Automotive Lighting Market is Expected to Record CAGR of 5% By 2024

The automotive lighting market will register a CAGR of 5% over 2018-2024. All in all, it would be accurate enough to quote that the transformation in conventional lighting systems has enhanced automotive lighting market trends over the last few years. Tech companies have also been conducting continuous research and development activities to introduce optimized and cost-effective lighting systems.
Global automotive lighting market outlook has observed a plethora of changes in the last few years, driven by the shifting preference toward advanced efficient lighting as opposed to traditional lighting. Designed with highly innovative technologies, excellent aesthetics, and quality, automotive lighting systems, over the last few years, have undergone a sea of change pertaining to the advent of optics and laser technologies. In order to tap the popularity of advanced technologies, most of the automotive lighting market players are looking forward to focusing on product design alternations, acquisitions, and facility expansions.
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Over the last few years, with the increasing importance imparted to aesthetic and ergonomics of the vehicles' interior as well as exterior, the design approach of contributors in the automotive lighting industry has indeed changed. They are now giving preference for the advancement of infotainment systems that will turn out to be rather beneficial for them in terms of revenue generation. As of now, the extensive use of LEDs for deploying lighting systems in vehicles will further stimulate the automotive lighting market size. As per estimates, automotive lighting market size from LED technology will register a CAGR of more than 7% over 2018-2024.
The revolutionary development of high-performance light sources is also one of the approaches undertaken by companies to gain a competitive edge over their rivals in the automotive lighting market. The growing awareness among the product developers about energy efficient lighting systems has been encouraging them to adopt new business tactics focused around this parameter. Merely a few months before, LG Electronics acquired the well-known automotive lighting and headlight systems provider, ZKW Group. This strategic merger has allowed LG to extend its regional reach across U.S., China, Mexico, and several countries in Europe continent.
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In August 2018, the Canadian automotive product supplier, Magna acquired the headlight and lighting component provider, Olsa for expanding its automotive lighting business. With the acquisition of the Olsa, Magna has grown its lighting capabilities from designing and manufacturing of headlamps, tail lamps, and other lighting systems. Moreover, the acquisition of advanced technology will also help Magna better its portfolio in distinctive and featured lighting products. The rise in the integration of electronics in lighting systems and shifting focus of automakers toward styling will turn out to be rather fruitful for lighting product manufacturers.
Some Point from Table of Contents:
chapter 5 automotive lighting market, by vehicle type
5.1 key trends by vehicle type
5.2 passenger cars
5.1.1 market estimates and forecast, by region, 2013 - 2024
5.3 commercial vehicles
5.2.1 market estimates and forecast, by region, 2013 - 2024
5.4 two-wheelers
5.3.1 market estimates and forecast, by region, 2013 - 2024
chapter 6 automotive lighting market, by application
6.1 key trends by application
6.2 front lighting/headlamps
6.1.1 market estimates and forecast, by region, 2013 - 2024
6.3 rear lighting
6.2.1 market estimates and forecast, by region, 2013 - 2024
6.4 interior lighting
6.3.1 market estimates and forecast, by region, 2013 - 2024
6.5 side lighting
6.4.1 market estimates and forecast, by region, 2013 - 2024
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