The automotive lighting market in Europe is expected to grow from US$ 6. 76 Bn in 2018 to US$ 8. 63 Bn by the year 2027. This represents a CAGR of 2. 9% from the year 2019 to 2027. Safety concerns have propelled the automakers to look for a safer alternative.
New York, March 19, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Automotive Lighting Market to 2027 - Regional Analysis and Forecasts by Technology ; Application ; Vehicle Type" - https://www.reportlinker.com/p05875861/?utm_source=GNW
Enhanced visibility through LED headlamps has thus made these light sources an integral part of the passenger car vehicles. Integrating an electronic control to maneuver the LED lighting has created a roadmap for the emergence of automotive lighting and is anticipated to drive the market in the coming years. The escalating integration of LEDs in fog lights, daytime running lamps (DRLs) are gaining high traction in the market. The LED light manufacturers such as OSRAM, Philips are continuously working on bringing the evolution in the automotive lighting industry. In addition, LEDriving working & driving lights and LEDambient CONNECT family are among other exterior and interior LED lighting provided by OSRAM for better visibility and aesthetic look. The growing safety concerns are supporting the growing automotive lighting market.
With significant advancements in laser light technology, new opportunities are being created for the automotive lighting market players.This lighting trend has opened new horizons in the design as well as the performance of the headlights.
Audi, a luxury car manufacturer, is one of the pioneering OEMs that integrates laser headlights into passenger cars.It has integrated these intelligent lights in compact and high-resolution adaptive headlights in its Audi R8 LMX.
The matrix laser technology is anticipated to enhance roadway illumination through its high-resolution characteristics further. Therefore, in the coming years, the demand for laser light technology is expected to grow, which would further drive the growth of the automotive lighting market.
The automotive lighting market by vehicle type is segmented into passenger vehicles, LCV, and MCV & HCV.LEDs are the recent innovation introduced in headlight technology.
In the current scenario, the people living in urban areas are majorly relying on commercial cars such as car sharing, taxis, and on-demand services for traveling.The automotive industries are manufacturing commercials cars at a faster pace since the past decade, owing to the rapid adoption of these cars.
The rising demand for passenger cars across the globe is majorly attributed to the increasing disposable income among the populations in developed countries as well as developing countries.As per the International Organization of Motor Vehicle Manufacturers (OICA), nearly 70 Mn units of passenger cars were produced in 2018.
The increasing number of vehicles manufactured per year is expected to drive the growth of the automotive lighting market.
Overall Europe, 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 European automotive lighting market.
It also provides an overview and forecast for the European automotive lighting market based on all the segmentation provided with respect to the European 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 Europe 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.
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