SELBYVILLE, Del. - December 6, 2019 - (Newswire.com) - According to latest report “Automotive Lighting Market by Application (Interior Lighting, Side Lighting, Rear Lighting, Front Lighting/Headlamps), Technology (LED, Halogen, Xenon), Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers), Regional Outlook, Competitive Market Share & Forecast 2024," by Global Market Insights, Inc., the market valuation of automotive lighting will reach US$40 billion by 2024.
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 market competition drives the segment growth.
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There is a rising demand for advanced LEDs and light modules that are laser-based in order to improve the parameters for vehicle safety and provide aesthetic looks to the vehicle. LEDs offers numerous benefits like bright lights, low power consumption and efficiency of performance and energy. Audi, Honda Motor Company, Tata Motors, BMW, General Motors are few automotive OEMs that use LED based automotive lighting products.
The utilization of LED tech in all ranges of vehicles has been a major factor driving LED-based automotive lighting market. The optimization of LED modules has reduced its cost which has compelled several car manufacturers to incorporate them in economical vehicles as well. For instance, cars like Honda Accord and Nissan Alto are integrated with daytime LED running lights.
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 market adopt low and value-based pricing strategies to pose entry barriers for new participants and offer increased product efficiency.
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The Europe automotive lighting market size was worth USD 8 billion in the year 2017 and is expected to witness a substantial growth owing to the presence of Audi, BMW and Mercedes-Benz the prime automobile manufacturers in the region. Moreover, the European Commission has set certain manufacturing standards to support sustainable development that primarily helps in the industry growth.
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.
Browse key industry insights spread across 170 pages with 148 market data tables & 27 figures & charts from the report, “Automotive Lighting Market Size 2018-2024” in detail along with the table of contents @
Table of Contents (ToC) of the report:
Chapter 3 Automotive Lighting Market Insights
3.1 Industry segmentation
3.2 Industry landscape
3.3 Industry ecosystem analysis
3.3.1 Distribution channel analysis
3.3.2 Vendor matrix
3.4 Regulatory Landscape
3.4.1 North America
220.127.116.11 SAE J3069
18.104.22.168 SAE J2938
22.214.171.124 Federal Motor Vehicle Safety Standard 108
126.96.36.199 Economic Commission for Europe (ECE) Regulations
188.8.131.52 Commission Directive 91/663/EEC
184.108.40.206 Eco-innovations and Law (EC) No. 443/2009
3.4.3 Asia Pacific
220.127.116.11 Chinese GB Standards
18.104.22.168 Installation requirements of lighting and light-signaling devices
22.214.171.124 Australian Design rule 13/00
3.4.4 Latin America
126.96.36.199 INMETRO testing and certification for LED lamps
188.8.131.52 New Mexico State statute 66.1-4.1(F)
184.108.40.206 The National Traffic Act South Africa
220.127.116.11 Article NO 95, Federal Traffic Act
3.5 Industry impact forces
3.5.1 Growth drivers
18.104.22.168 Increasing concerns regarding road safety to propel global demand
22.214.171.124 Emerging government regulations
126.96.36.199 Flourishing automotive industry in China
188.8.131.52 Premium car production in Germany
184.108.40.206 Penetration of LED technology from high-end to mid-range and low-end vehicles in the U.S.
220.127.116.11 Focus of companies on the Asia Pacific region to boost demand
3.5.2 Industry pitfalls and challenges
18.104.22.168 Tariff and trade restrictions in the U.S.
22.214.171.124 High R&D expenditure & complexity in the LED lighting systems
126.96.36.199 Increasing raw material cost & instability of the lighting systems
3.6 Growth potential analysis
3.7 Porter’s analysis
3.8 Competitive landscape, by region, 2017
3.8.1 Company market share, 2017
3.8.2 Strategy dashboard
3.9 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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