The benefits associated with, and declining prices of LED lights is boosting the demand in the global automotive exterior lighting market
Arizton’s recent market research report on the global automotive exterior lighting market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (headlamps, rear lamps, fog lamps, and others), by vehicle type (economy, mid-priced, and luxury), by end-users (OEM and aftermarket), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global automotive exterior lighting market is anticipated to generate revenues of around $43 billion by 2023, growing a CAGR of approximately 6% during 2017-2023.
The growing implementation of advanced automotive lighting technologies such as laser headlamps and OLED lights will augment the development of the global automotive exterior lighting market. The increasing focus on engine downsizing, electrification of automotive mechanism, emission regulations, connectivity, and safety are some of the factors that will propel the growth of the global market over the next few years.
The top 3 drivers and trends driving the growth of the global automotive exterior lighting market are discussed below:
Growing Adoption of LED Lights
The benefits associated with, and declining prices of LED lights is boosting the demand in the global automotive exterior lighting market. The increasing investment in R&D activities to make LED technology accessible for all car segments at affordable prices will fuel the sales of these lights in the global market. The rising expansion of LED lights from the luxury segment to mid-priced and economy segments will create lucrative opportunities for top manufacturers in the global automotive exterior lighting market. The LED technology uses a semiconductor which releases photons of light on a passage of electricity. The power efficiency, high performance, and a longer lifespan are some of the factors will attribute to the adoption of this technology in the market. The directional nature of LED lights helps in more targeted lighting, whereas there is much wastage in potential in case of other lighting systems as they are multi-directional in nature. This technology can be synced with next-generation automotive technology such as ADAS. Such features are expected to propel the growth of the global automotive exterior lighting market during the forecast period.
Advancements in ADAS Promoting a New Generation of Smart Lights
The introduction of the advanced driver assistance system (ADAS) solutions will contribute to the adoption of inventive lighting systems in the global automotive exterior lighting market. ADAS solutions are designed to prevent accidents by either assisting or taking control of the vehicle in cases of potential collisions. The leading OEMs are shifting from incandescent bulbs to newer forms of lighting such as LED, OLED, and laser to attract new consumer groups and gain a larger market share. These lighting technologies offer great performance with reduced power requirement that can be easily synced to safety systems resulting in growing sales in the global automotive exterior lighting market. Some of the major advancements in the market are adaptive LED headlights, matrix LED headlights, and laser headlights. The use of other safety systems that use an infrared camera to detect pedestrians and animals will also help to boost the demand and sales in the global market. The introduction of memorizing technology to remember previously traveled routes and driving style will transform the automotive industry over the next few years. The advancement in ADAS technologies will have a positive impact on the global automotive exterior lighting market.
Introduction of Laser Light Technology
The advent of laser light technology is expected to re-invent the design and performance of headlights in the global automotive exterior lighting market. The laser lights have double power and have a maximum range from 984.25 feet to 1968.5 feet without sacrificing the electrical efficiency. The laser lights are smaller in size offering vendors flexibility add additional technologies. The power efficiency of these lights will attribute to the growing demand of these lights in the global automotive exterior lighting market. The growing popularity of electric vehicles and hybrid vehicles will also increase the adoption of laser lights in the global market. Lasers have tight parallel beams, which have the ability to act like a scalpel on the retina, thereby increasing the safety of these products in the global market. The numerous advantages and increase safety of laser lights will raise the implementation of these products in the global automotive exterior lighting market during the forecast period.
The leading vendors in the global automotive exterior lighting market are Koito Manufacutring, Magneti Marelli, Valeo, Hella, and OSRAM
The complete overview of the latest market research report on global automotive exterior 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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