OLED Rear Lamps to Improve the Performance in the Automotive Exterior Lighting System Market
Arizton’s recent market research report on the automotive exterior lighting system market identifies Koito Manufacutring, Magneti Marelli, Valeo, Hella, and OSRAM 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 type (headlamps, rear lamps, fog lamps, and others), by vehicle type (economy, mid-priced, and luxury), by end-users (OEM and aftermarket), and by geography (APAC, Europe, North America, Latin America, and MEA).
The automotive exterior lighting system market is expected to reach values of more than $43 billion by 2023, growing at a CAGR of approximately 6% during 2017-2023.
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The automotive exterior lighting system market is divided into four major segments that include by product type, vehicle type, end-users, and geography.
Rear lamps segment to grow at the fastest CAGR in the automotive exterior lighting system market during the forecast period
The automotive exterior lighting system market by product type is segmented into headlamps, rear lamps, fog lamps, and others. Rear lamps segment dominated the second largest market share in 2017, growing at a CAGR of around 6% during the forecast period. The introduction of next-generation rear lamps that improves the safety and the light intensity is sanctioned by the department of transportation (DOT) is propelling the growth of this segment in the global market. The use of LED lights that allows the manufacturing of lightweight and thin rear lamps will boost the sales in the automotive exterior lighting system market. The introduction of uniformed and aesthetically designed rear lights will help OEMs gain a larger global market share. The manufacturers are launching edge-lit designs incorporating LEDs at the input of a light pipe that enables uniform lighting pattern in the market. Such innovations will fuel the demand in the automotive exterior lighting system market.
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Europe to grow at a considerable CAGR in the automotive exterior lighting system market during the forecast period
The geographical segment in the automotive exterior lighting system market is divided into APAC, Europe, North America, Latin America, and MEA. Europe occupied dominated a portion of the market share in 2017, growing at a CAGR of around 5% during the forecast period. The increasing demand for electric vehicles is one of the primary factors driving the growth of the European region in the global market. The massive growth of the automotive industry across the Central and Eastern Europe will create new avenues in the automotive exterior lighting system market. Countries such as Germany, Spain, and the UK are the largest revenue generator in the European market. The establishment of stringent safety and emission norms is encouraging OEMs to invest in R&D to develop advanced lighting solutions in the automotive exterior lighting system market. The improvement in the economy in many European countries will boost the demand for lighting solutions in the global market. Headlamps dominated the European automotive exterior lighting system market during 2017.
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Mid-priced car segment to grow at a significant CAGR in the automotive exterior lighting system market during the forecast period
The automotive exterior lighting system market by vehicle segment is categorized into the economy, mid-priced, and luxury. Mid-priced car segment dominated a section of the market share in 2017, growing at a CAGR of more than 8% during the forecast period. The installation of electronic stability control (ESC), tire pressure monitoring systems (TPMS), driver seat belt indicators, and gear shift indicators are driving the growth of this segment in the global market. The electrification of vehicles that improve the performance and safety of the vehicle will boost demand in the automotive exterior lighting system market. The launch of the powertrain and chassis system, body electronics, safety and security system, telematics, and infotainment systems will lead to the evolution of the automotive industry. The implementation of sensors in the vehicle chassis, LiDAR, radar, and cameras will improve safety in vehicles in the market. Such innovations will boost demand in the automotive exterior lighting system market.
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The other prominent players in the automotive exterior lighting system market are Stanley Electric, Magna International, Federal-Mogul, Johnson Electric Holdings, Bosch, Infineon Technologies, Panasonic Corporation, Samvardhana Motherson Group, Flex-N-Gate, Grupo Antolin, Flextronics International, Gentex Corporation, and Phoenix Lamps Division.
The complete overview of the latest market research report on automotive exterior lighting system 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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