The global automotive lighting market was valued at US$ 28,250.5 Mn in 2016 and is expected to grow at a CAGR of 4.1% and 5.7% by volume and revenue respectively from 2017 to 2025.
Albany, NY -- (SBWIRE) -- 01/22/2018 -- Safety is a very critical aspect that one should take into consideration while driving. In the present time, there have been growing concerns for vehicular safety around the world. Therefore, automotive lighting is essential for ensuring safety, styling, and comfort in vehicles. The automotive lighting has taken a new role in past few years due to development of advanced technology in lighting, such as adaptive front lighting systems, HID Xenon projection and LED lighting are increasingly being used in automotive applications. Considering these facts, Market Research Hub (MRH) has publicized a new study titled "Automotive Lighting Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025" to its massive database, which offers holistic perspective on the market's growth in terms of revenue in US$ Mn, across different geographical regions namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report offers in-depth insights into the factors driving and limiting the market growth, various trends and opportunities are also given, major advancements in technology and competition tracking is also delivered in the report.
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Rising focus on vehicle safety is a prime factor which has increased the demand for automotive lighting. The rising demand for vehicles and the subsequent growth in automotive production will give significant impetus to the global automotive lighting market. Additionally, the market is likely to benefit from the rising purchasing power of consumers, especially in emerging nations. With governments across various nations implementing more stringent laws to ensure better road safety, the automotive lighting market is likely to witness lucrative growth prospects in the coming years. As per the research key findings, the global automotive lighting market is poised to reach US$46,372.7 mn by the end of 2025, compared to US$28,250.5 mn in 2016, reporting a CAGR of 5.7% between 2017 and 2025.
Market Insights and Segmentation
In terms of geography, APAC holds the maximum market share for automotive lighting product in 2016 due to its highest share in the production of automobiles and increasing purchasing power and preferences of buyers.
Global automotive lighting is segmented in terms of vehicle type, by application, by technology and by-product scale. By vehicle type, the market is further segmented into passenger type and commercial type. The passenger vehicle production across the world is approximately three times the number of commercial vehicles production. By application, automotive lighting market can be segmented into front lighting, rear lighting, interior lighting, and side lighting. The front lighting segment in 2017 is expected to be the highest in the application segment compared to the other three automotive lighting positions.
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Presently, to enhance road safety and make the driving experience more relaxed, automakers are integrating technologically advanced lighting solutions, to enable drivers to distinguish obstacles even at dark within the help of UV and IT lights. This is expected to give a boost to the current market growth.
The last part of the report comprises the competition landscape, which features important players operating in the global automotive lighting market and contains important information about these companies. Key players include Magneti Marelli S.p.A, General Electric Co., Royal Phillips Electronics, Hella KGaA Hueck & Co, OSRAM Licht Group, Ltd., SAMSUNG ELECTRONICS Co., Hyundai Mobis, ICHIKOH INDUSTRIES LTD, Stanley Electric Co. Ltd, VALEO, Zizala Lichtsysteme GmbH and Koito Manufacturing Co., LTD.
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