Global Automotive ambient light Market Landscape: An Analysis...

Global Automotive ambient light Market Landscape: An Analysis of Current Trends and Future Opportunities for Businesses by 2030

Posted 2023-05-12 12:02:13

157

The global Automotive ambient light market 2023, according to Market Research Future (MRFR), is anticipated to grow at a CAGR of 10.6% and register a substantial market valuation over the assessment period.

Drivers and Restraints

The growing automotive industry, with increasing vehicle sales alongside rising penetration of ambient lighting worldwide, provides a boost for the growth of vehicle interior lighting systems in the market. The introduction of revolutionary technology to enhance safety and efficiency along with the plummeting part prices has boosted the sales of ambient lighting items for automotive interior. The heightened importance of ambient lighting drives the global demand for automotive interior lighting. Tools for ambient lighting include items such as light rings, diffuser lenses, and LED pin spotlights that are commonly used in interior components such as instrument panels, door panels, and seating frames.

The usage of this interior ambient lighting offers the driver a nice effect and encourages enhanced safety and comfort, highlighting the necessary functions to be Automotive out in the dark. At the other hand, factors such as sluggish vehicle sales growth in BRIC nations, high LED lights costs, high research, and expansion costs are projected to limit global automotive Automotive ambient lighting market growth. However, along with technological advancements in vehicles, the consumption of these lights is growing progressively which is anticipated to encourage the Automotive ambient light market growth over the review period.

Competitive Analysis

The key market players in the global Automotive ambient light market identified by MRFR include GE Lighting (U.S.), Federal-Mogul Corporation (U.S.), OSRAM Licht AG (Germany), Zizala Lichtsysteme GmbH (Austria), Valeo (France), Ichikoh Industries, Ltd. (Japan), Koito Manufacturing Co., Ltd. (Japan), Hella KGaA Hueck & Co (Germany),Stanley Electric Co., Ltd. (Japan), Grupo Antolin (Spain), Magneti Marelli S.p.A (Italy), OSRAM Licht AG (Germany), and others.

Segmental Analysis

The global Automotive ambient light market has been segmented based on product type, vehicle type, technology, and region. Based on technology, the Automotive ambient light market has been segmented as halogen, LED, and Xenon. Among these, LED is likely to lead the global Automotive ambient light market by technology, in 2016, in terms of market revenue. The development of LED can be accredited to significant factors such as a more significant number of features such as improved energy efficiency in comparison to the former lighting technology and the phasing out of the formerly used halogen bulbs.

Regional Analysis

Regionally, the global Automotive ambient light market has been analyzed in four major regions such as Europe, the Asia Pacific, North America, and Rest of the World. With its fast-growing industry, the North American region is leading the global demand for Automotive ambient light. The burgeoning automotive industry and the modernisation brought about by the lighting technology give impetus to the regional market's development. The increasingly growing disposable income and increasing new vehicle registrations also fuel the development of the region's economy.

The US is the largest producer of automotive lighting technologies, leading the region's market. In addition, the involvement of chief market players is expected to drive the country's market and thus regional market growth. With its proven automotive industry, the European region is assessed as the second-largest market for automotive indoor ambient lighting. The existence in the area of many giant automotive manufacturers is the key driving factor that serves as a fuel to growth in the industry. There is no question that the resurgent economy is also promoting demand growth, as it leads to rising consumer buying power.

Asia Pacific area has the fast-growing automotive industry in countries like China, South Korea, and India and is therefore expected to show significant growth in the demand for automotive interior lighting. Increasing automotive demand, along with the adoption of energy-efficient lighting sources, is driving the growth of the rapidly growing automotive lighting industry, making it possible for the APAC market to become a competitive countryside. Emerging nations across APAC are currently exhibiting rising economic growth, thus stimulating demand growth and enhancing customer buying power.