New Advancement and Developments Propel the Growth of Automotive Lighting Market
The automotive sector is one of the most prominent and largest contributing industries towards growth in GDP of some of the largest and fastest growing economies. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), the automotive sales increase by more than 30% annually. In 2016, sales of automotive vehicles was 93.9 million units from 89.7 million units in 2015 worldwide. Increasing sales of automotive vehicles is driving growth of the automotive lighting market. The lighting provides illumination for the driver and also helps other drivers and pedestrians on the road to detect the position of vehicle. Furthermore, lighting systems adds to aesthetics of the vehicle, both externally and internally.
Implementation of new technologies in lighting is the one of the key factor propelling growth of the market.
Increasing implementation of new lighting technologies in automotive industry plays a major role for the growth of the automotive lighting market. Light emitting diode (LEDs), Organic light emitting diode (OLEDs), and Adaptive Front-lighting System (AFS) are some of the new lighting technologies, which are boosting the growth of automotive lighting market This technology helps in improving the driver visibility, which results in increasing road traffic safety and helps to reduce the collision. Furthermore, various advantages such as long life, energy efficiency, and less heat generation is fuelling growth of the automotive lighting industry.
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Global Automotive Lighting Market Outlook – Asia Pacific holds largest market share in the global automotive lighting market.
On the basis of geography, a global automotive lighting market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2016, Asia Pacific held a dominant position in the market and is estimated to retain its dominance throughout the forecast period. India, china, Japan are some of the major economies, which are fuelling growth of the market in this region. India and China are the fastest emerging economies in the Asia-Pacific region, shows the ample growth opportunities towards the development of advanced lighting sources in the automotive industry. Moreover, the substantial growth in the automotive production in countries such as India and China is also contributing in the growth of the market in the region. In fact, according to the Organisation Internationale des Constructeurs d’Automobiles (OICA) analysis, in 2016, around 24.37 million units of passenger cars were sold in china up from 21.21 million units in 2015. Moreover, 2.967 million units and 4.15 million units of passenger cars were sold in India and Japan, respectively in 2016.
Key Companies in Global Automotive Lighting Market
The global automotive lighting system market is a highly fragmented with presence of many global and local vendors. Major players operating in the global automotive lighting market include General Electric, Magneti Marelli S.P.A, Koito Manufacturing Co. Ltd, Valeo, Hella KGaA Hueck & Co., Stanley Electric Co., Ltd., Ichikoh Industries Ltd., Osram GmbH, Lumax Industries Zizala Lichtsysteme GmbH, and Koninklijke Philips N.
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