HOME Research Insight New Product Development and Geographic Expansion to Gain Traction in the Automotive Lighting Market

New Product Development and Geographic Expansion to Gain Traction in the Automotive Lighting Market

The automotive lighting market is projected to grow at a CAGR of 6.80% from 2017 to 2022 and is estimated to reach USD 29.97 Billion by 2022. The growth of the automotive lighting market is driven by increasing vehicle production. Safety regulations are expected to fuel the demand for adaptive lighting. Besides, an increase in the demand for luxury vehicles is projected to boost technological advancements, especially in front and interior lighting.

Automotive lighting system manufacturers have adopted the strategies of new product development and geographic expansion to gain traction in the automotive lighting market. New product development helps the company to have a competitive advantage in terms of technology, whereas expansion helps to formulate better business strategy as it enables a strong global footprint. For example, Hella KGaA Hueck & Co. (Germany) developed a new L4060 LED low beam module for passenger cars. Magneti Marelli (Italy), one of the leading players in the automotive lighting industry, expanded its presence in China with the inauguration of a lighting systems manufacturing plant in Xiogan.

The key market players in the automotive lighting market are Koito Manufacturing Co., Ltd. (Japan), Valeo S.A, (France), Hella KGaA Hueck & Co., Magneti Marelli S.p.A (Italy), and Stanley Electric Co. Ltd. (Japan).

Valeo S.A.’s strong R&D and production capacities along with its presence in the emerging Asian markets have made the company a formidable competitor in the global automotive lighting market. The company’s key strengths are a strong revenue base and advanced R&D capabilities. It employed various strategies such as expansion, product development, and others in order to sustain and increase its market presence. The company upgraded its product line by introducing innovative technologies and launched the Bi-LED projector, which features Full-LED headlights. In terms of expansion, the company tied up with other lighting companies such as OSRAM GmbH (Germany) and Ichikoh Industries Ltd. (Japan) to design and manufacture advanced lighting solutions. These strategies have helped the company to increase its presence in the automotive lighting market. In September 2015, Valeo launched the Matrix Laser high-beam lighting system based on its BeamAtic Premium-LED technology. The glare-free technology replaced LEDs with laser diodes.

Hella KGaA Hueck & Co. has a strong presence in the European market. It has been adopting multiple strategies such as expansions, joint ventures, and networking, to strengthen its position in the automotive as well as off-highway lighting market. New product development is the key strategy adopted by the company owing to its strong R&D capabilities. The company, in collaboration with Deutz-Fahr (Italy), produced the latest generation of LED lights for tractors. It has developed a wide range of LED-based products for passenger cars and commercial vehicles to widen its product line and cater to the requirements of clients more efficiently. Also, it was the first player in the lighting market for automotive to launch a camera-based lighting system. In November 2016, Hella introduced a new zero-glare optical system that eliminates the effects of harsh light from oncoming traffic.

Related Reports:

Lighting Market for ICE & EVs By Technology (Halogen, LED, Xenon), Position (Front, Side, Rear, Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear View Mirror), Adaptive Lighting & Region - Forecast to 2022

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