Automotive Lighting Market Overview:
According to the Association for Safe International Road Travel, road accidents cause approximately 1.25 million death annually. Furthermore, 20-50 million people get injured and disabled every year due to accidents caused on the roads or by natural weather conditions such as rain, fog, dust, snow, and others. These statistics are reflective of the necessity for effective lighting in automotive vehicles to reduce major accidental incidences and this forms a crucial component for manual driving. Government from various countries are taking initiatives for creating awareness to drive safely and automotive lighting is one of the key components that must be considered while driving.
Market is flourished with wide range of lighting such as headlights, tail lights, accessory lights, LED lights, fog lights, emergency and warning lights, off-road lights, and signal lights in contemporary vehicles. Along with safety, automotive lighting improves the aesthetic appearance of a vehicle; a key reason to popularize among youngsters. The automotive lighting market valued $23.8 billion in 2018 and estimated to increase with a CAGR of 6.50% during the forecast period 2019-2025.
Automotive Lighting Market Outlook:
Certain automotive lighting plays an informative role in signaling about different conditions as emergency lighting in ambulance and police car. It may be incorporated in interior parts such as dashboard and sidewall lights or as headlights, turn indicators, and fog lights on the exterior parts of a vehicle. Increasing number of vehicular purchase influences the supply-demand of global automotive lighting. The U.S. gained an import of 178,502,237 motor vehicle units in 2018,  thereby increasing the consumption rate of automotive lighting in several aspects. North America generated a huge demand for automotive lighting and held a regional share of 33.50% as of 2018 owing to growing purchasing power of the population and rising economic strength. Application in passenger cars also exerted considerable pressure on the global automotive market and is expected to grow at a CAGR of 5.20% cultivating lucrative revenue through 2025.
Automotive Lighting Market Growth Drivers:
· Growing automobile production across the globe boosts the automotive lighting market. Rising manufacture of electric cars owing to reduced fuel expenses and harmful environmental emissions majorly influence the automotive lighting market revenue.
· Dependence on lighting system for signaling purposes in ambulance and police vehicles aligning with effective sound system result in increasing demand for lighting technique in vehicles.
· Government program maintains road safety by taking initiatives such as creating awareness about vehicle protection and illuminating roads with appropriate use of automotive lighting majorly drives the global car lighting market.
· The trend related to application of LED lighting for creating a magnificent outlook both on exterior and interior space of the vehicle seeks more human attention and reduce road accidents rate, thereby boosting the automotive lighting market.
Automotive Lighting Market Challenges:
The main challenge faced by key market players is the exorbitant retail price of LED lighting systems. This hinders the supply-demand chain as most people prefer low-cost lighting systems. Albeit the brighter and long distance focusing light beams of LED systems, its application increases heat emission and requires extra expenditure on installation of cooling components. Despite the drawbacks of LED automotive lighting, it saves long-term expenses with one-time installation as compared to conventional halogen bulbs. Regular expenditure on marketing and advertisement can increase consumer interest and help market players to increase sales despite high cost of the product.
Automotive Lighting Market Key Players:
The leading market players of the global automotive lighting market hold majority shares include Ichikoh Industries, Ltd., Hella KGaA Hueck & Co., Magneti Marelli, General Electric Company, Ltd., Stanley Electric Co., Ltd., Hyundai Mobis, Valeo S.A., Koninklijke Philips N.V., Osram GmbH, Koito Manufacturing Co., and others.
Magneti Marelli is an international automotive components manufacturing company supplying their products to car producing companies in Europe, North and South America, and Asia. Touching specific areas of the market such as electronic systems, automotive lighting, powertrain, suspension and exhaust system and creating innovation in the niche areas.
Automotive Lighting Market Trends:
· Organic LED Technology
LED lighting had enjoyed its share of popularity in the past decade, but is now caught in a battle with innovative OLED lighting technique for vehicles. LEDs work on point lighting technique whereas, OLEDs are surface lights which scatter the light to maximum area resulting in better viewing and less accidental incidences. Although OLEDs provide a scope of creating new designs for lights, there is a limit of resisting temperature increase of 85 degree Celsius. However, OSRAM automotive company have evolved through this challenge with an advanced OLED lighting system with a resisting temperature peak for time lapse of more than thousand hours.
· LiDAR Laser Beams
Modern automotive industries are applying a breakthrough lighting technology-LiDAR systems- which senses any obstacles in 360 degree horizontal observable area. The effective 3D scanning technique allows to examine the peripheral zone around the vehicle using infrared laser technique. Currently, Cepton Technologies is collaborating with Japanese Koito lighting system manufacturing company to design new headlamps using the LiDAR lighting without compromising on the overall aesthetic appearance of a car. This would enable rotatory LiDAR sensors to detect and track individuals or objects while allowing the automotive vehicle or the driver to react simultaneously avoiding major road crashes.
Automotive Lighting Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the automotive lighting market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of automotive lighting in automotive lighting market, and their specific applications in different areas.
Automotive Lighting Market: Industry Coverage
The global automotive lighting market can be segmented by vehicle type, technology, and integration. On the basis of vehicle type categorization include passenger cars, heavy commercial vehicles, light commercial vehicles, two wheelers, and many others. Based on technology the automotive lighting market can be bifurcated into LED, xenon, halogen, and others. By integration segmentation includes interior and exterior lighting.
The automotive lighting market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Automotive Lighting Market Report
1. Is the market for Automotive Lighting growing? How long will it continue to grow and at what rate?
2. Which type of plastic presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 for Automotive Lighting Market?
A few focus points of this Research are given below:
• Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
• Provide an overview of the product portfolio, including product planning, development, and positioning
• Discuss the role of technology companies in partnerships
• Explore the regional sales activities
• Analyze the market size and giving the forecast for current and future global electric vehicle during the forecast 2018–2023
• Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures