WorldWide Automotive Lighting System Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Automotive Lighting System Market size is expected to increase during the forecast period owing to the rising vehicle production and growing lighting applications, specifically in passenger vehicles. Lighting is an essential system in an automobile, responsible for safety and comfort. The prime applications include ensuring drivers’ visibility, indicating the position and presence of vehicles to others, and improving vehicle conspicuity.
 

Increased use of high-efficiency LED and rising concerns about road safety along with government regulations for lighting are some of the factors driving the automotive lighting system market share from 2017 to 2024. Increasing buying power of the consumers has increased the demand for advanced and sophisticated technologies such as Daylight Running Lights (DRLs) and Advanced Front-lighting System (AFS). Growing number of vehicles in BRIC countries is further offering an opportunity for automotive lighting system market growth.
 

Growing demand for luxury, ambiance, and comfort as well as pedestrian and passenger safety regulations will positively impact the industry growth over the forecast timeline. Additionally, the surge in sales of electric vehicles owing to government subsidies and emission regulations for vehicles is also anticipated to drive the revenue.
 

Factors restraining the automotive lighting system market growth include high R&D cost and fluctuating prices of raw materials. The technological innovations require huge investment, which will hamper the R&D development and limit the industry growth.
 

The automotive lighting system market is segmented by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars is anticipated to grow at a higher rate during the projected period. This segment is expected to lead the industry in terms of both value and volume followed by LCVs.
 

Based on application, the automotive lighting system market is segmented into exterior lighting and interior lighting. The exterior lighting can be categorized into fog lights, head lights, tail lights, side lights, Daytime Running Lights (DRL), Center high mount stop lamps (CHSML), and others. Others include brake lights, indicators, license plates, reverse lights, and side view mirror indicators. The interior lighting segment consists of glove box, dashboard, reading lights, rear view mirror interior lights, and dome lights. The automotive lighting system market is dominated by exterior lighting and is expected to continue its domination over the forecast period owing to the application of these lights in the driver safety.
 

On the basis of position, the automotive lighting system market is categorized into rear, side, front, and interior. The front lighting industry is anticipated to gain maximum share in the market. The automotive front lighting consists of functions such as headlight leveling, high beam assist, and bending lights, auto-on/off, and cornering lights. Auto-on/off is anticipated to be the major segment whereas headlight leveling is likely to be the fastest growing segment.
 

Based on technology, the industry is segmented into LED, Xenon/HID, and halogen/incandescent. The LED segment is expected to showcase the highest market growth. This growth can be credited to the benefits offered by LEDs such as lower energy consumption and temperature, bright illumination, and flexibility in designing. These features are leading to growth in the adoption of LED lights in automobile interior.
 

Asia Pacific is expected to be the fastest growing region. India, China, South Korea, and Japan account for the majority of vehicle production in the global automotive industry and thus are anticipated to acquire the maximum share of the automotive lighting system market. The customers in China are upgrading their cars to better and newer models.  The advanced technologies, such as adaptive and ambient lighting, are gaining popularity in China. These factors are contributing to the growth of Asia Pacific automotive lighting system market.
 

The manufacturers in the automotive lighting system market include Koninklijke Philips N.V., General Electric (GE), Hella KGaA Hueck & Co., Magneti Marelli, Osram, Stanley Electric, Koito Manufacturing Co., Ichikoh Industries, Ltd., and Zizala Lichtsysteme GmbH. The key strategies implemented by the companies are expanding business by acquiring other competing companies. In July 2016, Osram acquired the U.S. automotive lighting startup, Novità Technologies.