Ocean View, DE -- (SBWIRE) -- 04/15/2020 -- Initiatives and concerns for road safety to avoid accidents have prompted a substantial increase in the automotive lighting market size. There is a mounting demand for automobiles around the world that has spurred the use of automotive lighting products, that are upgraded extensively with enhanced clarity and visibility to ensure passenger safety. For instance, India's National Road Safety Policy has initiated numerous measures like launching an information database and raising awareness for road safety.
Substantially high production of automotive spares, systems and vehicles in countries like China and Germany are propelling automotive lighting industry growth. Car manufacturers worldwide have reportedly started following the government's newer regulations pertaining to vehicle safety. Urbanization trends and technological advancements along with improving consumer lifestyles and rising purchasing power across several regions heavily contribute to the growing sales of passenger cars and luxury vehicles, driving automotive lighting market share.
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Growth drivers
- Increasing concerns regarding road safety to propel global demand
- Emerging government regulations
- Flourishing automotive industry in China
- Premium car production in Germany
- Penetration of LED technology from high-end to mid-range and low-end vehicles in the U.S
- Focus of companies on the Asia Pacific region to boost demand
Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting. The growing awareness to develop safe and technically-efficient passenger vehicles and manufacturer strategies to sustain the high automotive lighting market competition drives the segment growth.
Automotive Lighting Market is expected to reach USD 40 billion by 2024. Increasing road safety concerns across the globe have pushed the integration of advanced lighting systems in automobiles. These systems are witnessing extensive upgrades and are adopted by automotive manufacturers to provide a superior experience to the drivers. The lighting systems in vehicles enable enhanced visibility and clarity, crucial for ensuring the safety of the passengers. For instance, in 2016, a project initiated by the German Federal Ministry of Education and Research successfully developed a flexible & compact LED chip and completed the headlight demonstrator test in collaboration with Infineon, Osram, Fraunhofer Institute for Reliability and Microintegration.
Flourishing automotive industry across the globe is majorly driving the implementation of the automotive lighting market products. High production of vehicles, automotive spares, and systems in countries including Germany and China are driving the industry growth. The global automobile industry is growing as the car manufacturers have started responding to the newer government regulations for safety and customer demands for numerous advanced security features. Moreover, technological advancements and urbanization are creating manageable changes in the automotive industry.
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The automotive lighting market is expected to witness a lucrative growth in China owing to the rapidly growing automobile industry in the country. The Chinese automotive industry has been at the forefront in terms of annual production surpassing Europe, the U.S., and Japan. China is an attractive place for foreign auto manufacturers and many established foreign players have their manufacturing plants in China. This can be credited to the cheap & easy labor availability and low costs of raw materials.
Prominent automotive lighting market players include Magneti Marelli S.p.A., General Electric, Hyundai MOBIS, HELLA GmbH & Co. KGaA, Namyung Lighting, Philips NV, Osram Group, and Varroc. The key industry players adopt efficient product development strategies including partnerships and mergers. Companies in the automotive lighting market adopt low and value-based pricing strategies to pose entry barriers for new participants and offer increased product efficiency.
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