Arizton’s recent market research report on the global automotive lighting market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by exterior lighting (headlamps, rear lamps, fog lamps, and others), interior lighting (roof console, reading lights, car body lighting, and ambient lighting), by vehicle (economy, mid-priced, and luxury), by installation (OEM and aftermarket), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global automotive lighting system market is anticipated to reach values of more than $54 billion by 2024, growing at a CAGR of around 6% during 2018-2024.
The market research report also offers market share analysis by unit shipment volume during the forecast period. The increasing efforts to form regulations and guidelines for the autonomous driving platform in Europe and North America is augmenting the development of the global market. The increasing adoption of LED technology and the use of electronics such as collision avoidance systems, automotive infotainments, connected systems, and drive-by-wire technologies will propel the demand in the global automotive lighting system market.
The top 3 drivers and trends propelling the growth of the global automotive lighting system market are discussed below:
Increasing adoption of sustainable and green technology to drive the growth of LEDs
The degrading air quality and increasing environmental population are leading to the adoption of sustainable technologies in the global automotive lighting system market. Government organizations are undertaking initiatives to reduce the deteriorating quality of air and carbon footprint globally. Recent studies have revealed that air pollution is a major factor that is responsible for 16% of premature deaths globally and the root cause of many respiratory diseases and disorders. The increasing consumer awareness regarding the adverse effects of air pollution is leading to the adoption of green and sustainable technology across the global automotive lighting system market. Electric cars are the first step towards this revolution in the market.
In 2018, the global electric vehicles market posted sales of 1.3 million units, where battery technology is considered the cornerstone for the adoption of EVs.
The OEMs and leading manufacturers are investing in the development of low-cost and fast-charging batteries to tap the lucrative opportunities in the market. The manufacturers are investing in R&D to ensure that the components that they use are power efficient. Such initiatives will augment the development of the global automotive lighting system market during the forecast period.
Emergence of automotive mood lighting
The increasing demand for different kinds of ambient and interior lighting systems is propelling the growth of the global automotive lighting system market. The growing adoption of ADAS and the introduction of autonomous driving platforms will result as one of the key factors for product differentiation in the global market. The concept of dynamic ambient lighting is also known as interior spectrum lighting in the market. The introduction of lighting systems that offer different lighting effects throughout the entire car that includes the door panels, dashboard, and cup holders will result in the transformation of the global automotive lighting system market over the next few years. For instance, in 2017, CES,
Toyota unveiled its Concept-I vehicle featuring an AI assistant which uses light and sound to communicate with the driver.
The vehicle would use colored lighting on footwell to indicate whether the vehicle is in manual or self-driving mode. The top vendors are developing innovative interior lighting systems to attract the maximum number of consumers in the global market. The manufacturers are leveraging ambient lighting systems to control the mood and entertainment of the driver as these devices can influence concentration, mood, and eye fatigue of drivers in the market. Leading luxury vehicle brands such as Mercedes-Benz, Infiniti, Audi, Cadillac, Jaguar, and BMW are using these systems to boost their revenues in the global automotive lighting system market.
Increasing adoption of OLED lighting technology
The development and introduction of next-generation technologies that offer better lighting design and luminaries will revolutionize the global automotive lighting system market. OLED lights contain thin and flexible organic semi-conductive layers that generate light when excited by an electric current. OLED lights do not require reflectors, light guides, and optics and can be easily molded into a variety of curved and irregular shapes. The efficiency and lightweight of OLED lights are propelling the growth of the global automotive lighting system market. OLEDs are most effective in areas requiring wide area illumination such as tail lamps, indicators, and interior lights in the market. The manufacturers are focusing on developing designs that can withstand high temperatures to gain a larger global market share. The growing popularity of next-generation lights will drive the adoption of OLED systems in the global automotive lighting system market over the next few years.
The leading vendors in the global automotive lighting system market are Hella, Koito Manufacturing, Magneti Marelli, OSRAM, Bosch and Valeo.
The complete overview of the latest market research report on the global automotive lighting 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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