The automotive industry is flourishing and along with it, various other supporting industries are growing at a rapid rate. In the past recent years, demand for electronic vehicles has soared across the globe and gave the automotive industry various new avenues to grow and prosper. This growth has further augmented growth in the global automotive lighting industry. Advanced electric vehicles have different type and designs of lighting systems to attract customers and help automotive companies stand out of the league. Moreover, manufacturers focusing on improving visibility in the dark and providing better automotive lighting market functions in bad weather conditions.
Market to Witness Outstanding Growth by Rising At 5.7% CAGR
Information presented in a report published by the Transparency Market Research reveals that the global automotive lighting market is likely to witness incremental opportunity of ~ US$ 18 billion over the period of eight years from 2017 to 2025. This market is also projected to reach ~ US$ 46.3 billion by the end of 2025. With such a high incremental opportunity available in the market, the key players are projected to grow and prosper significantly in the coming years.
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The report gives systematic analysis on prominent players operating in the market including Magneti Marelli S.p.A, Hella KGaA Hueck & Co, ICHIKOH INDUSTRIES LTD, General Electric Co., Hyundai Mobis, SAMSUNG ELECTRONICS Co., Ltd, Royal Phillips Electronics, and Zizala Lichtsysteme GmbH. Leading players are engaged in extensive research and adopting advanced technologies to innovate their products. This will also help them in improving their position in the market against their competitors. Competition among the players in the global automotive lighting market is projected to increase considerably during this tenure. This is mainly because of the presence of a large number of players that have created a fragmented vendor landscape in the market. However, few players will have a higher position, as they can invest more money in research and development activities and can even manage with fluctuating cost of raw material. One of the recent examples is ZKW who started the production of the laser-beam headlamps first in the world for the BMW i8.