As per the BIS research analysis, the next-generation automotive lighting market was estimated at $6,783.4 Million in 2019 and is projected to grow at a CAGR of 13.56% during the forecast period from 2020-2025. The market for automotive lighting comprises automotive lighting sales and associated services. The front, rear, sides, and in certain cases, the top of a vehicle is fitted with automotive lighting and signaling instruments. Particularly, in low light conditions, the lighting system enhances vehicle visibility.
The automobile field is currently developing in advanced technology and simultaneously, the need for safety while driving a car also will rise as a consequence. An increasing emphasis on environmental issues, increased safety, and tighter public control partly contributes to the dynamic transformation of the automotive industry. In the automotive industry, lighting plays a critical role and its applications in automotive sector is rising rapidly, powered by safety and aesthetics. The rapid technical progress in the automotive lighting field shows that basic light sources based on incandescent and gas release bulbs have shifted to modern day technologies such as light emitting diodes (LEDs), laser technology, and organic light emitting diodes (OLEDs). The vehicle industry is highly involved in incorporating LED lamps into cars as these lamps use less energy and last longer than halogen and high intensity discharge (HID) lamps. In addition, LED lighting offers longevity and power, which makes it superior to all other lighting systems.
Over the last decade, automotive industry has witnessed a massive transformation owing to rising air pollution, stringent government rules and regulation and growing in demand for safety features such as adaptive driving beam, ambient lighting, laser lighting, and communicable lighting. Currently, the automotive industry is on the crest of technological advancement, which in turn, is expected to further advance the concept of vehicle safety on public roads. The dynamic evolution of the automobile industry is attributed primarily to changing consumer preferences, growing focus on environment concerns, increased safety, and stringent government regulations.
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OEM End Market is Expected to Dominate Next-Generation Automotive Lighting Market:
LED manufacturers and automotive lighting manufacturers generally supply their products to automotive OEMs directly while they assemble the vehicle. For instance, Magneti Marelli S.p.A. supplies its laser headlights to Daimler AG for their newly manufactured vehicles. Only a few companies such as Hella and Hyundai Mobis Co. Ltd. are focused on offering aftermarket services in the next-generation automotive lighting market.
Impact of COVID-19:
The outbreak of COVID-19 has disrupted the global supply chain. The outbreak has not only interrupted global production facilities but worldwide vehicle sales also. The suspension and sale of manufacturing equipment have affected the manufacture of lighting parts for automobiles. A decreasing tendency in 2020 is expected to be seen, with an impact on the automotive lighting market for conventional and electric vehicles as well. In addition, the R&D budget allocation is expected to be affected substantially, which will prevent the development of innovative solutions for automotive lighting. The lighting demand is directly related to the production of vehicles. The outbreak of COVID-19 now has resulted in a significant decline both in vehicle production and in sales.
The market dynamics section of the report examines the diverse factors which govern the process of development, distribution, and usage of lighting systems for the automotive industry. The market dynamics analysis provides an in-depth understanding of the present and the future directions in which the market is headed and the impact of various factors on the same. This chapter covers the major market dynamics, namely the drivers, challenges, and opportunities, analyzing several factors that positively and negatively affect the next-generation automotive lighting market.
Key Market Players and Competitive Landscape:
The next generation automotive lighting market competitive landscape consists of different strategies undertaken by key players across the industry to gain traction and market share presence. Some strategies adopted by the service providers are new product launches, business expansions, mergers, partnerships, and collaborations. Among all these strategies adopted, business expansion is the popular choice of the strategy implemented in the micro mobility market. Some of the most prominent ecosystem players are Magneti Marelli S.p.A., HELLA GmbH & Co. KGaA, OSRAM GmbH, Valeo Group, KOITO Manufacturing Co. Ltd., Hyundai Mobis Co. Ltd., Varroc Group, Magna International Inc., Flex-N-Gate Corporation, DRÄXLMAIER GROUP, Sigma International, J W SPEAKER CORPORATION, Faurecia S.A., LG Innotek Co., Ltd., and Stanley Electric Co., Ltd.
Key Questions Answered by This Report:
What are the key drivers and challenges in the next-generation automotive lighting market?
How does the supply chain function in the next-generation automotive lighting market?
What will be the potential impact of COVID-19 on the market?
Which product segment is estimated to witness the maximum demand growth in the next-generation automotive lighting market during 2019-2025?
Which are the key application areas for which different lighting technologies types may experience high demand during the forecast period 2020-2025?
Who are the key suppliers of different lighting technologies and raw materials?
What are the business and corporate strategies adopted by manufacturers involved in the next-generation automotive lighting market?
Which regions and countries are leading in terms of consumption of the next-generation automotive lighting market, and which of them are expected to witness high demand growth during 2019-2025?
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