The report is titled “Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021” and is available for sale on the company’s website.

Albany, NY -- (SBWire) -- 11/16/2016 --The global automotive lighting systems market has received a tremendous boost from the introduction of advanced lighting technologies. In a recent report, Transparency Market Research predicts that driven by the mounting production of vehicles and the growing revenue generated by the global automotive sector, the market for automotive lighting system is likely to expand from US$19.9 bn in 2014 to US$34.1 bn by 2021 at an 8.1% CAGR therein.

Automotive lighting systems comprise lighting and signaling devices fitted to the rear, front, exterior sides, and interior of a vehicle and ensure visibility and safety to the driver as well as the passengers. Companies have been developing advanced and superior automotive lighting systems that consume lower amounts of energy and last longer. While the replacement of standard lamps with HID and LED lamps is poised to drive the global automotive lighting systems market in the coming years, the high cost of these lamps is anticipated to restrict its growth.

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The report offers a detailed study on the automotive lighting system market, evaluating it on the basis of vehicle, position, and geography.

Based on vehicle, the automotive lighting system market has been segmented into passenger vehicle, MUV, heavy vehicle, SUV, and luxury vehicle. Passenger vehicles held the dominant share in 2014 owing to the growing pool of middle class consumers and their rising preference for passenger vehicles.

By position, the market for automotive lighting systems has been broken down into rear lighting, side lighting, front lighting, and interior lighting. Front lighting held the largest share in the automotive lighting system market in 2014.

On the basis of geography, the worldwide automotive lighting system market has been divided into Europe, North America, Asia Pacific, and Rest of the World. Europe is the current leader in the automotive lighting system market and this region, along with North America, is anticipated to witness steady growth despite saturation. The automotive lighting system markets in Europe and North America are poised to maintain stable growth owing to the continuous advancements in the field. Asia Pacific is projected to expand at the highest CAGR from 2015 to 2021 thanks to the increasing production of vehicles and growing disposable income levels.

There are a number of players vying for the top spot when it comes it automotive lighting systems. Some of the well-known companies competing in this space are Hyundai Mobis (South Korea), Hella KGaA Hueck & Co. (Germany), Koninklijke Philips N.V. (Netherlands), Valeo S.A. (France), Stanley Electrics Co. Ltd. (Japan), General Electric (U.S.), Magneti Marelli S.p.A. (Italy), and Osram Licht AG (Germany). A detailed segment on the competitive landscape emphasizes on the key factors impacting these companies, their contribution toward the global automotive lighting systems market, and their trajectory in the coming years. A SWOT analysis of the aforementioned companies reveals their strengths, weaknesses, opportunities, and threats.