Automotive Industry Today
Global Automotive Lighting System Market Driven by Increasing Demand for Passenger Vehicles
Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Published 29 October 2015
The global automotive lighting system market is greatly driven by the exponential growth in the automotive sector. The auto industry is one of the key sectors of the economy for every major nation in the world. According to the OICA (Organisation Internationale des Constructeurs d’Automobiles), the auto industry has demonstrated a 30% increase in the past decade.Lighting plays a vital role in vehicles as it provides illumination for the driver and also helps other drivers and pedestrians on the road to detect the position of the vehicle. Lighting systems also add to the aesthetics of the vehicle, both externally and internally.
Government Support and Advancement in Technology to Drive Global Automotive Lighting System Market
Apart from the booming auto industry, other factors that will drive the global automotive lighting system market are:
- Increasing consumer awareness about automobile safety and security
- Stringent lighting regulations in several countries, which have forced manufacturers to focus on smart and efficient automotive lighting
- Technology trends such as LED, Halgoen, and HID/Xenon that have transformed the automotive lighting systems
- AILS (Active Intelligent Lighting System) and AFS (Advanced Front Lighting System) technologies, which use the navigation system of the vehicle to provide enhanced visibility to the driver
- Accelerating demand for automotive lamps that are energy-efficient and durable
- Elevated vehicle production, particularly in the BRICS region, which has fueled the demand from the global automotive lighting system market
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On the other hand, elements such high research and development expenditure and the high cost associated with LED and HID lighting will hamper the growth of the global automotive lighting system market.
Asia Pacific to Emerge as Fastest Growing Sector in Global Automotive Lighting System Market
Geography-wise, the global automotive lighting system market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2014, Europe held a significant share of the demand from the global automotive lighting system market. However, it is Asia Pacific that will demonstrate the highest growth rate during the forecast period of 2015-2021. Asia Pacific will emerge as the fastest growing regional market in the global automotive lighting system market due to its increasing production of vehicles and the elevated purchasing power of consumers in the region. Nevertheless, North America and Europe will continue to experience stable growth in the global automotive lighting system market throughout the forecast period.
Passenger Vehicle Segment to Lead Global Automotive Lighting System Market
According to a leading U.S.-based market research firm, the global automotive lighting system market will expand at a strong 8.1% CAGR during the forecast period. In 2014, this market was valued at US$19.97 billion and is expected to reach market value of US$34.17 billion by 2021.
The global automotive lighting system market is divided into SUV, MUV, heavy vehicles, luxury vehicles, and passenger vehicles, on the basis of vehicle type. The segment of passenger vehicles held the largest market share in the global automotive lighting system market, due to the emerging middle class and their preference for passenger cars. On the basis of position, the global automotive lighting system market is classified into rear lighting, front lighting, side lighting, and interior lighting. The segment of front lighting held the bulk of the demand in the global automotive lighting system market.
The key players operating in the global automotive lighting system market are Koninklijke Philips N.V., Hyundai Mobis, Valeo S.A., Stanley Electrics Co. Ltd., Osram Licht AG, Hella KGaA Hueck & Co., and Magneti Marelli S.p.A. Companies in the global automotive lighting system market will leverage on the opportunities provided by the growing purchasing power of consumers and growing trend of replacing standard lamps with HID, LED, and halogen lamps.
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