Rear lamps segment to remain the second largest market in global automotive lighting market
Arizton’s recent market research report on the global automotive lighting market identifies Hella, Koito Manufacturing, Magneti Marelli, OSRAM, Bosch, and Valeo 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 – exterior lighting (headlamps, rear lamps, fog lamps, and others), by product – interior lighting (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 global automotive lighting market is expected to reach revenues of more than $54 billion by 2024, growing at a CAGR of over 6% during 2018-2024.
The market research report also offers market share analysis by unit shipment volume during the forecast period.
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The global automotive lighting market is divided into five major segments that include products – exterior lighting, products – interior lighting, vehicle, installation, and geography.
Rear lamps segment to grow at the fastest CAGR in the global automotive lighting market during the forecast period
The global automotive lighting market by products-exterior is classified into head lamps, rear lamps, fog lamps, and others. Rear lamps segment dominated the second largest market share in 2018, growing at a CAGR of more than 6% during the forecast period. The increasing focus on improving the safety and the introduction of next-generation lights are driving the growth of this segment in the global market. The introduction of LED lights gave designers the freedom to make unique rear lamps in the global automotive lighting market. The LED lights resulted in lightweight and thin rear lamps that enabled vendors to attract more consumers in the global market. The vendors are using white diffuser reflector materials in direct lighting configurations, which will help in the manufacture of thinner rear lamps in the market. Manufacturers have also managed to combine brake lights and night-time design elements in a single rear lamp unit to gain a larger number of consumers. OLED is the future of the automotive industry. The use of OLED lights is offering more design options to manufacturers as it increases flexibility and performance of lighting systems in the market. High performance and power efficiency will revolutionize the global automotive lighting market.
Read: Lighting Control System Market - Global Outlook & Forecast 2021-2026
Roof console segment to grow at a considerable CAGR in the global automotive lighting market during the forecast period
The product-interior lighting in the global automotive lighting market is divided into roof console, reading lights, car body lighting, and ambient lighting. The roof console segment occupied the largest market share in 2018, growing at a CAGR of more than 5% during the forecast period. The growing demand for economy cars and optimal vehicle performance is fueling the growth of this segment in the global market. Roof consoles have become an integral part of the vehicle without which locating objects within the vehicle at night is impossible. Functional lights such as dome lights are essential for safety as they help the driver to easily locate the vehicle controls and other objects, thereby contributing to the growth of the global automotive lighting market. The growth of the economy across developing nations such as Russia and Brazil will boost the adoption of these devices in the global market. The increasing demand for compact SUVs such as Japan, South Korea, and Latin America is driving the sales in the global automotive lighting market during the forecast period.
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Latin America to grow at a significant CAGR in the global automotive lighting market during the forecast period
The global automotive lighting market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. Latin America is the fastest growing region in the global market, at a CAGR of around 9% during the forecast period.The adoption of stringent safety and emission regulations will lead to an increase in adoption of EVs across the Latin America region in the global automotive lighting market. The removal of import taxes across countries such as Ecuador, Uruguay, Costa Rica, and Colombia will drive the demand for innovative products in the Latin American market. Brazil and Argentina are the largest revenue contributors in the Latin American market. The increasing consumer awareness about green and sustainable energy and government support is positively influencing the adoption of electric and autonomous vehicles across the Latin American region and driving the revenues in the global automotive lighting market.
The other prominent players in the global automotive lighting market are 3M, APAGCoSyst, Changzhou Xingyu Automotive lighting, CML Innovative Technologies, DRÄXLMAIER, EFI LIGHTING, Faurecia, Federal-Mogul, Flex-N-Gate, Flextronics International, Gentex Corporation, Grupo Antolin, Infineon Technologies, Innotec, Johnson Electric Holdings, Koninklijke Philips, Magna International, MENTOR, Neolite ZKW, OSHINO LAMPS, Pacific Insight Electronics, Panasonic, Phoenix Lamps Division, Samvardhana Motherson Group, SCHOTT, Shanghai Sunlight Enterprise, Sigma International, Stanley Electric, Texas Instruments, and Toyoda Gosei.
The complete overview of the latest market research report on the global automotive 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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