According to the recent research report, during the projected period, the worldwide automotive perimeter lighting system market size is expected to grow at a 12.56 percent CAGR.
The automobile perimeter lighting system is made up of indication and lighting appliances that are incorporated onto the vehicle's front, rear, top, and sides. The automotive perimeter lighting system improves the visibility of the vehicle, its position, size, and direction of movement.
The worldwide automobile perimeter lighting system market is being driven by advancements in LED lighting technologies as well as a rise in demand for safety and convenience. Because of its energy efficiency and minimal maintenance, integrated LED lighting is a significant driving force for vehicle perimeter lighting systems. The small form of perimeter lights, which require less area than regular lighting, is a significant driver driving market expansion. The market will be driven by rising environmental consciousness and demand for energy-efficient perimeter lighting systems. The primary element driving the global automotive perimeter lighting system market is stringent government safety requirements. The major elements driving the need for automobile perimeter lighting systems are integrated design, precise construction, and safety illumination. However, the high pricing of perimeter lighting components such as brass and ceramic would stymie the worldwide automotive perimeter lighting system market. The incorporation of sequential turn signals and LED alerts into the left and right panels is becoming more common, which will contribute to the expansion of the automobile perimeter illumination system.
This report contains all the information on the global automotive perimeter lighting system market outlook and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the automotive perimeter lighting system market forecast for 2027 is also included in the report.
Covid 19 Analysis
The Automotive Perimeter Lighting System market is rapidly approaching pre-COVID levels, and a solid growth rate is projected over the projection period, fueled by economic recovery in the majority of emerging countries. The frequent suspension of public transportation networks, along with the virus's highly infectious nature, increased the need for passenger automobiles, resulting in a demand for Automotive Perimeter Lighting System goods.
However, the anticipated third and subsequent waves of the pandemic are generating a bleak picture. The purpose of this research is to assess the impact of various COVID-19 scenarios on the future of the Automotive Perimeter Lighting System industry.
Companies in the Automotive Perimeter Lighting System industry are contemplating steps to increase their market share, with USP statements, product diversification, and appealing features being a few of the major successful methods. The research includes thorough profiles of leading players in the Automotive Perimeter Lighting System value chain, as well as their short, medium, and long-term plans.
Major Key Players
Innovations in lighting technology, as well as improvements in safety and comfort, are driving the automobile perimeter lighting market growth. The automobile business revolves largely on legal standards on protection and environmental issues developed by many countries, as well as client desires for enhanced design and comfort.
Manufacturers are currently replacing halogen lights with LED lights due to their energy efficiency and lower maintenance requirements than halogen and xenon lights. Vehicle manufacturers are increasing their use of LED lighting for automotive lighting applications in order to minimize manufacturing and maintenance costs.
Furthermore, the rising trend of consecutive turn signals and LED alerts into left and right panels, as well as rigorous government safety requirements, will provide different development possibilities for the automotive perimeter lighting systems market value during the forecast period.
The market for automobile perimeter lighting systems has several restrictions that might stymie its potential growth, such as the high cost of perimeter lighting components such as brass and ceramic.
Due to the high cost of producing components and the present market conditions impacting market volume, it is predicted that this market would develop rapidly over the forecasted period.
Cumulative Growth Analysis
In addition to the current portfolio of perimeter lighting goods, such as license plate lights and side door mirror lights, manufacturers are also adding puddle lamps, door handle lamps, and other similar items to give an increased visual appeal during night driving circumstances. Puddle lamps placed on the side view mirror reflect a brand emblem into the road surface. Initially, automakers installed these lights on luxury and sports automobiles. However, because technologically sophisticated goods are widely available through aftermarket channels, the cost of puddle lamps has dropped considerably during the last five years.
Furthermore, businesses such as Mahindra & Mahindra, Toyota, and others have included these puddle lights into their small SUV category automobiles in order to obtain a competitive edge and increase consumer acceptance rate. The demand for such perimeter lighting solutions has grown in North American and Asian markets. Furthermore, because government rules governing perimeter lighting are not rigorous, demand from the aftermarket has seen substantial traction in the growing market since 2015. Since the aftermarket channel controls the bulk of the market share, it is simpler for new entrants to produce these new items because the capital required is minimal, resulting in a highly fragmented market scenario.
Other categories where the internet sales channel is increasingly prominent are under the roof lights, auxiliary tail lamps, and so on, thanks to the extremely competitive price approach of e-commerce firms.
Value Chain Analysis
According to the reports, The automotive perimeter lighting systems market is divided into types, product types, materials, vehicle types, and distribution channels. The growth among segments allows you to examine specific pockets of growth and market approaches, as well as establish your main application areas and the difference in your target markets. The vehicle perimeter lighting systems market is classified into LED lights, halo rings, fluorescent bulbs, and others. The automobile perimeter lighting systems market is divided into four product categories: puddle lamps, door handle lamps, door mirror lamps, and license plate lights. The automobile perimeter lighting systems market is classified by material into plastic, glass, fiber, and others. The automotive perimeter lighting systems market has also been classified into passenger cars and commercial vehicles. The automotive perimeter lighting systems market is divided into OEM and aftermarket segments based on the distribution channels.
The market is segmented based on types, product types, materials, vehicle types, distribution channels, and regions. The global automotive perimeter lighting systems market trend is expected to witness decent growth during the forecast period.
The market is segmented into puddle lamps, door handle lamps, door mirror lamps, and license plate lights based on the application.
Based on the propulsion types, the market is segmented into passenger cars and commercial vehicles.
According to the reports, the worldwide automotive perimeter lighting system market is divided into four key regions: North America, Europe, Asia-Pacific, and the Rest of the World. Among all regions, Europe is anticipated to lead market growth during the forecast period, followed by Asia-Pacific. Increased demand for fuel-efficient passenger and commercial cars in China and India will drive market development. Countries such as South Korea and Taiwan have tight restrictions and are adopting European emission standards to reduce car emissions. Asia-Pacific dominates the automotive perimeter lighting industry. By 2025, China is anticipated to have a sizable automotive perimeter lighting system market share in the area. Some of the factors driving market development include rising middle-class disposable income, which is raising sales of medium-sized cars and compact SUVs, as well as an increase in prices for commercial vehicles due to increased activity in the construction, logistics, and tourist sectors.
The following report comprises of –
Automotive Perimeter Lighting System Market, by Light Type
Automotive Perimeter Lighting System Market, by End User
Automotive Perimeter Lighting System Market, by Region
|Market Size||2030: Significant Value|
|CAGR||12.56% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Gentex Corporation (U.S.), HELLA GmbH & Co. (Germany), KOITO MANUFACTURING CO., LTD. (Japan), Magna International Inc. (Canada), Samvardhana Motherson Group (India), Automotive Lighting (Germany), and Feniex Industries (Texas).|
|Key Market Opportunities||
|Key Market Drivers||Growing awareness regarding concerns about environment and the rise in demand for energy efficient perimeter lighting systems|
Frequently Asked Questions (FAQ) :
Samvardhana Motherson Group (India), Automotive Lighting (Germany), Magna International Inc. (Canada), and Feniex Industries (Texas).
A sustainable CAGR of 12.56 % is projected to be witnessed in the market during the forecast period.
The European regional market is likely to lead the growth in the market.
The improvements in LED lighting technology is estimated to open up a better scope for development.
The segments of material, application, type, and regions are expected to be identified in the market.