The approximately US$ 35 billion market for
automotive lighting is estimated to observe just-under 5% Y-o-Y growth in 2019,
according to a recently published Future Market Insights (FMI) report. While
passenger cars have significantly driven the LED Automotive Lighting Sales,
bright prospects have been foreseen for sales in electric, in line with the
rising trend of vehicle electrification.
Nearly 60% of the automotive lighting systems installed are of
headlights/front lights, which collectively capture more than 3/4th of
the market revenue, with rear lights. Fog lights are gradually gaining ground
in front and rear lighting systems, which is likely to shape the overall
performance of automotive lighting market, as indicated by the report.
Lightweight
automotive components have been a trendsetter over the past decade, will push
the demand growth of lightweight automotive lighting in parallel. This growth
forecast is predominantly owing to increasing vehicle electrification and
surging demand for high-performance, fuel efficient vehicles.
Halogen lamps continue to reign supreme, holding more than 65%
share in the automotive lighting market. In line with
tightening vehicle emission standards that demand reduced weight and improved
fuel efficiency, the automotive lighting market will observe strong emergence
of LED. Superior endurance and high energy efficiency are projected to provide
an impetus to LED popularity over halogen and HID counterparts. The report
envisages a preeminent push to LED automotive lighting from manufacturers of
premium class vehicles.
Enhanced
aesthetic appeal of vehicles with innovative lighting features will remain a
priority strategy for leading automakers and OEMs. However, lighting technology
innovators in collaboration with prominent market players are also strategizing
on introducing economic range products, which is cited as another factor
providing a strong push to LED automotive lighting products.
While compact and mid-size passenger car
manufacturers remain prime consumer of automotive lighting solutions, the
report indicates that this demand growth will be spectacular in EVs over the
coming years. Hybrid EVs will further account for a considerable demand share
in automotive lighting market. Moreover, billowing sales of motorcycles,
particularly in developing economies, will bolster installations of a wide
range of automotive lighting in the two-wheelers segment, says the report.
In
a fairly consolidated competitive landscape of automotive lighting market, a
majority of players are based in North America, Europe, and China. Automotive
lighting market leaders such as Koito Manufacturing, Valeo SA, Magneti Marelli,
Hella, and Stanley Electric continue to dedicate a majority of investments in
strategic acquisitions and new product launches.
Valeo
recently acquired a Japanese automotive lighting manufacturer, Ichikoh
Industries, Ltd. Expansion has also been among the key developmental strategies
in the competitive landscape of automotive lighting market. On the other side,
Tier 2 companies including Osram, Varroc Group, Robert Bosch, LG Lightings, and
Hyundai Mobis are focusing on collaborative ventures that prominently target
product innovations and new launches in automotive lighting space.
In
the latter half of 2018, Fiat Chrysler Automobiles N.V. inked a collaborative
agreement over the sale of their automotive components business - Magneti
Marelli S.p.A. to the Japanese supplier CK Holdings Co., Ltd. (Calsonic Kansei
Corporation’s holding company). Osram has been actively introducing new
automotive lighting product lineups in the market.
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While
Europe retains the top consumer title in automotive lighting landscape, the
report projects significant growth potential for automotive lighting market in
emerging Asian countries. Automakers, OEMs, and other lighting product
manufacturers will capitalize on a series of untapped opportunities
particularly in East Asian market, attributed to soaring automotive sales,
elevating acceptance for EVs and HEVs, and more importantly, improving
purchasing power of consumers. East Asia is likely to represent just-under a
third of the global automotive lighting market value, towards 2019 end.
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