Ambient Lights Improves Safety Features and Promotes Innovation in the Automotive Interior Lighting Market
Arizton’s recent market research report on the automotive interior lighting market identifies Valeo, Hella, OSRAM, and Bosch as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by product (roof console, reading lights, car body lighting, and ambient lighting), by vehicle (economy, mid-priced, and luxury), by installation (OEM and aftermarket), and by geography (APAC, Europe, North America, Latin America, and MEA).
The automotive interior lighting market is projected to reach revenues of more than $4 billion by 2024, growing at a CAGR of approximately 6% during 2018-2024.
The market research report also offers market share analysis by unit volume produced during the forecast period.
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The automotive interior lighting market is divided into four key segments that include product, vehicle, installation, and geography.
Ambient lighting segment to grow at the fastest CAGR in the automotive interior lighting market during the forecast period
The automotive interior lighting market by product is classified into roof console, reading lights, car body lighting, and ambient lighting. The ambient lighting segment dominated less than 1/3rd of the total market share in 2018, growing at a CAGR of around 8% during the forecast period. The exponential growth of electric vehicles and the introduction of autonomous vehicle platform is expected to surge the demand for innovative lighting systems in the global market. The leading vendors are focusing on introducing systems that increase the safety by illuminating vehicle interiors without driver distraction. Such systems are currently available in the luxury vehicle segment in the automotive interior lighting market. A recent study by BMW and the Lighting Engineering Group at the Ilmenau University of Technology revealed that ambient lighting improves the driver’s perception of the vehicle interiors. The growing number of light sources in the vehicle cabin is encouraging the leading vendors to launch innovative systems in the global market. The OEMs are leveraging ambient lighting systems to improve the car quality, safety, and their emotional states and boost profitability in the automotive interior lighting market.
OEM segment to grow at a considerable CAGR in the automotive interior lighting market during the forecast period
The installation segment in the automotive interior lighting market is categorized into OEM and aftermarket. The OEM segment occupied the largest global market share in 2018, growing at a CAGR of approximately 5% during the forecast. The increasing adoption of electric vehicles, rise in the inclusion of safety technologies, and rapid advancements in the autonomous driving platform are some of the factors contributing to the growth of this segment in the global market. The establishment of stringent safety and emission regulations by governments worldwide is propelling the demand for new products in the automotive interior lighting market. The regional economic performance, automotive demand, and the adoption of stringent safety regulation globally are creating lucrative opportunities for leading vendors in the market. The supportive government policies that encourage the adoption of the latest automotive technologies will lead to the development of the global market over the next few years. The strategic partnerships between suppliers and OEMs are helping to reduce operational costs and boost the use of LED technology in the automotive interior lighting market.
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APAC to grow at a significant CAGR in the automotive interior lighting market during the forecast period
The automotive interior lighting market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. APAC dominated the majority of the total market share in 2018, growing at a CAGR of more than 6% during the forecast period. The rising number of roof console lights, reading lights, and car body lights installations in economy cars are fueling the growth of the APAC region in the global market. The increasing demand and sales of SUVs was the main driver for the strong performance of the automotive interior lighting market in the APAC region. The availability of financing options and the presence of established global OEMs are contributing to the growing sales of the products in the APAC market. Toyota, Honda, Suzuki, and Nissan are some of the leading vendors operating in the APAC market. The growing adoption of safe and sustainable technologies such as ADAS and electric vehicles across APAC will contribute to the revenues in the automotive interior lighting market.
The other prominent players in the automotive interior lighting market are Grupo Antolin, SCHOTT, DRÄXLMAIER, Pacific Insight Electronics,Texas Instruments, EFI LIGHTING, Koninklijke Philips, CML Innovative Technologies, Innotec, Neolite ZKW, MENTOR, Faurecia, Sigma International, APAG CoSyst, Changzhou Xingyu Automotive Lighting System, Shanghai Sunlight Enterprise, OSHINO LAMPS, 3M, Flex-N-Gate, and Toyoda Gosei.
The complete overview of the latest market research report on automotive interior lighting market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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