Key reasons that boost the Indian automotive lighting market are the technological advancements and increasing purchasing power. Based on vehicle type, the market is classified into passenger vehicles, commercial vehicles, two-wheelers, three-wheelers, and tractors.
Portland, OR -- (SBWIRE) -- 06/16/2017 -- India Automotive Lighting Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $3.1 billion by 2022, registering a CAGR of 5.6% during the period 2016 to 2022. LED automotive lights have gained increased demand from customers owing to their long shelf life and low temperature. The passenger vehicle segment is projected to generate the highest revenue, owing to maximum sale of lights under this category.
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The India automotive lighting industry witnesses a steady growth on account of the growing automotive production and increasing emphasis on vehicle safety and government regulations regarding automotive lighting systems. Moreover, increasing disposable income of people supports the demand for aesthetic looks for vehicles, which in turn creates the demand for advanced lighting solutions.
Fluctuating prices of raw materials and high R&D cost restrain the market growth. The raw materials used in the manufacturing of automotive lights are tungsten, glass, niobium, polymers, silicone, and a mixture of gases. In addition, the high cost of LED lights restrains their adoption among the customers.
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The India automotive lighting market is segmented based on lighting technology, application, sales channel type, and vehicle type. On the basis of application, it is divided into front lighting, rear lighting, side lighting, interior lighting, and fog lamps. Front lighting finds the largest application in the automotive industry, followed by fog lamps. Features such as automatic rotation, automatic brightness modules, sensor response and government regulations as well as increasing demand related to efficient front lighting drive the market growth for front lighting application. Owing to increasing preference towards aesthetic looks, the interior lighting segment is also gaining pace in the market.
With respect to lighting technology, the market is segmented into halogen, xenon, and LED. Traditionally, halogen, being a low cost and easily available technology, was the majorly used lighting technology. Halogen accounted for the highest revenue generation in 2014, and is expected to continue to dominate throughout 2022. However, the emergence of LED lights may witness an increased demand owing to their low power consumption, longer life, and compact size. By 2022, LED technology is projected to constitute one-third of the total automotive lighting market, growing at the highest CAGR. The decreasing cost of LED lights is expected to further fuel its market growth.
Based on the sales channel type, the market is segmented into OEM product and aftermarket product. OEM market led by contributing 54% of total revenue in 2014, and is projected to grow at a CAGR of 5.7%.
Key Findings of India Automotive Lighting Market Study:
The India automotive lighting market is anticipated to witness steady growth during the forecast period, owing to rising concerns regarding road safety and growing automobile production.
Halogen technology is expected to continue its dominance due to its cost-effectiveness.
Passenger vehicles are anticipated create more demand for automotive lighting products compared to commercial vehicles during the forecast period.
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Market players may launch innovative featured products to achieve a competitive edge on their rivals.
The market comprises major global as well as local players. Players such as Phoenix Lamps Limited, Lumax Industries Limited, Osram Licht AG, an GE Lighting hold a significant market share. They invest heavily on R&D activities for product innovation and strengthen the distribution channel to improve their market presence.