The automotive industry has remained highly lucrative throughout its history due to the attributes of luxury, comfort, and convenience attached to cars. Such factors have kept the automotive industry active in terms of the evolution of design trends and consumer preferences. Automotive lighting plays a huge role in upholding a vehicle’s overall appeal while providing safety by enhancing driver visibility. Manufacturers have built unique brand identities around the shape of their products’ lighting. In recent times, the global automotive lighting market has emerged as a lucrative market owing to the practical and aesthetic appeal of the products. Going forward, the latest innovations such as LEDs and mandatory vehicle safety norms are set to create fruitful opportunities in the global automotive lighting market.
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Stringent Road Safety Regulations to Unleash Novel Business Opportunities
Automotive lighting is governed by strict road safety regulations across the globe. Such regulations have impacted the demand for various automotive lights as they may mandate or prohibit the usage of certain products. Of late, various countries are making use of daytime running lights (DRLs) mandatory to boost vehicle visibility and encourage road safety. Side marker lights, DRL tail lights, and dark dashboard alert systems are also being adopted rapidly. Automotive research bodies have stated that DRLs have reduced fatal road accidents by nearly 13.8%. As a result, automotive manufacturers are investing in extensive R&D to integrate lighting with driver assistance systems to further improve vehicle safety. Such developments are creating headways of promising growth across the global automotive lighting market.
Steady Demand for LEDs to Open New Revenue Streams
In the recent past, LEDs have been adopted extensively across the automotive industry. Factors including low energy consumption, availability of colour options, and desirable aesthetics have significantly increased the demand for LEDs. They significantly outperform traditional halogen lights in terms of both energy efficiency and output. Leading market entities are driven towards developing advanced LED lights that can replace halogen entirely. Features such as integrated LED technology, low and high beams, position lights, and daytime mode are expected to gain traction in the market during the forecast period. In the foreseeable future, positive consumer perception, higher energy efficiency, and stringent road safety norms are set to positively influence the expansion of the global automotive lighting market.
Flourishing Automotive Industry Cements Asia Pacific as Leading Market Region
The Asia Pacific has emerged as the leading automotive lighting market owing to a booming automotive industry in the region. The sales of luxury cars are growing rapidly in the region. Alarmingly, the number of road accidents at night has grown considerably in the APAC. Such factors are creating strong financial and social incentives for the adoption of automotive lighting. Prominent economies such as China and India are the automotive manufacturing hubs that further increase the demand for automotive lighting in the region. Such factors are expected to sustain Asia Pacific’s status as the largest and fastest-growing automotive lighting market in the study period.
Notable Market Players
The most competitive market players operating in the global automotive lighting market include Hella GmbH & Co. Hyundai Mobis, Denso Corporation, ZKW, Valeo, KGaA, Stanley Electric Co., Ltd., Robert Bosch GmbH, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., and Osram GmbH.
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