The automotive lighting market actively consists of sales of automotive lighting and linked services. The Automotive lighting and signalling devices are increased on the front, rear, sides, and in some cases the highest of a motor vehicle. The lighting system also makes the vehicle more observable especially in low light situations.
According to the report analysis, ‘Automotive Lighting Global Market Report 2020’ states that there are several corporates which presently operating more actively for leading the highest market growth and registering the handsome value of market share around the globe during the upcoming years while developing the applications of such, decreasing the linked prices, enhancing the specifications of the production technologies, implementing the profitable strategies, analyzing and studying the strategies and policies of the government and competitors and employing the young work force includes Hella, Koito Manufacturing Co. Ltd., Osram Licht AG, Koninklijke Philips N.V., MagnettiMarelli, GrupoAntolin, Flex Automotive GmbH, Lumax Industries Limited, Valeo Lighting Systems and Bosch Lighting Technology.
The worldwide automotive lighting market reached a value of approximately USD 25.3 billion during 2019, having increased at a compound annual growth rate (CAGR) of 6.19% since 2015, and is projected to increase at a CAGR of 9.22% to around USD 36 billion by 2023.The automotive lighting market has been geographically sectored into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the automotive lighting market throughout 2019.
Throughout the historic duration, an increasing emphasis on road safety underwritten to the growth of automotive lighting market. The requirement for safety features along with the adaptive lighting system has augmented due to an augment in the number of road accidents worldwide. For instance, throughout 2018 there were 1,51,417 road accidents that caused death across India. Vehicles with adaptive and advanced lightings can give the optimum road illumination and perceive objects on the road, thereby allowing the driver to take suitable actions. Such factors are leading to the growth in requirement for adaptive and better lighting systems in vehicles and will thereby propel automotive lighting market.
Corporates in the automotive lighting market are participating heavily to enhance the fog-free lamps. This automotive lighting resolutions fog issues and also fulfill requirements such temperature, moistness and vibration that were challenging earlier. For instance, throughout 2018, Hyundai Mobis announced that it has prospered in advancing the new materials that can technically determination fog issues. The company amalgamated with INITZ (SK Chemical’s subsidiary) in emerging new material using several additives to plastic that does not emit gases. It also advanced material that decreases the weight of the lamp by 20%. The advancement of fog-free lamps will underwrite to the growth of the market.
During October 2019, Minda Industries, a dealer of automotive solutions to original equipment producers, obtained Delvis for nearly EUR21 million (USD 23.06 million). The acquisition will improve the technological capabilities in the prevailing product line in Minda Industries. Delvis is a ground breaking automotive lighting systems engineering and design coporate and functioned closely with German car makers like Volkswagen, Audi, and Porsche. Therefore, in the near years, it is predicted that the market of automotive lighting will increase around the globe more actively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications