Automotive Lighting Market Revenue to Hit USD 40 Bn by 2024, Growing at 5%: Global Market Insights, Inc.

SELBYVILLE, Del., December 6, 2019 (Newswire.com) - ​According to latest report “Automotive Lighting Market by Application (Interior Lighting, Side Lighting, Rear Lighting, Front Lighting/Headlamps), Technology (LED, Halogen, Xenon), Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers), Regional Outlook, Competitive Market Share & Forecast 2024," by Global Market Insights, Inc., the market valuation of automotive lighting will reach US$40 billion by 2024.

Passenger cars in the automotive lighting market are witnessing a rapid demand owing to the increased consumer demand. These cars deploy advanced lights in various systems including the front, rear, interior, and exterior lighting. The growing awareness to develop safe and technically efficient passenger vehicles and manufacturer strategies to sustain the high market competition drives the segment growth.

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There is a rising demand for advanced LEDs and light modules that are laser-based in order to improve the parameters for vehicle safety and provide aesthetic looks to the vehicle. LEDs offers numerous benefits like bright lights, low power consumption and efficiency of performance and energy. Audi, Honda Motor Company, Tata Motors, BMW, General Motors are few automotive OEMs that use LED based automotive lighting products.

The utilization of LED tech in all ranges of vehicles has been a major factor driving LED-based automotive lighting market. The optimization of LED modules has reduced its cost which has compelled several car manufacturers to incorporate them in economical vehicles as well. For instance, cars like Honda Accord and Nissan Alto are integrated with daytime LED running lights.

Prominent automotive lighting market players include Magneti Marelli S.p.A., General Electric, Hyundai MOBIS, HELLA GmbH & Co. KGaA, Namyung Lighting, Philips NV, Osram Group, and Varroc. The key industry players adopt efficient product development strategies including partnerships and mergers. Companies in the market adopt low and value-based pricing strategies to pose entry barriers for new participants and offer increased product efficiency.

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The Europe automotive lighting market size was worth USD 8 billion in the year 2017 and is expected to witness a substantial growth owing to the presence of Audi, BMW and Mercedes-Benz – the prime automobile manufacturers in the region. Moreover, the European Commission has set certain manufacturing standards to support sustainable development that primarily helps in the industry growth.

The automotive lighting market is expected to witness a lucrative growth in China owing to the rapidly growing automobile industry in the country. The Chinese automotive industry has been at the forefront in terms of annual production surpassing Europe, the U.S., and Japan. China is an attractive place for foreign auto manufacturers and many established foreign players have their manufacturing plants in China. This can be credited to the cheap & easy labor availability and low costs of raw materials.

Browse key industry insights spread across 170 pages with 148 market data tables & 27 figures & charts from the report, “Automotive Lighting Market Size 2018-2024” in detail along with the table of contents @

https://www.gminsights.com/industry-analysis/automotive-lighting-market

Table of Contents (ToC) of the report:

Chapter 3   Automotive Lighting Market Insights

3.1   Industry segmentation

3.2   Industry landscape

3.3   Industry ecosystem analysis

3.3.1   Distribution channel analysis

3.3.2   Vendor matrix

3.4   Regulatory Landscape

3.4.1   North America

3.4.1.1   SAE J3069

3.4.1.2   SAE J2938

3.4.1.3   Federal Motor Vehicle Safety Standard 108

3.4.2   Europe

3.4.2.1   Economic Commission for Europe (ECE) Regulations

3.4.2.2   Commission Directive 91/663/EEC

3.4.2.3   Eco-innovations and Law (EC) No. 443/2009

3.4.3   Asia Pacific

3.4.3.1   Chinese GB Standards

3.4.3.2   Installation requirements of lighting and light-signaling devices

3.4.3.3   Australian Design rule 13/00

3.4.4   Latin America

3.4.4.1   INMETRO testing and certification for LED lamps

3.4.4.2   New Mexico State statute 66.1-4.1(F)

3.4.5   MEA

3.4.5.1   The National Traffic Act South Africa

3.4.5.2   Article NO 95, Federal Traffic Act

3.5   Industry impact forces

3.5.1   Growth drivers

3.5.1.1   Increasing concerns regarding road safety to propel global demand

3.5.1.2   Emerging government regulations

3.5.1.3   Flourishing automotive industry in China

3.5.1.4   Premium car production in Germany

3.5.1.5   Penetration of LED technology from high-end to mid-range and low-end vehicles in the U.S.

3.5.1.6   Focus of companies on the Asia Pacific region to boost demand

3.5.2   Industry pitfalls and challenges

3.5.2.1   Tariff and trade restrictions in the U.S.

3.5.2.2   High R&D expenditure & complexity in the LED lighting systems

3.5.2.3   Increasing raw material cost & instability of the lighting systems

3.6   Growth potential analysis

3.7   Porter’s analysis

3.8   Competitive landscape, by region, 2017

3.8.1    Company market share, 2017

3.8.2   Strategy dashboard

3.9   PESTEL analysis

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Source: Global Market Insights, Inc.