The automotive lighting market in Asia-Pacific is expected to grow from US$ 16. 77 Bn in 2018 to US$ 23. 30 Bn by the year 2027. This represents a CAGR of 3. 9% from the year 2019 to 2027. Safety concerns have propelled the automakers to look for a safer alternative.
New York, March 20, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Automotive Lighting Market to 2027 - Regional Analysis and Forecasts by Technology ; Application ; Vehicle Type" - https://www.reportlinker.com/p05875825/?utm_source=GNW
Increasing sales of luxury cars and high disposable incomes of the people in the emerging economies are expected to support the growth of the automotive lighting market.
However, the high cost of LED lighting as compared to other lighting solutions might hinder the growth of the automotive lighting market.The trend of urbanization is growing at an exponential rate, which is leading to a hike in the average disposal income of the urban population, allowing them to enhance their lifestyles.
The transformed lifestyles are further boosting the demand for passenger cars, thus propelling the manufacturers to uplift the production to be able to cater to customers optimally. The production of vehicles, including passenger cars, has registered steady growth in developed, as well as developing economies, in the post-recession era, i.e., since 2010. Lowered interest rates on loans have also favored the growth of the automobile industry. The year-on-year growth rate of passenger car production has been close to 2% in the past 7–8 years.
As per automobile associations, the global vehicular population crossed 1 billion in 2010, which was driven by the aggressive growth rates in India and China in that fiscal year.The rise in the sales of vehicles, in particular passenger cars, can be attributed to the steady increase in the disposable incomes of consumers, especially during the post-recession era.
As a result, cost- and fuel-efficiency are no longer the primary criteria for the purchase of these cars; instead, the purchases more depend on the comfort and luxury provided with them.Moreover, consumers are increasingly evaluating lighting systems and car ergonomics while making the selections.
Therefore increasing demand for luxury cars is expected to support the growth of automotive lighting market.
The automotive lighting market by application is segmented into a headlamp, rear lighting, interior lighting, CHMSL, fog lamps, and small lamps.The category of small lamps in embraced with daytime running lamps (DRL) and sidelights.
The sidelights use 5W bulb and thus are less bright than headlights.There are some companies which provide DRL for ensuring better visibility.
For instance, Philips’s daytime running light solutions are equipped with advanced technology to deliver greater road safety while also providing an automotive an aesthetic look to match with the appearance of most premium cars.The feature of DRL has become popular in countries where less light is present majorly in winter.
Sweden, Iceland, Denmark, Norway, and Canada are amongst the first to use DRLs in their vehicles. Therefore, the increasing demand for small lamps is expected to support the growth of automotive lighting market.
Overall Asia-Pacific, automotive lighting market size has been derived using both primary and secondary sources.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific automotive lighting market.
It also provides an overview and forecast for the Asia-Pacific automotive lighting market based on all the segmentation provided with respect to the Asia-Pacific region.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia-Pacific automotive lighting industry.Some of the players present in the automotive lighting market are Automotive Lighting LLC, Hella GmbH & Co.
KGaA, Koito Manufacturing Co., Ltd., Lumileds Holding BV, Osram Continental GmbH, SL Corporation, Stanley Electric Co. Ltd., Tungsram, Valeo SA, and Varroc Group among others.
Read the full report: https://www.reportlinker.com/p05875825/?utm_source=GNW
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