Automotive Lighting Market Predicted to Reach $33.22 Billion by 2020 Report By MarketsandMarkets
(PRWEB) February 28, 2015 -- The report Automotive Lighting Market - Global Trends & Forecast to 2020 defines and segments the automotive lighting market with analysis and forecasting of the market size in terms of volume and value. The automotive lighting market is projected to grow at a CAGR of 7.70% to reach $33.22 billion in 2020. A lighting system of an automobile is composed of lighting and signaling devices fitted to the front, sides, rear, and interiors of the vehicle.
Browse more than 99 market data tables with 46 figures spread through 265 pages and in-depth TOC on Automotive Lighting Market - Global Trends & Forecast to 2020"
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Asia-Pacific has been the largest automotive lighting market since 2011 followed by Europe, North America, and ROW. The Asia-Pacific region comprises major countries such as India, China, Japan, and South Korea which accounts for the majority of the vehicle production due to which these are the major automotive lighting markets. The automotive lighting market size in terms of value in these countries is more due to reasons such as high vehicle production volume, growing economy, rising population, and changing consumer lifestyles. The value trend is estimated to remain unchanged in 2020.
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Considering automotive lighting market size in terms of value by position (front, rear, side, and interior); front lighting market is estimated to continue to be the largest market as of 2013 and is anticipated to remain the largest segment in 2020 as well. Rear, interior, and side lighting segments follow the front lighting segment in terms of value in 2013.
Major factors contributing to recent increase in demand for passenger cars are increasing population, increased disposable income, changes in lifestyles and transportation requirements. Improved standard of living, lower manufacturing cost, cheap labor and greater benefits offered for vehicle manufacturers in the developing regions have increased the demand for passenger cars to a great extent. Due to a conducive business environment in the developing countries, many automobile manufacturers have set up their manufacturing units here.
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Halogen lighting is the most prominent mode of lighting in vehicles and is being used since many years due to its easy availability, low purchasing cost, and low replacement costs. In 2013, halogen is estimated to have the largest share of the automotive lighting market size in terms of value followed by LED and Xenon/HID.
The report covers global automotive lighting market in terms of volume (‘000 units) and value ($million) across regions such as Asia-Pacific, Europe, North America, and Rest of the World (ROW). It explains qualitative and quantitative aspect of automotive lighting units such as front, rear, side, and interior. The report briefly explains the automotive lighting market by geography and vehicle types. It also explains the trend of value for 2011 to 2020. The scope of the report includes analysis, estimates, and forecast of the automotive lighting market size in terms of value based on its position, technology, vehicle type, and geography.
The report also covers various important aspects of automotive lighting market which includes the analysis of the value chain, Porter’s five forces analysis, and the competitive landscape. In addition to this, 11 key players in the market have also been profiled.
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