$54 Billion Automotive Lighting System Markets, 2024 - Increasing Adoption of OLED Lighting Technology Presents Lucrative Opportunities - ResearchAndMarkets.com

The "Automotive
Lighting System Market - Global Outlook and Forecast 2019-2024"
report has been added to ResearchAndMarkets.com's
offering.

The global automotive lighting market is estimated to generate revenues
of more than $54 billion by 2024, growing at a CAGR of over 6% during
2018-2024. The market research report also offers market share analysis
by unit shipment volume during the forecast period.

Market Dynamics

Growth Enablers

• LEDs Emerging as Power-efficient Choice for Future Mobility
• High Adoption of Sustainable and Green Technology Driving Growth of
  LEDs
• Increased Demand for Luxury Cars from APAC Region
• High Adoption of ADAS Promoting New Generation of Automotive Lighting

Growth Restraints

• Slow Development and Low Consumer Acceptance of Autonomous Vehicle
  Platforms
• Stringent Regulations to Phase out Inefficient Lighting Technologies
• Increasing Cost Pressure on Manufacturers

Opportunities & Trends

• Rapid Developments in Automotive LED Lighting Technology
• Emergence of Automotive Mood Lighting
• Increasing Adoption of OLED Lighting Technology
• Introduction of Laser Light Technology
• Growing Popularity of Autonomous Vehicles

Market Segmentation

This market research report includes a detailed segmentation of the
market by products - exterior lighting, products - interior lighting,
vehicle, installation, and geography. The global automotive lighting
market by exterior lighting is segmented into headlamps, rear lamps, fog
lamps, and others.

Headlamps dominated more than half of the total market share in 2018,
growing at a CAGR of more than 6% during the forecast period. The
introduction of LED and laser headlights is one of the primary factors
attributing to the development of the exterior lighting segment in the
global market.

The manufacturers are designing rear lamps with OLED technology to
ensure high performance and power efficiency in this segment in the
global market. The implementation of stringent government regulations
that mandate the usage and adoption of fog lights will revolutionize the
global automotive lighting market.

The interior lighting segment in the global automotive lighting market
is classified into roof console, reading lights, car body lighting, and
ambient lighting. Ambient lighting systems are the fastest growing
segment in the global market, at a CAGR of around 8% during the forecast
period. The growing demand for systems that increase the safety by
illuminating vehicle interiors without driver distractions propelling
the growth of this segment in the global market.

The use of functional interior lighting systems such as dome lights will
fuel the demand for advanced roof console systems in the global market.
The installation of reading lights enables passengers to view maps for
navigation or read a book without distracting the driver in the market.
Car body lighting provides both functional lighting and aesthetic appeal
to primarily luxury cars in the global automotive lighting market.

The global automotive lighting market by the installation is divided
into OEM and aftermarket. OEM segment occupied the majority of total
market share in 2018, growing at a CAGR of more than 6% during the
forecast period. The regional economic performance, automotive demand,
and the adoption of stringent safety regulations are some of the key
factors contributing to the growth of this segment in the global market.

The increasing growth than wear-and-tear and crash-relevant parts is
driving the demand for aftermarket services in the market. The rapid
technological advancements and consolidation among suppliers will
contribute to the development of aftermarket services segment in the
global automotive lighting market.

The vehicle segment in the global automotive lighting market is
categorized into the economy, mid-priced, and luxury. Mid-priced cars
are the fastest growing segment in the global market, at a CAGR of over
9% during the forecast period. The increasing demand for crossovers and
compact SUVs is majorly driving the growth of mid-priced cars in the
global market.

Vendors are integrating power electronic devices that are used for
various safety components such as airbag systems or ECS systems and tire
pressure monitoring systems in economy cars to attract a new group of
consumers. Leading OEMs such as Tesla, Chevrolet, BMW, and Volvo are
developing electric vehicles in the global automotive lighting market.

Key Vendor Analysis

The global automotive lighting market is witnessing competitive pricing
and the presence of several competitors. The increasing production and
adoption of electric vehicles are enabling APAC to emerge as the world
leader in the global market. The increase in export activities by global
giants such as Toyota, Honda, and Suzuki will intensify the competition
levels in the market.

The top players are focusing on product differentiation to gain a larger
global market share. The increasing investment in the innovation and
business expansion will fuel the development of the global automotive
lighting market.

The major vendors in the global market are:

• Hella
• Koito Manufacturing
• Magneti Marelli
• OSRAM
• Bosch
• Valeo

Other prominent vendors include: 3M, APAGCoSyst,
Changzhou Xingyu Automotive lighting, CML Innovative Technologies,
DRAEXLMAIER, EFI LIGHTING, Faurecia, Federal-Mogul, Flex-N-Gate,
Flextronics International, Gentex Corporation, Grupo Antolin, Infineon
Technologies, Innotec, Johnson Electric Holdings, Koninklijke Philips,
Magna International, MENTOR, Neolite ZKW, OSHINO LAMPS, Pacific Insight
Electronics, Panasonic, Phoenix Lamps Division, SamvardhanaMotherson
Group, SCHOTT, Shanghai Sunlight Enterprise, Sigma International,
Stanley Electric, Texas Instruments, and Toyoda Gosei.

For more information about this report visit https://www.researchandmarkets.com/research/lrzxhw/54_billion?w=4

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