Automotive Lighting Market Information Report by Technology (Halogen, LED, and Xenon), by Vehicle Type (Passenger Car, Light Commercial Vehicle & Heavy Commercial Vehicle), by Application (Front Lights, Side Lights, Rear Lights and Interior Lights) and by End Market (OEM & Aftermarket) and by Region - Global Forecast to 2023.
Pune, India -- (SBWIRE) -- 04/30/2018 -- "Automotive Lighting Market Analysis 2018 to 2023" Research Report added by the MarketResearchFuture, global Automotive Lighting market is predicted to grow at 6% CAGR by 2023. Automotive Lighting market report provides detailed insights on acting forces in market with drivers, opportunities, restraints and challenges industry facing. Report provides comprehensive information on Automotive Lighting Market shares, size, competitive insights, key player's analysis, with regional forecast to 2023.
Automotive Lighting Market Information Report by Technology (Halogen, LED, and Xenon), by Vehicle Type (Passenger Car, Light Commercial Vehicle & Heavy Commercial Vehicle), by Application (Front Lights, Side Lights, Rear Lights and Interior Lights) and by End Market (OEM & Aftermarket) and by Region - Global Forecast to 2023
Key players in Automotive Lighting market mentioned:
Magneti Marelli (Italy), Philips Lighting NV (Netherlands), Ichikoh Industries Ltd (Japan), HELLA KGaA Hueck & Co (Germany), KOITO MANUFACTURING CO., LTD.( Japan), ZKW Lichtsysteme GmbH (Wieselburg), Peterson Manufacturing company (U.S.), OSRAM GmbH (Germany), Stanley Electric Co. Ltd (Japan), General Electric (U.S.) and among others.
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The increase in sales of new vehicles has been fuelling the growth of automotive lighting market. The increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, due to which there has been a rise in the use of automotive lighting. Another factor responsible for the increase in vehicle sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 9.38 million.
Lighting is an important component in automobiles. It plays an important role in safety factor. It is primarily used in automobiles to increase the visibility in darkness & in bad weather conditions. It also increases the conspicuity of the vehicle. Continuous development in the automotive industry & focusing on improve the efficiency of lighting, are the primary driving factors of the automotive lighting market. In addition, factors such as increasing vehicle production globally are also the driving factor for the automotive lighting market. However high cost of the lighting product act as restraints of the automotive lighting market. Global automotive lighting market has very broad market in coming recent years. MRFR analysts has predicted that automotive industry is about to grow at a rapid pace, moreover, the speedy rising sales of passenger cars and technological innovations have also been a growth momentum.
In order to tap these rising consumer automobile preferences, leading global automotive players such as Volkswagen, BMW, Toyota, and Ford, among others are entering into new emerging markets for business expansion.
As the global auto-manufacturers continue to expand into growing and emerging markets, the demand for automotive lighting and other semiconductor based will also rise.
Since 2008, the world has entered into a new era with about half of the population living in cities. This improved lifestyle had led to increase in urbanization, which has resulted in the development of a set of paradigms for both personal and commercial transportation. The increase in urbanization will lead to an increase in use of passenger and commercial vehicles, due to which there will be growth in automotive lighting market. China is one of the most densely populated urban center. The automotive market of China has experienced increased growth, which will drive the automotive technology.
Being home to the most populous countries of the world such as China and India among others, the dominance of APAC becomes evident in the global automotive lighting market value. The market has been experiencing rapid growth in the last two years owing to the rising sales of passenger cars, increasing usage of lighting on vehicles, increasing popularity of LED lights and technological advancements are giving a much needed thrust to the automotive lighting market. Another major reason behind APAC leading the global market is that the countries within this region were able to sustain its economy during the global economic crisis of 2008-09 and have been able to showcase continued growth in automobile production and sales across the globe.
China, being the largest populated country in the world, has gained the top position in the global automotive market, surpassing the U.S. in 2014. The country has for long maintained the reputation of standing at the forefront of the electronics industry, rapidly progressing towards miniaturization and innovation. Therefore, in spite of being the market leader in the global automotive marketplace, the country holds immense potential to grow in terms of lighting sales for automobile applications. The preference for mid-end cars has been identified to be the highest in China, and therefore, contributes the maximum revenue in the total market value for the country.
North America is one of the major producers of automotive lighting due to the presence of big giants in automotive lighting. Moreover, the rising demand for passenger cars have resulted in increasing demand for automotive lighting has augmented the North American market. Geographically, US has consumed around 75.4% of market share in 2016 followed by Canada.
Major Table of Content:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter's Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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