The increasing demand for adaptive lighting is expected to augment the automotive lighting market size, 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 Automotive Lighting Market 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.”
The increasing demand for safety and better visibility in automobiles have propelled the demand for automotive lighting. Additionally, the rise in awareness about road safety and government regulations on safe driving has added boost to the automotive lighting market growth. As per the current industry trends, the market is dominated by the LED segment on account of the energy efficiency and low cost of implementation. The advancement in technology and the utilization of laser and LED technology in modern vehicles are likely to create lucrative market opportunities in the automotive industry in the years to come.
Presence of Major Automotive Manufacturers will Help Asia Pacific Dominate Market
As per geographical segmentation is concerned, the global automotive lighting market is categorized into the regions of Asia Pacific, Europe, North America, and the Rest of the world. Each of these regions is further categorized based on nations. Among these, Asia Pacific is holding the dominant automotive lighting market share in terms on account of the increasing purchasing power and outflow of opportunities in automotive companies. Additionally, the presence of automobile giants, coupled with the easy access to raw materials, will help this region to continue dominating the market in the forecast period as well.
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.
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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.
Major Automotive Lighting Market Manufacturers are as follows:
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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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The global elevators market is garnering substantial traction. The market growth attributes to the highest standards set by key manufacturers in elevator and escalator innovation, efficiency, safety, and comfort. Besides, the continually increasing pressure for optimization of resources and energy drives the development of the market. Moreover, constant innovation in technology, upgrades of manufacturing plants, and the expansion of manufacturing sectors worldwide accelerate the growth of the market.
According to Market Research Future (MRFR), the global elevators market is projected to grow at an exponential CAGR throughout the review period (2016 -2022). Elevators have become a crucial aspect across all applications, whether residential, commercial, or industrial. Rapid urbanization and the changing construction industry foster the growth of the market. Rapid technological transformation in the construction sector has become one of the major growth drivers for the overall elevators market growth globally.
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The Asia Pacific region dominates the global elevators market. The largest market share attributes to the rising urbanized population, increase in industrialization. Besides, the spurting rise in construction activities and increasing investment drives the growth of the regional market. China exhibits not only significant levels of growth but also standouts in construction spending, followed by India, Vietnam, and Indonesia.
North America stands second in the global elevators market. The market growth is driven by increasing numbers of production plants across the region. Additionally, the spurting rise in the major end-user industries such as automotive, O&G, and metal & heavy industries substantiates market demand. The wide adoption of advanced technology drives market growth for elevators. Simultaneously, the strong presence of notable industry players in the region positively impacts the growth of the market.
Furthermore, the high penetration of various types of elevators, including passenger elevators, good elevators, stretcher elevators, hydraulic elevators, and others, drives the regional market growth.
Europe holds a sizable share in the global elevators market. Factors such as the rapidly resurging economy and per capita disposable income of demographics substantiate the regional market growth. Moreover, augmented demand from rapidly growing end-use industries boosts the market growth. Germany, Italy, and France are key markets for elevators, expanding the regional market growth. The European elevators market is expected to increase at a steady growth rate during the review period.
Highly competitive, the elevators market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, product launch, and expansion.
They focus on developing their product portfolios, engaging the latest technologies in product development. For which these companies invest substantially in R&D to develop adept technologies and products. The market competition is likely to intensify due to new product launches and entrants in the market.
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Players leading the elevators market include Thyssenkrupp AG, Kone Corporation, Dover, Hyundai, Fujitec, Mitsubishi, Schindler, Sigma, Armor, and Omega Elevators, among others.
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