Portland, OR -- (SBWIRE) -- 09/21/2017 -- Allied Market Research has published a new report, titled, "India Automotive Lighting Market Report", forecasts that the industry is expected to garner $3.1 billion by 2022 and register a CAGR of 5.6% during the period, 2016–2022.

The research segments the India automotive lighting market into lighting technology, vehicle type, application, and sales channel type. Based on lighting technology, the industry is classified into halogen, xenon, and LED. By vehicle type, the industry is categorized into passenger vehicle, commercial vehicles, two-wheeler vehicles, three wheeler vehicles, and tractors. Based on application, the market is divided into front lighting, rear lighting, side lighting, fog lamps, and interior lighting. Sales channels assessed are bifurcated into aftermarket and OEM.

There is rise in demand for the LED automotive lights, owing to its long shelf life and low temperature. In addition, the passenger vehicle sub-segment is anticipated to generate the highest revenue, owing to maximum sale of lights under this category.

The report offers a detailed description of the factors that restrict growth of the India automotive lighting market, such as fluctuations in prices of raw materials and high R&D cost. In addition, high costs of the LED lights impedes the industry growth. However, the research enlists certain opportunities of the market, such as growth in automobile production. The front lighting finds the largest application in the automotive industry, followed by fog lamps. The reasons behind rise in in demand of the front lighting are automatic rotation, sensor response, automatic brightness modules, government regulations, and rise in demand related to efficient front lighting. The interior lighting segment is also expected to gain pace in the market owing to increase in preference for aesthetic looks.

Traditionally, the halogen lights have always been of low cost and easily available technology and it were the majorly used lighting technology. It accounted for the highest revenue and is expected to continue its dominance during the forecast period. However, with the emergence of the LED lights may witness an increase in demand owing to their low power consumption, compact size, and longer life. It is anticipated that the LED technology would constitute one-third of the total automotive lighting market and register the highest CAGR by 2022. The decrease in its cost is expected to further accelerate its market growth. The OEM market contributed to 54% of total revenue in 2014, and is expected to grow at a CAGR of 5.7%.

Key market players profiled in the India automotive lighting market report include Koninklijke Philips N.V., Lumax Industries Limited, Phoenix Lamps Limited, Osram Licht AG, GE Lighting, Koito Manufacturing Co. Ltd., Magneti Marelli S.p.A., Hella KGaA Hueck & Co., Neolite ZKW Lightings Pvt. Ltd., and Valeo.

Key Findings of India Automotive Lighting Market Study:

- The industry is anticipated to witness a steady growth owing to rise in concerns for road safety and growth in automobile production, during the forecast period.

- The halogen technology is anticipated to continue its dominance owing to its cost-effectiveness.

- The passenger vehicles are expected to create more demand for automotive lighting products in comparison to commercial vehicles during the forecast period.

- The market players are anticipated to launch innovative featured products to have a competitive edge on their rivals.

- The market comprises of major global as well as local players. It is reported that players, such as Phoenix Lamps Limited, Lumax Industries Limited, Osram Licht AG, and GE Lighting would hold a significant market share. It is due to the fact that they invest heavily on R&D activities.

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