The increasing availability of LED lights in the mid-priced and economy car segments will augment the growth of the global automotive interior lighting market
Arizton’s recent market research report on the global automotive interior lighting market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by industry product (roof console, reading lights, car body lighting, and ambient lighting), by vehicle (economy, mid-priced, and luxury), by installation (OEM and aftermarket), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global automotive interior lighting market is expected to reach values 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. The growing demand for economy and electric cars across the world is fueling the need for innovative lighting systems in the global market. The electrification of vehicles in the form of powertrain, infotainment, connected vehicles, telematics, safety systems, and electronics will augment the growth of the global automotive interior lighting market.
The top 3 drivers and trends fueling the development of the global automotive interior lighting market are discussed below:
Increasing penetration of luxury cars in APAC
The exponential wealth expansion and growing demand for luxury goods are driving the growth of the global automotive interior lighting market over the next few years. APAC’s recent expansion of the luxury car segment has created lucrative opportunities for leading OEMs operating in the global market. In 2017, China accounted for about 32% of the global luxury car sales, overtaking the US. In the same year, Maserati recorded its highest ever annual sales in China, as its sales jumped 119% over that in 2016. Consumers’ increasing spending capacity and the influx of world brands entering the Asian region will boost sales in the global automotive interior lighting market during the forecast period. India is also slowly gaining a larger consumer base in the global market. The availability of cheap labor and abundant resources is attracting large OEMs to set up manufacturing facilities across India and boost revenues in the global market. The research analyst at Arizton estimates that India will witness massive growth in the sale of luxury cars, making it the fastest growing region in the market. The premium manufacturers such as BMW, Mercedes-Benz, and Jaguar are ramping up their manufacturing activities, thereby boosting their revenues in the global automotive interior lighting market.
Increasing demand for LED lights in vehicles
The various advantages and declining prices of LED lights will boost the adoption of these products in the global automotive interior lighting market. Leading manufacturers are investing in R&D to make LED technology available in all car segments at affordable prices in the global market. According to recent studies, 70% of the consumers are willing to pay more for LEDs lights in the vehicles in the market. The increasing availability of LED lights in the mid-priced and economy car segments will augment the growth of the global automotive interior lighting market over the next few years. LED lights have a higher lifespan than halogen bulbs, thereby reducing the overall maintenance cost of vehicles in the market. These products are multi-dimensional and are 80% more energy efficient than other products that are available in the global market. The high responsiveness of LED products makes it a better choice for rear lamps and headlamps in the market. Top OEMs are leveraging LEDs to offer efficient lighting systems that are in sync with next-generation automotive technology such as ADAS in the global market. Factors such as power efficiency, high performance, and a longer lifespan will drive the demand for LED light systems in the global automotive interior lighting market.
Growing popularity of automotive mood lighting
The installation of ambient and interior lighting systems is helping manufacturers offer an optimal driving experience to consumers in the global automotive interior lighting market. The increasing adoption of ADAS and the introduction of autonomous driving platforms will mark as a product differentiator in the global market. The introduction of dynamic ambient lighting also known as interior spectrum lighting will transform the global automotive interior lighting market. The vendors are manufacturing innovative interior lights as a product differentiation model in the global market. The implementation of stringent safety and emission regulations is boosting the demand for ambient lighting systems in the market. These lighting systems are designed to also influence concentration, mood, and eye fatigue of drivers. Also, the use of these devices to enhance night-driving safety and increase appreciation of the vehicle will drive demand in the global automotive interior lighting market.
The leading vendors in the global automotive interior lighting market are Valeo, Hella, OSRAM, and Bosch.
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.
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
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