Global Market Insights, Inc. newly added the Automotive Lighting System Market Report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, and forecast in the coming years.
Based on technology, the automotive lighting system market is segmented into LED, Xenon/HID, and halogen/incandescent. The LED segment is expected to showcase the highest market growth. This growth can be credited to the benefits offered by LEDs such as lower energy consumption and temperature, bright illumination, and flexibility in designing. These features are leading to growth in the adoption of LED lights in automobile interior.
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Based on application, the automotive lighting system market is segmented into exterior lighting and interior lighting. The exterior lighting can be categorized into fog lights, head lights, tail lights, side lights, Daytime Running Lights (DRL), Center high mount stop lamps (CHSML), and others. Others include brake lights, indicators, license plates, reverse lights, and side view mirror indicators. The interior lighting segment consists of glove box, dashboard, reading lights, rear view mirror interior lights, and dome lights. The automotive lighting system market is dominated by exterior lighting and is expected to continue its domination over the forecast period owing to the application of these lights in the driver safety.
The automotive lighting system market is segmented by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars is anticipated to grow at a higher rate during the projected period. This segment is expected to lead the industry in terms of both value and volume followed by LCVs.
On the basis of position, the automotive lighting system market is categorized into rear, side, front, and interior. The front lighting industry is anticipated to gain maximum share in the market. The automotive front lighting consists of functions such as headlight leveling, high beam assist, and bending lights, auto-on/off, and cornering lights. Auto-on/off is anticipated to be the major segment whereas headlight leveling is likely to be the fastest growing segment.
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Increased use of high-efficiency LED and rising concerns about road safety along with government regulations for lighting are some of the factors driving the automotive lighting system market share from 2017 to 2024. Increasing buying power of the consumers has increased the demand for advanced and sophisticated technologies such as Daylight Running Lights (DRLs) and Advanced Front-lighting System (AFS). Growing number of vehicles in BRIC countries is further offering an opportunity for automotive lighting system industry growth.
Asia Pacific is expected to be the fastest growing region. India, China, South Korea, and Japan account for the majority of vehicle production in the global automotive industry and thus are anticipated to acquire the maximum share of the automotive lighting system market. The customers in China are upgrading their cars to better and newer models. The advanced technologies, such as adaptive and ambient lighting, are gaining popularity in China. These factors are contributing to the growth of Asia Pacific automotive lighting system industry.
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The manufacturers in the automotive lighting system market include Koninklijke Philips N.V., General Electric (GE), Hella KGaA Hueck & Co., Magneti Marelli, Osram, Stanley Electric, Koito Manufacturing Co., Ichikoh Industries, Ltd., and Zizala Lichtsysteme GmbH.