Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- The Global Automotive Lighting Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
The global automotive lighting market reached a value of nearly $25.3 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6.19% since 2015, and is expected to grow at a CAGR of 9.22% to nearly $36 billion by 2023.
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Market Segmentation
Top leading Companies of Global Automotive Lighting Market are – Hella, Koito Manufacturing Co. Ltd., Osram Licht AG, Koninklijke Philips N.V., Magnetti Marelli, Grupo Antolin, Flex Automotive GmbH, Lumax Industries Limited, Valeo Lighting Systems and Bosch Lighting Technology
Markets Covered: 1) By Vehicle Type: Passenger Vehicle; Commercial Vehicle 2) By Technology: Halogen; Xenon/HID (High-intensity Discharge Lamp); LED (Light Emitting Diode) 3) By Application: Front/Headlamps; Rear Lighting; Side; Interior Lighting
The automotive lighting market covered in this report is segmented by vehicle type into passenger vehicle, commercial vehicle by technology: halogen, xenon/hid (high-intensity discharge lamp), led (light emitting diode) and by application into front/headlamps, rear lighting, side, interior lighting.
During the historic period, a growing emphasis on road safety contributed to the growth of automotive lighting market. The demand for safety features along with the adaptive lighting system has increased due to an increase in the number of road accidents worldwide. For instance, in 2018 there were 1,51,417 road accidents that caused death in India. Vehicles with adaptive and advanced lightings can provide optimum road illumination and detect objects on the road, thereby enabling the driver to take appropriate actions. These factors are leading to the growth in demand for adaptive and better lighting systems in vehicles and will thereby drive automotive lighting market.
During the forecast period, the rapid increase in the number of LED modules in automobile lighting brings in new requirements on system hardware for the automotive lighting market. The reduced component size to fit additional electronics in the same space to improved energy efficiency and performance within the same or lower thermal budget is posing to be a significant challenge for the manufacturers. The main challenge arises while installing the connected supporting and flexible architectures that enable multiple configurations as well as accurate control to preserve LED light characteristics. Thus, the sudden demand for LED modules in automobile lighting is expected to restrain the market.
Companies in the automotive lighting market are investing heavily to develop fog-free lamps. This automotive lighting resolves fog issues and also fulfill requirements such temperature, humidity and vibration that were challenging earlier. For instance, in 2018, Hyundai Mobis announced that it has succeeded in developing new materials that can technically resolve fog issues. The company partnered with INITZ (SK Chemical's subsidiary) in developing new material using various additives to plastic that does not emit gases. It also developed material that reduces the weight of the lamp by 20%. The development of fog-free lamps will contribute to the growth of the market.
In October 2019, Minda Industries, a supplier of automotive solutions to original equipment manufacturers, acquired Delvis for approximately 21 million ($23.06 million). The acquisition will enhance the technological capabilities in the existing product line in Minda Industries. Delvis is an innovative automotive lighting systems engineering and design company and worked closely with German car makers like Volkswagen, Audi, and Porsche.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Automotive Lighting Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Finally, Automotive Lighting Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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