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Automotive Lighting Market- New Revenue Pockets
The automotive lighting market is directly influenced by the automotive industry production of vehicles. Any fluctuation in the production of vehicle affects the dynamics of the automotive lighting market. Due to an increase in the demand for vehicle, it is estimated that the automotive lighting market would grow in the years to come. Due to the stringent emission norms, environment, and health and safety concerns, the governmental regulatory authorities have issued guidelines and regulations associated with the mentioned concerns. The norms and guidelines encourage the automotive lighting systems manufacturers to develop an efficient lighting system. It is anticipated that automotive lighting would show significant growth in the next seven years.
Asia-Pacific is the largest market for automotive lighting with China that accounted for a major portion in 2013. Large scale production has benefited the Chinese automotive lighting industry. In North America, the U.S. is the biggest vehicle manufacturer which accounted more than 50% of the total vehicle production in North America. Owing to a steady economic recovery post the economic slowdown, the U.S. is witnessing an increase in vehicle production. As a result, the automotive lighting industry is benefiting from the high vehicle demand and is estimated to grow at a significant rate. The trend for investments is unlikely to change, as the Asia-Pacific region will be the preferred destination for the automotive lighting industry. This is due to the fact that a majority of the global vehicle production is carried out in the Asia-Pacific region.
With the continuous developments in LED and intelligent lighting technologies, various automobile manufacturers have succeeded in lower energy consumption levels of lighting units and to provide better and safer visibility system. Koito Manufacturing (Japan), Valeo S.A. (France), and Hella KGaA Hueck & Co. (Germany), are the major players in the automotive lighting market. The advanced automotive lighting would help the automotive manufacturers to cater to stringent emission norms put in effect by various nations. The developing markets for automotive lighting such as India, China, Brazil, Russia, and others are expected to act as new value generators in future. The booming economy of these countries has also changed the buying pattern, as customers buy vehicles with efficient lighting technology.
Automotive Lighting Market by Position (Front, Rear, Side, & Interior), Technology (Halogen, Xenon/HID, & LED), Vehicle Type (Passenger Car, LCV, Bus, & Heavy Truck), & Geography - Global Trends & Forecast to 2020
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