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Automotive lighting market growing at CAGR 7.95% till 2020

Automotive lighting market growing at CAGR 7.95% till 2020

June 26, 2015: The automotive lighting market has witnessed considerable growth in the emerging economies of Asia such as China and India, owing to low manufacturing costs and favorable government policies. The automotive lighting market is growing at CAGR 7.95%, and will continue to grow till 2020.

An automobile is equipped with forward illumination lamps such as headlamps, driving lamps, fog lamps, and cornering lamps. Signal and identification lights such as front position parking lamps, daytime running lamps, turn signals, tail lamps, brake lights, centre high mount stop lamp (CHMSL), emergency stop signal (ESS), and reverse lights are also provided in automobiles.

The growth in this market is primarily driven by increasing vehicle sales and production and technological advancements triggered by growing safety concerns and stringent lighting regulations.

Asia-Oceania is estimated to grow at the highest CAGR?that is, 8.80%?during the forecast period. China is the largest consumer of automotive lighting in the Asia-Oceania region. The reason behind this upswing is the growing sales of premium cars, which is in turn driven by rise in disposable income.

The automotive lighting market is dominated by a few major players, such as including Gap Analysis, General Electric, Magneti Marelli S.P.A, Koito Manufacturing Co., Ltd, Valeo S.A, Hella KgaA Heuck & Co, Stanley Electric Co Ltd, Ichikoh Industries Ltd, Osram GmbH, Zizala Lichsystems GmbH, Kononklijke Philips N.V and Hyundai Mobis.

None of the facts and figures mentioned in the story have been created by BizLED.co.in. BizLED is not responsible for any factual errors.
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