Demand for Automotive Lighting and Impact of COVID-19……..
The automotive
lighting market is anticipated
to reach USD 34.65 billion by 2022.
Strict government policies and rising safety concerns are likely to propel
growth over the forecast period. In addition, growing consumer awareness
concerning the significance of adaptive lighting including dynamic bend light
and a glare-free high beam is also expected to have a positive impact on the
exterior lighting market.
The global electronics devices market
(including consumer electronics and industrial electronics devices) is expected
to be impacted significantly by COVID-19 as China is one of the major suppliers
for the raw materials (used to manufacture devices) as well as the finished
products. The industry is on the brink of facing a reduction in production,
disruption in supply, and price fluctuations. While this can vastly encourage
local manufacturers to step up and address the growing demand, the scarcity of
raw material can still pose a challenge to this industry. The sales of
prominent electronic companies is expected to be affected in the near future.
The report will account for Covid19 as a key market contributor.
Increasing apprehensions about using
energy efficient methods coupled with rising consumer disposable income are
expected to drive the industry. In addition, growing demand for vehicles and
technological advancements in the automotive industry are expected to propel
utilization. Attractive growth opportunities for new entrants are expected in
the industry owing to the growing number of total vehicles purchased y-o-y
across BRIC nations. However, there is a need for legislative authorities to
collaborate with light sourcing technology suppliers to develop flexible design
techniques.
Key companies including Hella KGaA Hueck &
Co., Koito Manufacturing Co., Magneti Marelli S.p.A and Valeo. Vendors usually employ the strategy of new
product development and mergers & acquisitions to enter new markets. The
introduction of low-cost LEDs and energy-efficient alternatives is foreseen as
a cost-effective strategy for the industry.
Automotive LED market is estimated to
demonstrate considerable growth at a CAGR of over 12.0% from 2015 to 2022.
Halogen lights contributed to over 66.0% of overall industry revenue in 2014,
followed by LED and xenon. It has gained prominence on account of easy
availability, low purchasing costs, and low replacement costs. However, rising
fuel prices are expected to pose a threat to the industry.
To Request Sample Copy of this report, click the link:
The global automotive lighting market size was valued at USD
19.64 billion in 2014. Increasing production and sales of commercial vehicles
across the globe are estimated to drive the demand over the forecast period.
Technological advancements stimulating by rising concerns about vehicle safety
and stringent government regulations are further expected to spur the demand.
Additionally, growing population and increasing the purchasing power of
consumers across the developing countries are projected to offer lucrative
opportunities over the forecast period.
The high cost of LEDs can act as a restraint; however, features
such as the longer life of LEDs and low energy consumption are expected to
supplement its demand across automobile sector. Thus, the introduction of
compact, energy-efficient, and low-cost LED lights would emerge as a lucrative
strategy for the industry participants.
The increase in demand for eco-friendly LED
technologies on account of high efficiency, reduced CO2 levels, and high power,
is expected to propel growth. Companies have been trying to develop
eco-friendly LED to promote product differentiation and strengthen their global
foothold. LEDs are used in daytime running lights (DRL), parking light, brake
lights and turning lights. LEDs are preferred over xenon and halogen lights
owing to optimum light bearing capacities and improved design which lead to
increased shelf life.
The adaptive headlight is an active safety
feature that is intended to enhance the drivers’ visibility in poorly
illuminated areas. It encompasses functionalities including automatic rotation
which can sync with sensors and adjust brightness and intensity of light. Front
lighting segment constituted for over 70.0% of the total revenue in 2014 owing
to the availability of advanced features including automatic rotation which can
sync with automatic brightness modules and sensor response. Extreme climatic
conditions in Europe and North America is expected to trigger demand for fog
lights over the forecast period.
Automotive lighting industry in Asia
Pacific is estimated to grow at a CAGR of over 8.0% and acquire a market share
of about 45.0% over the forecast period. The continuous expansion of suppliers
coupled with a vast production base is expected to position this region as the
market leader. Countries including India, Japan, and China account for the
major production base for vehicles globally, thus offering extensive growth
opportunities.
Browse Press
Release of this report:
Grand View Research has segmented the automotive lighting
market on the basis of technology, application:
Automotive Lighting Technology Outlook
(Revenue, USD Million, 2012 - 2022)
·
Halogen
·
Xenon
·
LED
Automotive Lighting Application Outlook
(Revenue, USD Million, 2012 - 2022)
·
Front/headlamps
·
Rear
·
Side
·
Interior
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Comments
Post a Comment