San Francisco, California, Dec. 16, 2015 (GLOBE NEWSWIRE) -- The automotive lighting market is expected to reach USD 34.65 billion by 2022, according to a new study by Grand View Research, Inc. Growing safety concerns and stringent government regulations are expected to drive demand over the next seven years. Rising awareness among consumers regarding the importance of adaptive light solutions such as glare-free high beam and dynamic bend lights is also anticipated to fuel exterior lighting demand.
Increasing vehicle production and sales combined with technological advancements are also estimated to accentuate demand over the forecast period. Rising disposable income coupled with increasing concerns for energy efficiency is estimated to fuel demand.
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Growing total number of vehicles across the BRIC nations is anticipated to offer lucrative growth opportunities for the industry. However, harmonization of the legislative authorities with various light sourcing technology providers needs to be addressed in order to allow design flexibility.
Further key findings from the study suggest:
- In 2014, halogen had a significant share of over 66% in terms of revenue followed by xenon and LED. It is a prominent mode of illumination in vehicles and is being used since many years due to its easy availability, low purchasing cost, and low replacement cost.
- Automotive LED market is estimated to exhibit substantial growth growing at a CAGR of over 12% from 2015 to 2022. Growing environmental concerns along with increasing fuel prices pose a major challenge for automakers. Thus, vendors are turning towards eco-friendly LED technologies owing to its high power, efficiency, and reduced CO2 emissions. These lights are finding various applications in headlights, turning lights, Daytime Running Lights (DRL), parking lights, and brake lights. Longer self-life of LEDs gives it a major advantage over halogen and xenon lights. Presently, OLED lights are introduced with improved design and optimum light bearing capacities.
- Front lighting industry accounted for over 70% of the overall revenue in 2014 and is anticipated to sustain its position by 2022. Adaptive headlights are an active safety feature designed to enhance the drivers’ visibility in low illumination conditions. These adaptive headlights comprise advanced features such as automatic rotation headlights in sync with sensor response and automatic brightness. Extreme weather conditions in North America and European regions highlight the obligatory need for fog lamps in automobiles, thus driving demand across this segment.
- Asia Pacific automotive lighting industry is expected to be the key region and is anticipated to grow at a CAGR of over 8%, reaching a share of over 45% by 2022. This region has huge production base and would continue its leading position with ongoing expansion activities of the suppliers in the region. Countries such as China, India, and Japan account for majority of the vehicle production across globe, thus offering substantial growth opportunities. Further, presence of large number of key industry players is estimated to favor consumption growth.
- Automotive lighting market share is occupied by companies such as Koito Manufacturing Co., Ltd., Valeo, Hella KGaA Hueck & Co., and Magneti Marelli S.p.A. Mergers & acquisitions along with new product development are adopted by vendors to extend their presence. Introduction of compact, energy-efficient, and low-cost LED lights is anticipated to emerge as a profitable strategy for the participants.
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Grand View Research has segmented the automotive lighting market on the basis of technology, application, and region:
Automotive Lighting Technology Outlook (Revenue, USD Million, 2012 – 2022)
Automotive Lighting Application Outlook (Revenue, USD Million, 2012 – 2022)
Automotive Lighting Regional Outlook (Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific
More reports of this category by Grand View Research:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research