Automotive Lighting Market 2023 : Overview Of Key Market Forces Propelling And Restraining Market Growth

According to Transparency Market Research’s latest research report on the global automotive lighting market for the historical period 2017, base year 2018, and the forecast period 2019–2027, growing demand for systems that can calculate real time data for the aviation industry is likely to fuel the global automotive lighting market during the forecast period

In terms of revenue, the global automotive lighting market is estimated to reach value of US$ 51,809.9 Mn by 2027, expanding at a CAGR of 5.7% throughout the forecast period

global automotive lighting market

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Increasing production of passenger cars: A Key Driver

The inception of passenger cars provided us with independence and freedom of mobility to travel to all places such as educational institutions, office, hospital, remote areas, etc. and thus, vehicles became an essential part of an everyday life

However, in later years, with technological advancements and increasing disposable income of consumers, their demand and expenditure also increased leading to increased spending on safety, comfort and stylish features in the vehicle

Therefore, to fulfil the market demand, the automotive industry is considerably investing in new automotive technologies and potentially strong product areas to attract target customers

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The growth in the global automotive lighting system market is directly related to the growth of the global automobile market. Therefore, with the increasing sales of automobiles globally, the demand for automotive lighting systems is also set to grow. For instance, in 2018, around 86 million cars were sold.

Product Innovation: Latest Trend in the Global Automotive Lighting Market

Product innovation is one of the essential strategies implemented by the companies to survive in the global market

In order to do so, the leading players in the automotive lighting system market are investing heavily on a continued basis on research and development activities to improve the lighting systems in automobiles

The LED, and HID/Xenon technology in automotive lamps is in great demand among the consumers, and automotive lighting system manufacturers are increasing their efforts to meet these demands by bringing innovation in their products

High cost of HID and LED lighting products a Major Challenge for the Global Automotive Lighting Market

Although HIDs and LED lighting products ensure less energy consumption and longevity, the primary concern is the high cost associated to them

In North America and Europe, this factor is expected to affect only a few areas but in several regions of Asia Pacific, Middle East and Africa and South America, the impact is bound to be high because of the high number of price conscious consumers in these regions

In spite of the fact that the cost of LED would decrease over a period of time, the huge financial investment that automotive lighting system manufacturers have to undertake for research and development activities would affect its overall price

 Global Automotive lighting Market: Competition Landscape

Detailed profiles of providers of commercial automotive lighting have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies

Key players operating in the global automotive lighting market are

  • General Electric Co.
  • Hella KGaA Hueck & Co
  • Hyundai Mobis
  • Magneti Marelli S.p.A
  • OSRAM Licht Group
  • Royal Phillips Electronics
  • Stanley Electric Co. Ltd
  • Zizala Lichtsysteme GmbH
  • Koito Manufacturing Co.,LTD

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