Automotive Lighting System Market to Expand at 8.10% CAGR from 2015 to 2021

Global Automotive Lighting System: Snapshot

Of late, there has been an increasing awareness among people about the availability and significance of automotive lighting systems. Additionally, shift in focus of automotive lighting manufacturers from inefficient, obsolete lamps to highly efficient, smart, and energy-saving lighting systems is expected to boost the global automotive lighting system market.

The report presents a detailed analysis of the trends, opportunities, drivers, and restraints prevailing in the global automotive lighting system market. Both bottom-up and top-down approaches have been adopted in order to analyze the market for automotive lighting systems across the geographical segments.

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Expansion of Automotive Industry to Ensure Increased Demand

Automotive lighting systems are a crucial part of automobile production. The expansion of the automobile industry is boosting the growth of the global automotive lighting system market. The market will gain significant momentum due to the emergence of newer and advanced lighting technologies such as HID, Halogen, and LED. These lighting technologies have larger life spans and consume lesser energy when compared with conventional lighting systems. As a result, automobile manufacturers have been increasingly deploying these lighting systems. Therefore, the global automotive lighting system market will prosper to a great extent.

The increasing purchasing power of the people worldwide, especially in emerging economies in particular, is another key growth driver of the market. Furthermore, the prices of vehicles are likely to go up as advanced lighting technologies are increasingly deployed. The rise in the revenue of automobile industry will be reflected in that of global automotive lighting system market.

High initial investment required for research and development activities might surface as a major bottleneck for the market. The development of advanced lighting systems necessitates state of the art manufacturing equipment and facilities, which are extremely high-priced. Moreover, the high cost of these systems might affect growth owing to the presence of a large number of price conscious consumers in Asia Pacific. Nevertheless, the negative impact of these restraints is likely to be nullified by the shift in preference among consumers from conventional lamps to advanced lighting systems such as Halogen, LED, and HID lamps.

Asia Pacific Promises Substantial Growth

Based on geography, the global automotive lighting system market is segmented into Asia Pacific, North America, Europe, and Rest of the World (RoW). Europe appears to be the leading market, closely followed by North America. Constant research activities and the consequent development of automotive lighting systems have been responsible for the growth of the automotive lighting system market in North America. The emerging economies such as China and India are likely to exhibit substantial growth as the per capita income of the middle class rises by degrees. The vast population base, growing penetration of technology, and booming automotive industries of these nations are driving the growth in these regions.

Japan, being one of the largest exporters of automotive lighting components, is slated to emerge as one of the most prominent markets. Cheap labor, lower costs of raw materials, and increased production of automobiles have been the factors aiding the expansion of the automotive lighting system market in India and China.

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Among the countries included under the Rest of the World segment, the UAE appears to be the leading segment. As the prices of fuel are low in this region, the demand for automobiles has increased. The presence of the affluent class in this region is also expected to fuel growth. The automotive lighting system market in the UAE is projected to expand at a favorable 2.6% during the forecast period.

Some of the major companies operating in the global automotive lighting system market are Magneti Marelli S.p.A., Hyundai Mobis, Hella KGaA Hueck & Co., general Electric, Osram Licht AG, Koninklijke Philips N.V., Valeo S.A., and Stanley Electrics Co. Ltd.

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