Automotive lighting market through 2026 – Top 3 trends influencing the industry growth
Selbyville, Delaware, United States, September 8 2020 (Wiredrelease) Global Market Insights, Inc –:The global automotive lighting market is projected to observe tremendous growth during 2020 to 2026 due to the consistent innovation and launch of new products in the automotive industry. Today, the increasing adoption of automotive lighting solutions equipped with intelligent sensor technologies in commercial vehicles and cars is augmenting the market size.
According to Global Market Insights report, the automotive lighting market is likely to surpass a valuation of $38.5 billion by 2026.
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In addition, the increasing automobile demand and production across the globe is likely to fuel the overall market size over the coming years. In fact, as per the World Economic Forum, the total number of cars on the road is expected to be double by 2040, with China and India leading the projected automobile demand. Increasing population and economic growth across these countries is regarded as the key factor that is driving the demand for more vehicles.
Below is a brief overview of the three major trends that are likely to influence the automotive lighting market growth:
Shifting halogen technology segment landscape
In terms of technology, the halogen technology segment is projected to exhibit a significant market growth due to the numerous benefits it brings to the automotive lighting sector. Halogen lights are available at low cost and can easily be replaced owing to their abundant availability in the industry.
However, the halogen technology segment is projected to observe a gradual slowdown in product demand owing to the increasing availability of technologically advanced and comparatively more durable Xenon and LED lighting solutions.
Growing demand for head lamps and front lightings
With respect to application, the head lamps and front lightings segment are currently observing a significantly increasing growth within the automotive lighting industry. The segment growth is primarily ascribed to the rapidly increasing front lighting demand from automobile OEMs.
In addition, the increasing industry trend of integrating laser head lamps and bend lighting within automobiles is further expected to augment the segment share through the forthcoming timespan.
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Rising automobile demand across North America
The North America automotive lighting market is projected to observe significant growth led by the U.S. owing to the surging demand as well as production of automobiles in the regional automotive sector. In fact, as per a report by the U.S. Bureau of Transportation, in 2019, total vehicle production across U.S. surged 1.2% in comparison to that of 2018. Moreover, strict road safety norms and regulations imposed by the regional government authorities across countries like Canada and the U.S. are further expected to complement the regional market share.
Key companies in the automotive lighting market are increasingly focusing on acquisition strategies to effectively grow their market reach more rapidly. Taking October 2019 for instance, Minda, a leading auto component producing company, reportedly acquired a 100% equity capital of Delvis Group for €21 million. Delvis Group is a German automotive light designer and manufacturer. The acquisition fell in line with Minda’s strategy to keep technology leadership in India’s lighting product market at the core of its business growth plan.
The competitive landscape of the automotive lighting market is inclusive of players such as Varroc, Samsung Electronics Co. Ltd, Koninklijke Philips N.V., Valeo, General Electric, Osram Group, HELLA GmbH & Co., Magneti Marelli S.p.A., and Hyundai MOBIS among others.
Browse complete table of contents (ToC) of report : https://www.gminsights.com/toc/detail/automotive-lighting-market
Partial chapters from the report ToC:
Chapter 4. Competitive landscape
4.2. Company market share analysis. 2019
4.3. Key player analysis
Chapter 5. Automotive Lighting Market, By Technology
5.1. Key trends by technology
5.2.1. Market estimates and forecast, 2015 – 2026
5.3.1. Market estimates and forecast, 2015 – 2026
5.4.1. Market estimates and forecast, 2015 – 2026
Chapter 6. Automotive Lighting Market, By Vehicle Type
6.1. Key trends by vehicle type
6.2. Passenger cars
6.2.1. Market estimates and forecast, 2015 – 2026
6.3. Commercial vehicles
6.3.1. Market estimates and forecast, 2015 – 2026
6.4.1. Market estimates and forecast, 2015 – 2026
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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