Koito (Japan) and Stanley Electric (Hong Kong) are leading players in Automotive Lighting Market
The automotive lighting market is projected to reach USD 28.5 billion by 2027 from an estimated USD 21.9 billion in 2022 at a CAGR of 5.3% during the forecast period. The base year for the report is 2021, and the forecast period is from 2022 to 2027.
The automotive lighting market is expected to witness significant growth due to growing vehicle demand and production, increase in demand for SUVs, and growing sales of premium and luxury cars. Also, emerging technologies and developments in adaptive lighting aimed at enhancing comfort, safety and efficiency, are expected to boost the demand for the automotive lighting market during the forecast period.
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The automotive lighting market is dominated by globally established players such as Koito (Japan), Stanley Electric (Hong Kong), Valeo S.A. (France), Hella KGaA Hueck & Co. (Germany), and Magneti Marelli S.p.A (Italy), Koninklijke Philips N.V. (Netherlands), Osram (Germany) among others. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth automotive lighting market.
Koito Manufacturing Co., Ltd. is one of the leading providers of automotive lighting solutions. Koito provides various lighting solutions under automotive lighting in the newest lighting systems and advanced technologies. Energy-efficient and long-lasting LEDs are utilized as the light sources in the latest headlamps, rear combination lamps, and other automotive lamps. As of 2021, the company had 23,454 employees and subsidiaries in the US, Belgium, the UK, the Czech Republic, China, Thailand, Indonesia, Taiwan, Japan, and India, among other countries. Its major competitors are Hella KGaA Hueck & Co. (Germany) and Valeo S.A. (France). Technical capabilities are the company’s competitiveness in the automotive lighting industry. Therefore, the company established a global network in all five major regions of the world, centered upon KOITO Technical Center. In September 2022, the company opened a Technical Center in GUANGZHOU KOITO to expand new orders and strengthen our competitiveness in China. Following the enactment of legislation in the U.S. in February 2022, ADBʼs adoption ratio is expected to expand in medium- to long-term. In response to these expectations, the KOITO Group is striving to enhance product variations and lowering prices. However, the company faces intensive competitive rivalry from other established key players.
Stanley Electric is another leading player in the automotive lighting market. The company provides headlamps (LED, HID, halogen), rear combination lamps, taillamps, turn signal lamps, fog lamps, automotive bulbs (LED, halogen), car electronics, and accessories and parts to companies such as Toyota, Honda, Suzuki, Mazda, Nissan, and Mitsubishi. Its major competitors are Koito Manufacturing Co., Ltd. (Japan), Hella KGAA Hueck & Co. (Germany), and Ichikoh Industries, Ltd. (Japan). It has a strong presence in North America, South America, Europe, Japan, and Rest of Asia Pacific. In February 2019, Lumax Industries (India)decided to put up an in-house electronic facility for manufacturing of PCBs (a critical part to lighting systems) for its captive consumption, keeping in view the increased focus on electronic content in automobiles. The necessary process technology and manufacturing expertise will be provided by its joint venture partner, Stanley Electric Co. Ltd., Japan, which is a pioneer in this field. The estimated investment would be around USD 10.6 billion.
Related Reports:
Automotive Lighting Market for ICE & EV by Technology (Halogen, LED, Xenon/HID), Position & Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting, 2W and Region - Global Forecast to 2027
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