The growing environmental concern all over the world has initiated a dynamic transformation in the automotive industry. Shifting consumer preferences and stringent government regulations have been helping in the evolution of this industry. Being a constituent of this dynamic industry, the automotive lighting industry is also witnessing a radical transformation. Simple incandescent lamps and gas discharge based light sources have been replaced by light emitting diodes (LEDs) laser technology and organic light emitting diodes (OLEDs). The reduction in the prices of LEDs over the past few years is expected to continue in the future, and in addition to this trend, the automotive lighting industry is experiencing a paradigm shift from traditional lighting sources such as incandescent and fluorescent lamps to solid-state light sources. Solid state light sources help in the reduction of CO2 emission and have been a key factor in driving the demand for automotive lighting market.
Along with being energy efficient and helping in energy consumption reduction, lighting technologies are becoming an integral part of driver assistance systems to ensure a better and safer driving experience, with technologies such as Adaptive Front Lighting (AFL) systems. Furthermore, customized lighting solutions for interior lighting of the vehicles are playing a key role in boosting the market demand. The automotive lighting market grows in proportion with the development in the automobile industry. The rising income levels of the middle-class population, rising urbanization and an increasing need for personal transportation have influenced the automobile market positively, enhancing its sales, which has further boosted the automotive lighting segment.
The sale of passenger cars and commercial vehicles have increased exponentially over the last decade and the numbers are expected to rise substantially over the coming years. The global automotive lighting market is expected to reach $1.49 billion by 2023, driven by the factors such as declining average price of LEDs, technological advancement and increasing sales volume of vehicles. However, constant fluctuation in the price of raw materials and high installation cost of LEDs are hampering the growth of the market. Despite this hurdle, emerging economies like India and China, are witnessing a substantial growth in the automotive industry and along with it, an increased demand for adaptive front lighting systems.
Among the various technology available in the market, automotive adaptive lighting market can be categorized into halogen, xenon, LEDs, OLED, and laser, although, the scope for OLED and laser is very low at present. Halogen light dominated the global market in 2016, accounting for 62.3% of the market share, and this trend is expected to continue in the coming years. Lower cost and easy availability of the halogens make them the dominant segment in the market. However, LED light segment is expected to grow at the fastest rate in the coming years, owing to the factors such as declining average selling price, low energy consumption and increased service life.
BIS Automotive has conducted an extensive market research on ‘Global Automotive Adaptive Lighting Market, Analysis and Forecast, 2017–2023’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
For further queries, please write to us at email@example.com or call us at: +1 650 228 0182.