The
global Automotive
Lighting market is anticipated to reach around USD
48.08 billion by 2026 according to a new research published by Polaris Market
Research. In 2017, the passenger cars dominated the global market, in terms of
revenue. In 2017, Asia-Pacific accounted for the majority share in the global
Automotive Lighting market.
The
expanding global automotive industry, along with increasing demand for
passenger cars majorly drives the Automotive Lighting Market growth. The
adoption of advanced automotive lighting solutions has increased significantly
owing to increasing awareness regarding use of energy efficient lighting
solutions, and growing need to improve road safety. Other factors driving the
market growth include growing disposable income, technological advancements,
and changing lifestyles. New emerging markets, emerging consumer demographics,
and increasing adoption of eco-friendly lighting solutions would provide growth
opportunities for automotive lighting market in the coming years.
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The use of
LED lights in automobiles has increased significantly and these lights are
gradually replacing halogen and xenon lights for headlamps and daytime running
lights. LED technology is being used for rear lights, brake lights, indicators
and daytime running lights owing to their reduced costs and greater
flexibility. High brightness white LEDs offer improved visibility, are smaller
in size, and offer controlled illumination pattern to avoid dazzling other
drivers on the road.
In 2017,
Asia-Pacific accounted for the highest share in the global automotive lighting
market. Established automotive industry, technological advancements, and high
investment in R&D are factors expected to drive the market growth in the
region. The introduction of stringent government regulations regarding
vehicular safety and use of eco-friendly lighting solutions accelerates the
adoption of automotive lighting in the region. The economic growth in countries
such as China, Japan, and India, rising living standards and growing disposable
income further increases the demand of automobiles in the region. Expansion of
global players into these countries to tap market potential boosts the Automotive Lighting Market Growth.
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The leading
companies profiled in the Automotive
Lighting Market report include Osram GmbH, Koninklijke
Philips N.V., Zizala Lichtsysteme GmbH, Magneti Marelli S.P.A., Stanley
Electric Co., Ltd., Ichikoh Industries, Ltd., Hella KGaA Hueck & Co., Koito
Manufacturing Co. Ltd., General Electric Lighting, and Valeo S.A. These companies
launch new products and collaborate with other market leaders to innovate and
launch new products to meet the increasing needs and requirements of consumers.
Polaris
Market Research is a global market research and consulting company. The company
specializes in providing exceptional market intelligence and in-depth business
research services for our clientele spread across different enterprises.
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Us:
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Market Research
Phone: 1–646–568–9980
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