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Automotive Lighting Market to represent a significant expansion at CAGR of 4.1% and 5.7% by 2025
Research Report Insights (RRI) has launched the report titled, “Automotive Lighting Market to represent a significant expansion at CAGR of 4.1% and 5.7% by 2025”
Increasing vehicle production and sales, technological advancement and tightened regulations regarding safety measures are the prominent driving forces for the automotive lighting market size. The global vehicle production has witnessed considerable increase due to growing demand and emerging economies. The technology has evolved to lead to the development of eco-friendly, energy efficient, easy to operate products.
Players within the market are competing with each other on the basis of product differentiation and cost. Names of the leading players operating within the Global Automotive Lighting Market are ICHIKOH INDUSTRIES LTD, HellaKGaAHueck& Co, General Electric Co., MagnetiMarelli S.p.A, Hyundai Mobis, Royal Phillips Electronics, SAMSUNG ELECTRONICS Co., Ltd, ZizalaLichtsysteme GmbH, Koito Manufacturing Co., LTD, OSRAM Licht Group, and VALEO
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The global automotive lighting market was valued at US$ 28,250.5 Mn in 2016 and is expected to grow at a CAGR of 4.1% and 5.7% by volume and revenue respectively from 2017 to 2025.
There is a growing demand for energy efficient lighting today. Consumers are also demanding cost-effective Lighting systems. Therefore, market players are investing in research and development so as to offer customers the solutions. The market is also benefiting from the green disposable income of the people which is leading them to purchase vehicles. In addition to this favorable government policies are also eating the growth of the Global Automotive Lighting Market. The growing demand for improved Road elimination and increasing focus on vehicle safety are the factors helping the market to grow.
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Based on vehicle type, the automotive lighting market is classified into HCVs, LCVs, passenger vehicles and two-wheeler vehicles. The overall increase in passenger vehicles due to increase in tourism and transportation increase the demand for this segment. Also, increased used of four-wheelers for customized purpose such as food truck and mobile service van will fuel the demand in LCVs.
APAC constitutes the largest market in terms of vehicle production and sales, this also makes it a considerable automotive lighting market. China, Japan, India, and South Korea are major countries in this region in terms of production, exports and domestic sales. Increasing spending on luxury products and increase in the number of total vehicle purchased are the chief growth drivers. The regulatory bodies for the automotive lighting market include Japan Lighting Manufacturers Association, The Automotive Component Manufacturers Association of India (ACMA), The Canadian Vehicle Manufacturers’ Association and European Automobile Manufacturers’ Association (ACEA) among others.
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