SELBYVILLE, Del., Aug. 5, 2020 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the automotive lighting market which estimates the market valuation for automotive lighting will cross US$ 38.5 billion by 2026. Continuous innovation and introduction of new products along with proliferation of automotive lighting solutions with intelligent sensor technologies in cars and commercial vehicles is anticipated to drive the industry growth.
The severe impact of the COVID-19 health crisis across the globe has led to a slowdown in the automotive lighting industry. Several measures undertaken by government authorities, such as partial lockdowns and social distancing, are causing disruptions in business operations and production capabilities of manufacturers. Additionally, plummeting automobile sales are also contributing to restraints faced by the industry during the pandemic.
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Halogen technology is expected to witness a steady demand in the automotive lighting market. These lights offer several advantages such as low cost of purchase and easy replacement owing to the abundant availability in the market. However, with the advent of technologically advanced and durable LED and Xenon lights, halogen technology is expected to witness a gradual slowdown in demand.
Head lamps and front lighting applications are witnessing an escalating growth in the automotive lighting market. The amplifying market trend of integrating bend lighting and laser head lamps into automobiles is fueling the growth of this segment. Rapidly growing demand for front lighting from automobile OEMs is supporting the overall market growth.
The North American automotive lighting market is expected to project a high growth rate over the forecast period owing to the increasing demand and production of automobiles. According to a 2019 report by the Bureau of Transportation, the overall production of vehicles in the U.S. increased by 1.2% compared to 2018. Stringent road safety regulations established by government authorities in countries including the U.S. and Canada are also contributing to the regional market demand.
Browse key industry insights spread across 150 pages with 133 market data tables & 20 figures & charts from the report, «Automotive Lighting Market Share & Forecast, 2020 – 2026» in detail along with the table of contents:
Market leaders are focusing on strategic collaborations and partnerships with technology providers in the industry to develop innovative lighting solutions. For instance, in January 2019, HELLA announced a partnership with AEye, Inc. to develop customized sensing and perceptive solutions for automotive lighting. This partnership aided the company to leverage AEye’s expertise in LiDAR technology.
Some major findings in the automotive lighting market report include:
- Growing road safety concerns owing to the increasing number of road accidents are fueling the demand for indicative automotive lighting in passenger cars and large commercial vehicles.
- Emerging technologies, such as OLED and sensors, in vehicle lights are facilitating the integration of these automotive lighting into driver assistance systems, thereby improving the driving experience.
- High demand for modern luxury cars in the MEA is driving the demand for smart automotive lighting in the region. Car owners prefer to decorate the interiors of their cars with ambient and mood-sensitive lighting to provide aesthetic features to their cars.
- Automotive lighting manufacturers are focusing on increasing their market share by launching innovative products and expanding their business operations in unserved markets.
Key players operating in the automotive lighting market include Hyundai MOBIS, Magneti Marelli S.p.A., HELLA GmbH & Co. KGaA, Osram Group, General Electric, Valeo, Koninklijke Philips N.V., Samsung Electronics Co. Ltd, and Varroc.
Browse complete report table of contents @ https://www.gminsights.com/toc/detail/automotive-lighting-market
Partial chapters of report table of contents (TOC):
Chapter 3. Automotive Lighting Industry Insights
3.1. Industry segmentation
3.2. Impact analysis of coronavirus COVID-19 pandemic
3.2.1. Global outlook
3.2.2. Impact by region
188.8.131.52. North America
184.108.40.206. Asia Pacific
220.127.116.11. Latin America
3.2.3. Industry value chain
18.104.22.168. Research and development
3.2.4. Competitive landscape
22.214.171.124. Distribution network
126.96.36.199. Business growth
3.3. Industry ecosystem analysis
3.3.2. Technology & service providers
3.3.3. End-use landscape
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Laser lighting technology
3.4.2. LED lighting technology
188.8.131.52. AFS LED lighting technology
184.108.40.206. Bend lighting technology
3.4.3. Flexible OLED lighting technology
3.4.4. Matrix LED headlight
3.4.5. Dynamic interior lighting
3.5. Product analysis
220.127.116.11. Pros & cons
18.104.22.168. Lifecycle costs
22.214.171.124. Pros & cons
126.96.36.199. Lifecycle costs
188.8.131.52. Pros & cons
184.108.40.206. Lifecycle costs
3.5.4. Comparison between LED, Halogen & Xenon
3.5.5. Potential disruption
3.6. Regulatory landscape
220.127.116.11. North America
18.104.22.168. Asia Pacific
22.214.171.124. Latin America
3.7. Industry impact forces
3.7.1. Growth drivers
126.96.36.199. Growing concerns about road safety across the globe
188.8.131.52. Implementation of government regulations pertaining to drivers safety
184.108.40.206. Flourishing automotive industry across Asia Pacific
220.127.116.11. Increasing production of luxury vehicles in Germany
18.104.22.168. Rising adoption of LEDs in vehicles across the U.S.
22.214.171.124. Increasing demand for advanced automotive lighting in Asia Pacific owing to rising consumer disposable income
3.7.2. Industry pitfalls & challenges
126.96.36.199. Tariff & trade barriers in the U.S.
188.8.131.52. High R&D expenditure & complexity in developing LED lighting
184.108.40.206. Rising raw material cost & instability of lighting systems
3.8. Growth potential analysis
3.9. Porter’s analysis
3.9.1. Supplier power
3.9.2. Buyer power
3.9.3. Threat of new entrants
3.9.4. Threat of substitutes
3.9.5. Internal rivalry
3.10. PESTEL analysis
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Automotive Lighting Market size worth $38.5 billion by 2026
Automotive Lighting Market size is set to be over USD 38.5 billion by 2026, according to a new research report by Global Market Insights, Inc.
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