Automotive Lighting Market to Witness Progressive Growth on Account of Increasing Number of Automobile Production Worldwide says Fortune Business Insights™
The increasing demand for adaptive lighting is expected to augment the says Fortune Business Insights™, in their recent report publication. Automotive lighting is a system comprising of signaling and lighting devices used on the sides, or rear, or front of motor vehicles. The lighting system in vehicles helps to increase its visibility under low light conditions, hinting pedestrians, and other drivers of its presence to maintain a safe travel distance. The report is titled, “Automotive Lighting Market Size, Share & Industry Analysis, By Technology Type (LED, Halogen, Xenon), By Application Type (Front Lighting, Rear Lighting, Interior Lighting, Side Lighting), By Vehicle Type (Passenger Cars, Commercial Vehicles) Others and Regional Forecast, 2019-2026,” and provides a 360-degree overview of the market.
Objectives of the Report
The report on the automotive lighting market offers a comprehensive overview of the market and its growth trajectories. This includes automotive lighting market trends, drivers, restraints, challenges, and opportunities. Additionally, the report throws light on the segmentation of the market based on factors such as technology type, application type, vehicle type, and geographies. Furthermore, the report offers interesting insights into the market and other key industry developments that have a positive impact on the overall market.
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Major Growth Drivers:
Stringent Government Regulations on Road Safety to Bode Well for Market
Lighting plays a vital role in automobiles to run at night or in bad weather conditions without any risk. It helps to increase the visibility and provide comfort to the driver and pedestrians to locate an approaching vehicle to maintain a safe distance. Automotive lighting manufacturers have developed advanced lightings such as adaptive front lighting system, matrix beam, and pixel lighting for use in luxury vehicles. Analysts at Fortune Business Insights™ say, “This will make driving more comfortable on one side and ultimately add to the overall market size in the forecast period.”
Regional Analysis
Presence of Major Automotive Manufacturers will Help Asia Pacific Dominate Market
On the other side, the European market for automotive lighting is likely to witness significant growth in the coming years on account of the increasing demand for automobiles that suffices to the government norms. In addition to this, the rise in the adoption of reverse lights, interior lights, brake lights, and signal indicators are also promoting growth in the European market.
Competitive Landscape –
Investment in Research and Development for Interior Lighting of Luxury Vehicles to Intensify Competition
Players operating in the automotive lighting market are emphasizing on geographical expansion for strengthening their position in the market. Manufacturers are also investing huge sums into research and development of advanced lighting systems in the new SUVs and the latest automobiles for enhancing the look of the vehicle while providing decent lighting in the interiors of luxury vehicles. They are also entering into strategic collaborations to collectively contribute to the overall automotive lighting market revenue in the forthcoming years. These collaborations include merger and acquisition, partnerships, contracts and agreements, and others.
Key Industry Development of the Automotive Lighting Market Include:
February 2020 – A new facility was opened by Marelli in Turin, hosting the research and development center for automotive lighting of the company. This facility will focus on Lighting and Body Electronics (LBE) and Sensors development. The main objective of ADVANCED Driver Assistance Systems (ADAS).
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