Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021
Albany, NY -- (SBWIRE) -- 06/10/2016 -- Transparency Market Research has published a new report on the global automotive lighting system market. As per the report, the global automotive lighting system market is predicted to progress from US$19.9 bn in 2014 to US$34.1 bn by 2021. The report, titled 'Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,' states that the global automotive lighting system market is expected to expand at an 8.10% CAGR during the period between 2015 and 2021 due to the increasing production of vehicles and the increasing use of advanced lighting technologies such as HID, LED, and halogen.
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The automotive market is one of the fastest developing markets across the globe and is predicted to register significant growth during the period between 2015 and 2021. The development of the automotive market is expected to propel the global automotive lighting system market in the near future. The rising demand for LED, halogen, and HID lighting systems is predicted to contribute to the growth of the global automotive lighting system market in the years to come.
The leading players in the global automotive lighting system market are focusing on manufacture and introduction of new auto lighting systems to stay in the competition. Some of the prominent companies operating in the global automotive lighting system market are Hella KGaA Hueck & Co., Stanley Electrics Co. Ltd., Valeo S.A., Hyundai Mobis, Koninklijke Philips N.V., Magneti Marelli S.p.A, Osram Licht AG, and General Electric.
The growing focus of auto manufacturers on customer safety and comfort is predicted to propel the global automotive lighting system market in the next few years. The production of electrical and hybrid vehicles has increased in the recent past. These vehicles are also equipped with high-quality lighting systems that match the changing trends and customer preferences. The increasing production of hybrid vehicles and electrical vehicles is predicted to boost the demand for new lighting systems throughout the forecast period.
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The global automotive lighting system market is segmented on the basis of vehicle, position, and geography. By vehicle, the global automotive lighting system market is classified into passenger vehicles, SUVs, luxury vehicles, heavy vehicles, and MUVs. The demand for passenger vehicles is increasing from the middle-class population. Considering the growing middle-class population and their growing preference for passenger vehicles, the passenger vehicles segment is expected to hold the leading position in the global automotive lighting system market in the coming years.
The high cost of LED and HID lighting is predicted to hamper the growth of the global automotive lighting system market. By position, the global automotive lighting system market is divided into side lighting, rear lighting, front lighting, and interior lighting. The front lighting segment is predicted to be the largest segment of the global automotive lighting system market in the coming few years.
Based on geography, the global automotive lighting system market is divided into Asia pacific, North America, Europe, and Rest of the World. Currently, Europe dominates the global automotive lighting system market; however, Asia Pacific is predicted to the fastest growing region in the coming few years.
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