Top companies covered in the automotive lighting market are Hyundai Mobis (Seoul, South Korea), Continental AG (Hanover, Germany), Koninklijke Philips (Amsterdam, Netherlands), Robert Bosch GmbH ( Gerlingen, Germany), varroc group ( Aurangabad, India), Valeo (Paris, France), Hella GmbH (Lippstadt, Germany), Denso (Aichi, Japan), Lear Corporation (Michigan, United States), OSRAM (Munich, Germany), Magneti Marelli (Corbetta, Italy), and more players profiled.
Pune, India, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The global automotive lighting market size is expected to reach USD 53.6 billion by 2027, exhibiting a CAGR of 8.5% during the forecast period. The surging number of road accidents around the world will spur opportunities for the market during the forecast period, states Fortune Business Insights, in a report, titled “Automotive Lighting Market Size, Share & COVID-19 Impact Analysis, By Application Type (Front Lighting, Side Lighting, Rear Lighting, and Interior Lighting), By Technology Type (LED, Halogen and Xenon), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2020-2027.” The market size stood at USD 44.7 billion in 2019.
The whole world is battling with the novel coronavirus, leaving numerous industries distraught. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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List of the Leading Companies Profiled in the Global Automotive Lighting Market are:
Hyundai Mobis (Seoul, South Korea)
Continental AG (Hanover, Germany)
Koninklijke Philips (Amsterdam, Netherlands)
Robert Bosch GmbH ( Gerlingen, Germany)
varroc group ( Aurangabad, India)
Valeo (Paris, France)
Hella GmbH (Lippstadt, Germany)
Denso (Aichi, Japan)
Lear Corporation (Michigan, United States)
OSRAM (Munich, Germany)
Magneti Marelli (Corbetta, Italy)
Strict Road Safety Norms to Boost Business Growth
The use of high beam light at night for better visibility has led to severe road accidents due to the discomfort or sudden glare caused while driving. The high beam headlight may cause sudden glare to the driver of another vehicle approaching from the opposite end. Thus, the government has imposed safety norms for automotive manufacture, which involves the installation of adaptive headlights in vehicles. Moreover, the utilization of a high beam can result in heavy fines. For instance, Central Motor Vehicle Organization in India has specified the construction and use of high beam lights under rule number 106. The use of high beam light can lead to a 100 INR penalty for the drivers. Hence, the favorable policies for automotive lighting are expected to enable speedy expansion of the market.
Production Hindrances to Cause Difficulties for Market During COVID-19
The COVID-19 pandemic has severely affected the growth of the automotive lighting market. The declining automotive industry is expected to further hamper the business of lighting in the time of coronavirus. A sharp drop in commercial and passenger vehicles has hampered the production of automotive. However, OEMs are focusing on strategies to tackle the situation and sustain the market. For instance, in April 2020 Valeo used part-time work arrangements to fluctuate the cost of all factories. Valeo adjusted the cost of support activities such as management and R&D, it has also cut down unimportant business investments.
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The report on the automotive lighting market accentuates:
All-inclusive analysis of the market
Dynamic insights into the segments
Extensive data about dominant regions
Key information about prominent players
Market drivers and restraints
Favorable Policies to Aid Expansion in Europe
The market for automotive lighting in Europe is expected to experience rapid growth during the forecast period owing to the stringent norms imposed by the government in the region. For instance, in 2011, the European Union made it mandatory to use daytime running lights (DRLs) amid unfavorable weather conditions in Europe. The growing adoption of automotive lighting solutions coupled with the presence of major key players will bolster the healthy growth of the market. The market in Asia Pacific is expected to hold the maximum share in the global market owing to the availability of raw materials. Moreover, the heavy demand for effective electronic and mechanical components from countries such as China, Japan, and India will bolster the healthy growth of the market in the region.
September 2019: Hella announced the launch of new lighting solutions called solid-state lighting (SSLHD) that offers high performance and functionality. The SSLHD can be Xenon into a much smaller space while maintaining the performance of the battery of the vehicle.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
Definitions and Assumptions
Merger, Acquisitions, and Partnerships
Distributor Analysis – For Major Players
Growth and Penetration Analysis
Porter’s Five Forces Analysis
Global Automotive Lighting Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Vehicle Type
Market Analysis, Insights and Forecast – By Application Type
Market Analysis, Insights and Forecast – By Technology Type
Market Analysis, Insights and Forecast – By Region
Rest of the World
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