The automotive lighting market would produce approximately USD 34.6 billion by 2022. It was valued nearly USD 19.7 billion in 2014. Production and sales of commercial vehicles are the primary drivers of the market. Technological advances spurred by safety concerns and governmental regulations should boost demand. Some of these include bend headlamps, Advanced Forward Lighting (AFL) Systems, and OLEDs (organic light-emitting diodes).
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High costs of LEDs can deter market growth. But the long life and low energy consumption of LEDs are expected to generate steady demand from the automotive industry. Energy efficiency concerns and higher disposable incomes will also fuel the market.
The automotive lighting market, divided by technologies, is split into LEDs, halogen, and xenon. Halogen had 66% revenue shares in 2014 owing to its low costs and easy availability. It could have a growth rate of more than 5% from 2015 to 2022 (forecast period). However, the segment may decline due to excess heat emission and energy-efficiency awareness.
LEDs would register over 12% CAGR during the forecast period. Amidst rising fuel prices, their promise of reduced CO2 emissions and efficiency has lured automakers to adopt them. LEDs are utilized in headlights, Daytime Running Lights (DRL), turning lights, parking lights, and brake lights.
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Applications of the automotive lighting market are front, rear, side, and interior. Front lighting accounted for over 70% incomes in 2014. They are projected to dominate the market till 2022. Headlights, a safety feature of front lighting, improve the driver’s view during low visibility. They would grow at a CAGR over 7% in the seven years ahead. Extreme climates in Europe and North America make the use of fog lamps mandatory, propelling demand for head lights.
Asia Pacific should be a key region, occupying over 45% shares by 2022. It is expected to observe a CAGR of more than 8% in the future. Europe may steadily expand owing to environmental regulations promoting automotive LED installations. Notable players of the global automotive lighting market comprise General Electric Lighting, Koito Manufacturing Co. Ltd., Magneti Marelli, Valeo SA, and Osram GmbH.
Joint ventures and novel product developments are some of the strategies adopted by them. Affordable, energy-efficient, and compact LED lights would be profitable for players.
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