request-sample/646
LED lighting technology would witness the highest growth during the forecast period. Traditional Halogen lighting technology will be gradually replaced by LED technology. By 2020, LED technology will constitute 1/3rd of the total automotive lighting market, growing at the highest CAGR during the forecast period. The growth would be fueled by features such as low power consumption, longer life and compact size of LED lights. The decreasing cost of LED lights would further fuel their market growth during the forecast period. However, halogen lighting technology would maintain its leading position due to their low-cost advantages and widespread adoption.
Make a purchase enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/646
Passenger vehicles, with their dominant market share in total vehicle segment, would be the largest vehicle type segment for automotive lighting. The demand for aesthetic lighting features would support the demand of lights in private and commercial cars.
Automotive Lighting Market Key Segments:
By Technology
-Halogen
-Xenon
-LED
By Vehicle type
-Passenger Vehicles
-Commercial Vehicles
By Product Sale
-Original Equipment Manufacturer Product (OEM Product)
-Aftermarket Product
By Applications
-Front Lighting
-Rear Lighting
-Side Lighting
-Interior Lighting
Automotive Lighting Market: Innovative Marketing Strategies
The study provides an in-depth analysis of the automotive lighting market share with current and future trends to elucidate the imminent investment pockets in the market.