Published on : Feb 27, 2018
ALBANY, New York, Feb 27, 2018: The market scenario portrayed in this report deals with parameters such as key market propellers, competitive landscape, market growth obstacles, regional spread, main segments, and others.
As per our expert analysis, the global automotive lighting market is segregated into various segments based on five key criteria: application, vehicle type, product scale, technology, and region. Halogen automobile lights have attracted maximum sales in recent years thus making them a lucrative segment under the technology criteria. In addition, rising awareness about energy efficiency and innovative options is expected make the LED and adaptive lighting technologies gain significant footage in the upcoming years. With respect to regional spread, the global automotive market can be segmented into North America, South America, Asia Pacific, Europe, and the Middle East and Africa. Of these, Asia Pacific is a leading regional segment with maximum earnings, mainly due to a developing automotive industry.
The global automotive lighting industry is being bolstered by the booming automotive industry which in turn is being stoked by the increasing capacity of people to splurge and increasing urbanization. Apart from imparting high visibility in darkness after sunset, lighting is very crucial for driving in bad weather conditions. As many regions commonly experience such conditions, this is a primary fueling factor for the global automotive lighting market. A demand for high energy efficiency with respect to power conservation is observed among automobile users. As lighting apparatus utilizes a lot of battery power in automobiles, this requirement for efficiency has provided a significant impetus for the global automotive lighting market.
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In opposition to these growth drivers mentioned, the global automotive lighting market is negatively affected by a few restraints. One of them is the high initial investments, which could discourage companies from manufacturing good quality products. Another restraint involves the constantly shifting raw material prices, which can create a negative influence on the overall sales of the automotive lighting market. However this picture is soon expected to change as newer automotive lighting technologies ensure that the cost factor is significantly decreased.
There are many well-established companies influencing the existing marketing trends. As of now, businesses operating in the global automotive lighting market are focusing on innovations. At the same time, many plans have been formed, which would be given due focus in the upcoming years. With such a strong competition, significant product differentiation is expected to occur in this scenario. Some of the most prominent players in the global automotive market are Hella KGaA Hueck & Co., Royal Phillips Electronics, Magneti Marelli S.p.A., Samsung Electronics Co., Valeo, Lichtsysteme GmbH, General Electric Co., Hyundai Mobis, and Ichikoh Industries Ltd, amidst others.
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