According to research firm Million Insights’ report, the global automotive-lighting market size was valued at $19.64 billion in 2014 and is anticipated to reach $34.65 billion by 2022. The market will witness a steady growth with growing demand for vehicles in the upcoming years.
Lighting is a vital component in automotive vehicles and plays a very important role in automotive safety. A vehicle consists of variety of lights to increase visibility and conspicuity (that is the clarity of observing things) of the vehicle.
- Halogen is an easily available and cost-efficient technology and therefore is being used along with LED and Xenon lighting technologies.
- Market is segmented into rear lighting, front lighting, interior lighting and side lighting.
- Geographical segmentation of automotive lighting includes North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy), Asia Pacific (China, India, Japan), RoW (Brazil, Russia), Latin America and Middle East Africa.
- Global automotive lighting market is very dependent on automobile sales and the growth driven by the increase in automotive production.
- The key players of the global automotive lighting market include Ichikoh Industries Ltd., General Electric (GE), Koninklijke Philips N, Koito Manufacturing Co. Ltd, Magneti Marelli S.P.A, Valeo, Stanley Electric Co., Hella KGaA Hueck & Co., Ltd., Zizala Lichtsysteme GmbH, Osram GmbH, Hyundai Mobis, Royal Philips Electronics.
- In the upcoming years the use of LED lighting is expected to cover the total market.
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