Global Automotive Lighting Market 2017-2021
About Automotive Lighting
Lighting in an automobile is one of the major systems since it provides safety and convenience while driving. In the modern vehicles, it is an important styling aspect too. The automotive lighting system includes lighting and signaling devices located on the front, sides, and rear of a vehicle. The primary function of automotive lighting is to ensure visibility to the driver by illuminating the path ahead of the automobile. Lighting improves vehicle visibility by indicating the presence and position of the vehicle to others. Hence, automotive lighting systems are designed and developed as per the visibility spectrum and its perception by human eyes.
Technavio’s analysts forecast the global automotive lighting market to grow at a CAGR of 4.62% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive lighting market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Lighting Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive lighting market: Hella, KOITO, Magneti Marelli, OSRAM, and Valeo.
Other Prominent Vendors in the market are: Federal-Mogul, NEOLITE, SL Corporation, and Varroc Group.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Decline in time gap between introduction of each new lighting technology. Looking onto the introduction timeline of automotive headlight systems, we are finding a trend of gradually dropping time gap between the introduction of each new lighting technology. This trend is, in turn, setting very short time to market (TTM) option for OEMs and suppliers, which can impact the product strategies for the entire value chain. Continuing the trend, we expect the next automotive headlight technology to be introduced anytime between 2018 and 2020.”
According to the report, one of the major drivers for this market is Increasing adoption of ambient lighting in mid-premium and entry-level vehicles. Ambient lighting is the interior lighting, which enhances the cabin appearance, especially during night time. It provides a stylish atmosphere inside automobiles. This concept was introduced in luxury vehicles in 2007 and has expanded to mid-prime and economical models ever since. The number of aftermarket vendors in the ambient lighting market is increasing owing to the consumer preference for better interior lighting.
Further, the report states that one of the major factors hindering the growth of this market is High cost of raw materials. Rising costs of raw materials used in vehicle lighting, especially for LED and other advanced technologies, can restrict the growth of the market. Plastic and lighting technology raw material costs hiked in 2016. Plastic polymer transparent materials, such as methyl methacrylate (MMA) and polycarbonate (PC), which are integral parts of the lighting systems, are witnessing increasing price levels, especially in the Europe and US markets since 2016. This is owing to the increasing demand for oil and gas, where the monomers that are used to make these polymers largely depend on.
Hella, KOITO, Magneti Marelli, OSRAM, Valeo, Federal-Mogul, NEOLITE, SL Corporation, and Varroc Group.
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