Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Cooked research report on “Global Automotive Lighting Market Research Report - Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Automotive Lighting Global Market – Overview
Lighting is an important component in automobiles. It plays an important role in safety factor. It is primarily used in automobiles to increase the visibility in darkness & in bad weather conditions. It also increases the conspicuity of the vehicle. Continuous development in the automotive industry & focusing on improve the efficiency of lighting, are the primary driving factors of the automotive lighting market. According to a recent study report published by the Market Research Future, The global market of Automotive Lighting is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
The increase in sales of new vehicles has been fuelling the growth of automotive lighting market. The increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, due to which there has been a rise in the use of automotive lighting. Another factor responsible for the increase in vehicle sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 9.38 million.
Major emerging countries such as China, India, Thailand, and Indonesia, among others are becoming manufacturing hubs for global automotive players. As a result of increasing prosperity in the emerging economies, more and more people are able to afford their own car, particularly in emerging Asian economies such as China and India.
In order to tap these rising consumer automobile preferences, leading global automotive players such as Volkswagen, BMW, Toyota, and Ford, among others are entering into new emerging markets for business expansion.
As the global auto-manufacturers continue to expand into growing and emerging markets, the demand for automotive lighting and other semiconductor based will also rise.
Since 2008, the world has entered into a new era with about half of the population living in cities. This improved lifestyle had led to increase in urbanization, which has resulted in the development of a set of paradigms for both personal and commercial transportation. The increase in urbanization will lead to an increase in use of passenger and commercial vehicles, due to which there will be growth in automotive lighting market. China is one of the most densely populated urban centre. The automotive market of China has experienced increased growth, which will drive the automotive technology.
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Aro Metal Stamping co. (U.S.), Kenmode Precision Metal Stamping (U.S.), Martinrea International Inc. (Canada), Shiloh Industries, Inc. (U.S.), Acro Metal Stamping Co. (U.S.), Manor Tool & Manufacturing Company (U.S.), American Industrial Company (U.S.), Wisconsin Metal Parts, Inc. (U.S.), and Clow Stamping Co. (U.S.)., and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global automotive lighting market.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global automotive lighting market are that of new product development.
On June 2017, Magneti Marelli has recently inaugurated a new automotive lighting plant in Changchun City, China. This plant is wholly dedicated to the production of lighting technology due to the growing demand for LED systems from major automotive manufacturers such as FAW-Volkswagen BMW, and other OEMs. The annual production capacity forecast for 2019 is about 1 million headlights and 500.000 rear lights.
In 2016, TKH Group NV announced that it has completed acquisition of Airport Lighting business of HELLA KGaA Hueck & Co.
In 2016, ZKW opened a production plant in Mexico. The plant is equipped with innovative technologies for the production of high-quality automotive lighting systems.
Automotive Lighting Market – Segmentation
The global automotive lighting market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprises Halogen, LED, and Xenon
Segmentation by Vehicle Type: Comprises Passenger Car, Light Commercial Vehicle & Heavy Commercial Vehicle
Segmentation by Application: Comprises Front Lights, Side Lights, Rear Lights and Interior Lights
Segmentation by End Market: Comprises OEM & Aftermarket
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Automotive Lighting Market: Regional Analysis
Being home to the most populous countries of the world such as China and India among others, the dominance of APAC becomes evident in the global automotive lighting market value. The market has been experiencing rapid growth in the last two years owing to the rising sales of passenger cars, increasing usage of lighting on vehicles, increasing popularity of LED lights and technological advancements are giving a much needed thrust to the automotive lighting market. Another major reason behind APAC leading the global market is that the countries within this region were able to sustain its economy during the global economic crisis of 2008-09 and have been able to showcase continued growth in automobile production and sales across the globe.
China, being the largest populated country in the world, has gained the top position in the global automotive market, surpassing the U.S. in 2014. The country has for long maintained the reputation of standing at the forefront of the electronics industry, rapidly progressing towards miniaturization and innovation. Therefore, in spite of being the market leader in the global automotive marketplace, the country holds immense potential to grow in terms of lighting sales for automobile applications. The preference for mid-end cars has been identified to be the highest in China, and therefore, contributes the maximum revenue in the total market value for the country.
North America is one of the major producers of automotive lighting due to the presence of big giants in automotive lighting. Moreover, the rising demand for passenger cars have resulted in increasing demand for automotive lighting has augmented the North American market. Geographically, US has consumed around 75.4% of market share in 2016 followed by Canada.