Automotive Lighting Market Scope
Automotive Lighting are used for signalling and illumination in addition to styling and safety purposes. Due to the rapid advancement in the luminous efficacy offered by efficient automotive lighting, it is being increasingly utilized for automotive use. The market is expected to grow at a significant CAGR during the forecast period owing to increasing demand for premium automobiles coupled with increasing disposable income of the population. In addition, technological advancements such as LED lighting and Laser lighting have provided tremendous opportunities for the market growth.
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|Key Companies Profiled||Hella GmbH & Co. KGaA (Germany), KOITO MANUFACTURING CO., LTD. (Japan), Magneti Marelli Co. Ltd. (Italy), OSRAM GmBH (Germany), Valeo (France), Koninklijke Philips N.V. (Netherlands), LG Innotek (South Korea), Stanley Electric Co. Ltd. (Japan), Continental AG (United States) and Varroc Group (India)|
Automotive Lighting is a fragmented market due to the presence of large number of established competitors. The key players are highly focusing on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that European Vendors will contribute to the maximum growth of Global Automotive Lighting market throughout the predicted period.
Hella GmbH & Co. KGaA (Germany), KOITO MANUFACTURING CO., LTD. (Japan), Magneti Marelli Co. Ltd. (Italy), OSRAM GmBH (Germany), Valeo (France), Koninklijke Philips N.V. (Netherlands), LG Innotek (South Korea), Stanley Electric Co. Ltd. (Japan), Continental AG (United States) and Varroc Group (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Panasonic Corporation of North America (United States), Sunway Autoparts (China), General Electrics (United States) and Oracle Lightning (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Automotive Lighting market by Type and Region with country level break-up.
On the basis of geography, the market of Automotive Lighting has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn March 2022, Plastic Omnium along with OSRAM Group acquired 100% of AMLS (Automotive Lighting Systems GmbH), a German automotive lighting, for an Enterprise value of Euros 65 million. Through this acquisition, Plastic Omnium intended to address the lighting market and bring valuable additional synergies to its exterior body systems division.
In October 2022, Valeo signed a strategic alliance agreement with SRG Global to provide the next generations of exterior illuminated front panels to the automotive industry. Through this partnership, the company intended to enable highly integrated and stylized exterior lighting systems for automakers in North America and Europe regions, thereby increasing global presence.
Influencing Trend:Technological Advancements in Laser-Based Lighting and Increasing Automobile Manufacturing for Electric and Hybrid Vehicles
Market Growth Drivers:Increasing Demand for Energy-Efficient Lighting and Growing Demand for Luxury and Premium Vehicles in Developing Nations
Challenges:Technical Challenges such as Presence of Electronic Interference in LED lighting
Restraints:High cost of LED lighting coupled with Shortage of Semiconductor Chips
Opportunities:Surging Demand for Personalized Lighting Solutions
Key Target AudienceAutomotive Equipment Suppliers, Government Agencies, Regulatory Bodies, Potential Investors, Market Research Organizations, Research and Development Institutes, End Users and Others