Albany, NY, Jan. 08, 2016 (GLOBE NEWSWIRE) -- A recently released report by Transparency Market Research (TMR) forecasts that the global automotive lighting system market will expand at a healthy CAGR of 8.10% from 2015 to 2021. TMR, a market intelligence firm, states that by 2021, the global automotive lighting system market will reach US$34.1 bn from US$19.9 bn in 2014. The report, titled ‘Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021’, is available for sale on the company website.
According to this TMR report, one of the main factors driving the global automotive lighting system market is the expanding global automotive market. Surging production of vehicles is a demand side driver whereas the introduction of advanced lighting technologies is a supply side driver in the global automotive lighting system market. Halogen, HID, and LED are the most widely used technologies in this market. With a shift of focus of the global automotive market towards customer comfort and safety, the global automotive lighting system market is expected to witness surging demand in the forthcoming years. Lighting and signaling devices that are fitted to the exterior, rear, front, and the interior sides of a vehicle together comprise the automotive lighting system. Automotive lighting systems ensure safety while driving at night and dark weather conditions.
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This research report segments the global automotive lighting system market on the basis of type of vehicle, position, and geography. On the basis of type of vehicle, this market is segmented into luxury vehicle, MUV, SUV, passenger vehicle, and heavy vehicle. Owing to an expanding pool of the middle class population and their preference for passenger vehicles, the segment for passenger vehicles holds the highest share in the global automotive lighting system market. Based on position, the global automotive lighting system market is categorized into side lighting, interior lighting, rear lighting, and front lighting, with the segment for front lighting position holding the largest share of the global automotive lighting system market.
Geographically, this market research report segments the global automotive lighting system market into Asia Pacific, Europe, North America, and Rest of the World. Globally, Europe is the largest market for automotive lighting system, and is expected to grow substantially in the forthcoming years. With higher income levels and greater production of vehicles, Asia Pacific is projected to be the fastest growing market in the global market for automotive lighting system in the years to come. High R&D costs, coupled with high costs of HID and LED lighting, inhibit the growth of the global automotive lighting system market. The prominent companies in the global automotive lighting system market identified by this research report are Hella KGaA Hueck & Co., Magneti Marelli S.p.A, Stanley Electrics Co. Ltd., Osram Licht AG, Valeo S.A., General Electric, Hyundai Mobis, and Koninklijke Philips N.V.
Automotive Lighting System Market: By Vehicle
- Heavy Vehicle
- Passenger Vehicle
- Luxury Vehicle
Automotive Lighting System Market: By Position
- Front Lighting
- Rear Lighting
- Interior Lighting
- Side Lighting
Automotive Lighting System Market: By Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research