QYR Consulting announces the release of a new report on the global automotive lighting market, bearing the title “Automotive Lighting Market Report: Company Analysis, History and Future Overview, Global Sales Trends by 2025.” According to market observers, the global market is expected to expand at a decent growth rate due to positive factors such as increase in automobile production. Rise in the requirement of automotive components, among which lighting is a major one, due to growing demand for vehicles is anticipated to drive the growth of the global market. Leading companies are foretold to focus on increasing their global presence and forming joint ventures to strengthen their market share. Expected to gain stronger shares of global passenger car production and global vehicle production, India and China may create robust demand for automotive lighting in future.
Global Automotive Lighting Market: Market Dynamics
Rise in demand for electric vehicles due to benefits such as government subsidies and the implementation of tight emissions regulations is prophesied to help increase the requirement of electric vehicle lighting. High application of various types of automotive lighting in passenger and commercial vehicles is foreseen to create sales opportunities for manufacturers. The global automotive lighting market could significantly gain from increasing number of partnerships between lighting system providers and automotive OEMs. Demand for advanced automotive lighting solutions is expected to increase due to the growth in the production of premium vehicles.
On the other hand, there are some growth challenges such as high cost of technological development, expensive research and development cost, and changing prices of raw materials that players may encounter when operating in the global automotive lighting market.
Global Automotive Lighting Market: Market Segments
On the basis of application, the global automotive lighting market may be segmented into commercial and passenger vehicles. By product, the global market segments may include LED, HID, and halogen lighting. High requirement of passenger vehicles could help the application segment to secure a powerful market share. Advantages such as bright illumination could help LED lighting to account for a considerable market share.
Global Automotive Lighting Market: Regional Analysis
Analysts predict Asia Pacific to show remarkable growth in the global automotive lighting market on the back of impressive demand for adaptive and ambient lighting and rising inclination toward upgrading to latest car models. Increase in sales of affordable vehicles, rise in vehicle production, and growing interest in luxury cars are anticipated to further improve the market growth of Asia Pacific during the forecast period. Europe is predicted to trail Asia Pacific in terms of market share and create opportunities while riding on the implementation of strict safety standards for vehicles and strong focus on pedestrian and passenger safety.
Global Automotive Lighting Market: Key Players
The global automotive lighting market marks the presence of top manufacturers including Hyundai IHL, Xingyu, Koito, DEPO, Magneti Marelli, TYC, Valeo, Varroc, Hella, SL Corporation, Stanley Electric, ZKW Group, and Ichikoh. With a view to provide more technologically sophisticated automotive lighting solutions, companies are foreseen to invest in research and development and build strategic partnerships. Players could also concentrate on business expansion, establishment of new manufacturing plants, and development of new and innovative designs to gain a competitive edge over other market participants.For more information, please visit: https://www.qyrconsulting.com/reports/automotive-lighting-market
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