Ocean View, DE -- (SBWire) -- 06/19/2020 --LED technology in the automotive lighting market is expected to witness several growth opportunities over the forecast timeline. The penetration of LED technology from high-end to mid-range and low-range vehicles is one of the major factors contributing to the growth of the market. This is attributed to the declining costs of LEDs ensued by the optimization and the calibration of LED modules, which is compelling the car manufacturers to introduce LED lighting in economical cars as well. The benefits include more brightness and low power consumption. The use of LED lights is not limited to headlamp systems and are increasingly implemented in the interior and backlighting systems. For instance, cars, such as Nissan Alto and Honda Accord, are equipped with LED daytime running lights.
Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting. The growing awareness to develop safe and technically-efficient passenger vehicles and manufacturer strategies to sustain the high automotive lighting market competition drives the segment growth.
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Initiatives and concerns for road safety to avoid accidents have prompted a substantial increase in the automotive lighting market size. There is a mounting demand for automobiles around the world that has spurred the use of automotive lighting products, that are upgraded extensively with enhanced clarity and visibility to ensure passenger safety. For instance, India's National Road Safety Policy has initiated numerous measures like launching an information database and raising awareness for road safety.
Substantially high production of automotive spares, systems and vehicles in countries like China and Germany are propelling automotive lighting industry growth. Car manufacturers worldwide have reportedly started following the government's newer regulations pertaining to vehicle safety. Urbanization trends and technological advancements along with improving consumer lifestyles and rising purchasing power across several regions heavily contribute to the growing sales of passenger cars and luxury vehicles, driving automotive lighting market share.
The automotive lighting market is expected to witness a lucrative growth in China owing to the rapidly growing automobile industry in the country. The Chinese automotive industry has been at the forefront in terms of annual production surpassing Europe, the U.S., and Japan. China is an attractive place for foreign auto manufacturers and many established foreign players have their manufacturing plants in China. This can be credited to the cheap & easy labor availability and low costs of raw materials.
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Prominent automotive lighting market players include Magneti Marelli S.p.A., General Electric, Hyundai MOBIS, HELLA GmbH & Co. KGaA, Namyung Lighting, Philips NV, Osram Group, and Varroc. The key industry players adopt efficient product development strategies including partnerships and mergers. Companies in the market adopt low and value-based pricing strategies to pose entry barriers for new participants and offer increased product efficiency.
Table of Contents (ToC) of the report:
Chapter 4 Automotive Lighting Market, By Technology
4.1 Key trends by technology
4.2 LED
4.1.1 Market estimates and forecast, by region, 2013 - 2024
4.3 Halogen
4.2.1 Market estimates and forecasts, by region, 2013 - 2024
4.4 Xenon
4.3.1 Market estimates and forecasts, by region, 2013 - 2024
Chapter 5 Automotive Lighting Market, By Vehicle Type
5.1 Key trends by vehicle type
5.2 Passenger cars
5.1.1 Market estimates and forecast, by region, 2013 - 2024
5.3 Commercial vehicles
5.2.1 Market estimates and forecast, by region, 2013 - 2024
5.4 Two-wheelers
5.3.1 Market estimates and forecast, by region, 2013 - 2024
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Automotive Lighting Market Outlook to 2024 : Global Industry to Witness Steady Growth of 5% CAGR : GE, HELLA, Hyundai MOBIS, Magneti Marelli, OSRAM Group, Valeo, Philips