Automotive Smart Lighting - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Automotive Smart Lighting Market is expected to growing at a CAGR of 10.1% during the forecast period. Some of the key factors propelling the market growth include growing concerns about vehicular safety, advanced technology, more use of sensors, growing investment in R&D projects, and growing market of electric and autonomous vehicles. However, high cost of LED lights is likely to hamper the market.
Lighting plays an important role in automotive vehicles to provide illumination for the driver. In addition, lighting systems also help other drivers and pedestrians on the road to detect the vehicle’s position, direction of movement, and size. It adds aesthetic looks to both interior and exterior parts of the vehicle and at the same time increases the conspicuity of the vehicle. It comprises lighting and signaling devices. This lighting equipment is mounted on different locations in the vehicle such as front, rear, top, and interiors.
By technology, halogen segment is expected to grow at the significant rate during the forecast period. Low purchasing & replacement cost and easy availability are few factors for the adoption of halogen technology. They are available in different dimensions and are cost-effective and easy to replace. However, excessive heat loss while light radiation has increased awareness for energy efficiency leading to the reduced usage of halogen.
On the basis of geography, the Asia Pacific is among the leading automobile producer and market in the world. China, India, and Japan are the major economies in the regional market that are anticipated to grow at a significant rate in the global market. Increased automobile production across countries such as China, India, Japan, and Taiwan combined with rising urban population, growing economies, and increasing the purchasing power of individuals is estimated to fuel the demand across this region.
Some of the key players in automotive smart lighting market include HELLA KGaA Hueck & Co., Koninklijke Philips N.V., Hyundai Mobis, Magneti Marelli SpA, Lumax Industries, Koito Manufacturing Co. Ltd, Mitsuba Corporation, Stanley Electric Co. Ltd, OsRam Licht AG, and Valeo Group.
• Light-emitting Diode (LED)
Vehicle Types Covered:
• Commercial Vehicles
• Passenger Cars
• Exterior Lighting
• Interior Lighting
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
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