The global automotive lighting market is estimated to have been pegged at 1,938,847.4 ‘000 units at the end of 2018 & is expected to grow at a CAGR of 5.8% during the forecast period and reach 3,138,298.7 ‘000 Units by the end of 2028. Automotive lightings are systems that consist of lighting and signaling devices which are mounted on front, rear and sides of vehicles. These lights make vehicles more visible and also enhance the aesthetic look of vehicles. Under the scope of our research, we has considered automotive lighting systems as complete modules. We have only studied the replacement of complete lighting modules; replacement of only lamp (bulb) has not been considered under the scope of the study. Technological improvements in materials and manufacturing techniques of automotive lighting in developed regions due to increasing awareness about the importance of fuel efficiency is an important factor estimated to create growth opportunities in the automotive lighting market during the assessment period.

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LED Lights Outweigh HID & Halogen in Premium Class Vehicles

The adoption of advanced technologies in automobile components has increased the overall efficiency of automobiles over the past few years. The automotive sector is undergoing a fundamental transformation. Due to these factors, automobile manufacturers are focusing on components that consume less power and increase the overall efficiency. These days, vehicles manufacturers are integrating LED headlights in their Luxury vehicles and SUVs as these lights consume less power and have longer life as compared to Halogen & HID lights. Moreover, in terms of durability and strength, high-quality light emitting diodes are superior to all other forms of lighting technology. These lights are also maintenance free. Some of the prominent automakers, such as Audi and BMW, have started using LED lights in rear lighting modules and front lighting has become a standard. In near future, manufacturers of autonomous cars will integrate different types of LEDs lights in their vehicles for various applications.

Growing Traffic Congestion Creating Opportunities for Two Wheelers

Various countries in Asia Pacific and Europe, such as China, India, Italy and France, are witnessing the problem of heavy traffic as well as smog formation due to the large number of four wheelers and heavy vehicles on road. Increased traffic congestion has also significantly increased the commute time, which is a prominent concern for the working class population. The governments of various countries have adopted various solutions to handle this situation, such as limiting maximum driving speed. One effective solution to this problem of growing traffic is higher adoption of small-size and compact two-wheelers. Thus, increasing demand for two wheelers in the global market will, in turn, boost the growth of automotive lighting market.

Key Developments in the Automotive Lighting Market

The global automotive lighting market is a consolidated market with prominent manufacturers holding substantial market share as of 2017. Some of the prominent players in the Automotive Lighting market are Magneti Marelli S.P.A., Hella KgaA Heuck & Co, Stanley Electric Co Ltd., Valeo S.A, Koito Manufacturing Co., Ltd, among others.

In April 2018, Hella KgaA Heuck & Co collaborated with Beijing Hainachuan Automotive Parts Co., Ltd (BHAP) and came to be known as HELLA BHAP in China. This collaboration increased the company’s presence in China
In 2017, VAleo SA acquired ICHIKOH INDUSTRIES, LTD, a Japan-based automotive lighting manufacturer. This acquisition helped the company to increase its market share in the automotive lighting market in Japan
In 2018, Fiat Chrysler Automobiles N.V. announced that it has signed an agreement to sell its automotive components business, Magneti Marelli S.p.A., to CK Holdings Co., Ltd., a holding company of Calsonic Kansei Corporation, a leading Japanese automotive component supplier. The combined business of both companies become the 7th largest supplier of independent automotive components
Moreover, prominent automotive lighting manufacturers are significantly investing in R&D to develop new and innovative products which can cater to the increasing demand for automotive lighting from the automobile industry. These key developments are projected to accelerate the growth of the automotive lighting market during the assessment period.

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Automotive Lighting Market: Competitive Landscape

The automotive lighting market is a consolidated market and Tier-1 players hold prominent share in the global automotive lighting market. Tier-1 players have strong presence in developed as well as developing economies whereas Tier-2 players have relatively weak presence in developed economies. Tier-2 players generate most of the revenue in the automotive lighting aftermarket.