The automotive lighting market stood at USD 19.6 billion in 2014. It is anticipated to attain about USD 34.6 billion by 2022. Rising security concerns and strict governmental regulations will further market demand in the forecast period (2015 to 2020).
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Awareness among clients regarding the significance of adjustable light solutions would also drive the sales of automotive lighting in the future. Sales and production of automobiles, together with technological innovations, are also predicted to steer the market over the coming years.
Better disposable earnings and energy effectivity concerns should also trigger demand. Moreover, burgeoning populace and purchasing power of clients in emergent nations could offer profitable prospects to the market. However, high LED costs may act as a hindrance.
The development of energy-effective, compact, and affordable LEDs would provide lucrative opportunities to automotive lighting market players. The market is trifurcated on account of applications, technologies, and geographies. Applications include rear, side, front, and interior.
Front will expand at more than 7 percent CAGR during 2015 to 2022. Vibrant expansion has modernized headlamps. Rear includes tails lights, indicators, brakes, and back-up lights. Currently, halogen lights are generally utilized for rear applications.
On the other hand, LED lights would surface as a high up solution for automobiles during the forecast period. Deeming technologies, the market is split into xenon, halogen, and LED. Halogen led the automotive lighting market in 2014. It should grow at over 5 percent CAGR during the coming seven years.
Low substitution & buying costs and simple availability are accountable for the growth of halogen technology. LED occupied more than 15 percent of the total income in 2014. It should experience significant growth in the future. This would be credited to red LED applications like brake lights and indicators.
Asia Pacific, Europe, rest of the world, and North America are the geographies of the automotive lighting market. Asia Pacific captured over 40 percent of the total revenues in 2014. Production of automobiles in India, Taiwan, Japan, and China will contribute regional demand. Europe will record stable expansion.
Collaborative undertakings and product advancements are some of the strategies used by market sellers.
Information Source: Grand View Research