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(Transportation-News.com, June 14, 2019 ) According to the new market research report "Automotive Lighting Market for ICE & EVs by Technology (Halogen, LED, Xenon), Position (Front, Side, Rear, Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, Rear-View Mirror), Adaptive Lighting & Region - Forecast to 2022", published by MarketsandMarkets™, The Automotive Lighting Market, by value, is projected to grow at a CAGR of 6.80% from 2017 to 2022, to reach USD 29.97 billion by 2022.
In addition to growing vehicle demand and increasing lighting applications, factors such as safety regulations and rising demand for comfort and luxury are expected to fuel the demand for advanced technologies such as adaptive lighting systems.
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LED technology is estimated to showcase the fastest growing and is expected to lead in future Automotive Lighting Market
The market for the front LED technology, by value, is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. This growth can be attributed to the benefits offered by LED technology, such as energy efficiency, low power consumption, lightweight, and flexibility. These benefits help to minimize the design constraints as compared to halogen lamps. The technology is estimated to lead the front lighting segment with applications such as Daytime Running Lamp (DRL), and projector headlamps as well as interior lighting segment where its applications are a dashboard, glovebox, reading, dome, and rear view mirror lights.
Front Adaptive Lighting to have the largest market in automotive adaptive lighting
The front adaptive lighting market is expected to be the largest and fastest growing segment in the Automotive Lighting Market, by adaptive lighting. This growth can be attributed to stringent safety regulations in Europe and increased adoption of adaptive lighting features in premium cars in the Asia-Oceania region.
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Asia-Oceania region to dominate the market growth
Asia-Oceania is estimated to dominate the Automotive Lighting Market, by value. It is projected to grow at the highest CAGR of 7.02% during the forecast period. This can be attributed to emerging economies such as China and India. In Asia-Oceania, the growth of automotive lighting solutions has been observed owing to the easy availability of raw materials and strong government support, which have boosted vehicle production and the overall Automotive Lighting Market.
The major companies in the Automotive Lighting market are profiled in the study. These include Hella KGaA Hueck & Co (Germany), Magneti Marelli S.p.A (Italy), Stanley Electric K.K (Japan), Valeo S.A. (France), Koito Manufacturing Co. Ltd. (Japan), Osram Licht AG (Germany), Koninklijke Philips N.V (Netherlands), Hyundai Mobis (South Korea), Ichikoh Industries Ltd. (Japan), and General Electric (U.S.).
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raviraj.tak@marketsandmarkets.com
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