Transparency
Market Research has published a new report on the global
automotive lighting system market. As per the report, the global
automotive lighting system market is predicted to progress from
US$19.9 bn in 2014 to US$34.1 bn by 2021. The report, titled
‘Automotive
Lighting System Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2015 - 2021,’ states that the
global automotive lighting system market is expected to expand at an
8.10% CAGR during the period between 2015 and 2021 due to the
increasing production of vehicles and the increasing use of advanced
lighting technologies such as HID, LED, and halogen.
The automotive
market is one of the fastest developing markets across the globe and
is predicted to register significant growth during the period between
2015 and 2021. The development of the automotive market is expected
to propel the global automotive lighting system market in the near
future. The rising demand for LED, halogen, and HID lighting systems
is predicted to contribute to the growth of the global automotive
lighting system market in the years to come.
The leading players
in the global automotive lighting system market are focusing on
manufacture and introduction of new auto lighting systems to stay in
the competition. Some of the prominent companies operating in the
global automotive lighting system market are Hella KGaA Hueck &
Co., Stanley Electrics Co. Ltd., Valeo S.A., Hyundai Mobis,
Koninklijke Philips N.V., Magneti Marelli S.p.A, Osram Licht AG, and
General Electric.
The growing focus of
auto manufacturers on customer safety and comfort is predicted to
propel the global automotive lighting system market in the next few
years. The production of electrical and hybrid vehicles has increased
in the recent past. These vehicles are also equipped with
high-quality lighting systems that match the changing trends and
customer preferences. The increasing production of hybrid vehicles
and electrical vehicles is predicted to boost the demand for new
lighting systems throughout the forecast period.
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The global
automotive lighting system market is segmented on the basis of
vehicle, position, and geography. By vehicle, the global automotive
lighting system market is classified into passenger vehicles, SUVs,
luxury vehicles, heavy vehicles, and MUVs. The demand for passenger
vehicles is increasing from the middle-class population. Considering
the growing middle-class population and their growing preference for
passenger vehicles, the passenger vehicles segment is expected to
hold the leading position in the global automotive lighting system
market in the coming years.
The high cost of LED
and HID lighting is predicted to hamper the growth of the global
automotive lighting system market. By position, the global automotive
lighting system market is divided into side lighting, rear lighting,
front lighting, and interior lighting. The front lighting segment is
predicted to be the largest segment of the global automotive lighting
system market in the coming few years.
Based on geography,
the global automotive lighting system market is divided into Asia
pacific, North America, Europe, and Rest of the World. Currently,
Europe dominates the global automotive lighting system market;
however, Asia Pacific is predicted to the fastest growing region in
the coming few years.
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