The global automotive intelligent lighting market is estimated to account US$ 3.22 Bn in 2018 and is expected to grow at a CAGR of 12.4% during the forecast period 2018 – 2027, to account to US$ 8.70 Bn by 2027.
The automotive manufacturers worldwide are experiencing significant demand for vehicles ranging from passenger vehicles, lightweight commercial vehicles, and heavyweight commercial vehicles. Higher disposable income in the developed countries and increasing purchasing power capacity among the population in developing countries is significantly driving the advanced technological vehicles procurement. The global automotive intelligent lighting market is majorly driven by rapid rise in sales of premium and luxury cars due to rising disposable incomes and continuous partnership of automotive OEMs with semiconductor manufacturers is capitalizing the market. However, the governments of different countries are investing heavily for the advancement of lighting system integrated with vehicles to provide better visibility during night time are projected to offer considerable opportunities to the players in the automotive intelligent lighting market.
Developed internet infrastructure, advances in semiconductors technology, availability of high definition displays are all on a path to completely transform the automotive industry. Driver telematics, in-vehicle infotainment systems, Advanced Driver Assistance Systems (ADAS) are already being rolled out in the market and are rapidly gaining widespread popularity. As far as the future of this industry is concerned, vehicle with Wi-F, vehicle-to-vehicle communications that would enable complete communication between cars on the road and exchange safety data such as traffic conditions, weather conditions and real-time location services , advanced infotainment systems and applications are anticipated to converge. Whereas, the global automotive sector in the current market scenario is increasingly demanding integration of advanced technological solutions to for better visibility and safety of the driver. The market players are continuously concentrating on the advancement of automotive lighting capabilities. Therefore, automotive OEMs of today have laid strong emphasis on the integration of value-added products that add to the aesthetics of the car and differentiate their product from the rest.
The increasing investment towards procurement of automotive adaptive as well as ambient lighting intended for automotive modernization is driving the automotive intelligent lighting market. High disposable incomes of consumers increasing the propensity of consumers to spend on luxuries coupled with demand for efficient services are the major reasons behind the growing adoptions of automotive intelligent lighting solutions in North America. Performance specifications laid down by the Federal Motor Vehicle Safety Standard (FMVSS) for the headlamps have propelled the consumer interests for adaptive headlamps. Several automotive manufacturer are signing contract with lighting product providers to innovate and modernize their vehicle, which is a key boosting factor for automotive intelligent lighting market.
Some of the factors propelling the market for automotive intelligent lighting include the growing demands for LED automotive exterior lighting, and rising demands for integration of luxury coupled with strong consumer focus on car aesthetics. However, longer product development cycles and the power consumption issues is a key restraint that is hampering the growth of the automotive intelligent lighting market. Moreover, convergence of connected cars is anticipated is the key trend for the automotive intelligent lighting market.
The market players present in automotive intelligent lighting market are mainly focusing on the product enhancements by implementation of advanced technologies as well as contracts signed with the governments. The large firms are adopting the strategy of contracts and acquisitions with the various companies for enhancing its capabilities and expanding its footprint in various geographies. This type of strategy allows the companies for strengthening its footprint in the automotive intelligent lighting market. Also, key market players influencing the market are profiled in the study along with their SWOT analysis and market strategies. The report also focuses on leading industry players with information such as company profiles, products and services offered, financial information of last 3 years, key development in past five years. Some of the key players included in the global automotive intelligent lighting market are Automotive Lighting LLC, HELLA GmbH & Co. KGaA, Koito Manufacturing Co., Ltd., Lumileds Holding B.V., OSRAM Continental GmbH, Robert Bosch GmbH, SL Corporation, Tungsram, Valeo SA, and Varroc Group among others.
Automotive Intelligent Lighting Market — Geographic Breakdown, 2018
The report segments the global automotive intelligent lighting market as follows:
Global Automotive Intelligent Lighting Market – By Technology
Global Automotive Intelligent Lighting Market – By Vehicle Type
Global Automotive Intelligent Lighting Market – By Geography
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