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Automotive Lighting Market to Reach USD 53.6 Billion by 2027; Stern Road Safety Standards to Fuel Product Demand, states Fortune Business Insights™

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Pune, India, Nov. 30, 2020 (GLOBE NEWSWIRE) — The global automotive lighting market size is expected to reach USD 53.6 billion by 2027, exhibiting a CAGR of 8.5% during the forecast period. The surging number of road accidents around the world will spur opportunities for the market during the forecast period, states Fortune Business Insights, in a report, titled “Automotive Lighting Market Size, Share & COVID-19 Impact Analysis, By Application Type (Front Lighting, Side Lighting, Rear Lighting, and Interior Lighting), By Technology Type (LED, Halogen and Xenon), By Vehicle Type (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2020-2027.” The market size stood at USD 44.7 billion in 2019.The whole world is battling with the novel coronavirus, leaving numerous industries distraught. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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List of the Leading Companies Profiled in the Global Automotive Lighting Market are:Hyundai Mobis (‎Seoul, South Korea)Continental AG (Hanover, Germany)Koninklijke Philips  (Amsterdam, Netherlands)Robert Bosch GmbH ( Gerlingen, Germany)varroc group ( Aurangabad, India)Valeo (Paris, France)Hella GmbH (Lippstadt, Germany)Denso (Aichi, Japan)Lear Corporation (Michigan, United States)OSRAM  (Munich, Germany)Magneti Marelli (Corbetta, Italy)
Market DriverStrict Road Safety Norms to Boost Business GrowthThe use of high beam light at night for better visibility has led to severe road accidents due to the discomfort or sudden glare caused while driving. The high beam headlight may cause sudden glare to the driver of another vehicle approaching from the opposite end. Thus, the government has imposed safety norms for automotive manufacture, which involves the installation of adaptive headlights in vehicles. Moreover, the utilization of a high beam can result in heavy fines. For instance, Central Motor Vehicle Organization in India has specified the construction and use of high beam lights under rule number 106. The use of high beam light can lead to a 100 INR penalty for the drivers. Hence, the favorable policies for automotive lighting are expected to enable speedy expansion of the market.
Production Hindrances to Cause Difficulties for Market During COVID-19The COVID-19 pandemic has severely affected the growth of the automotive lighting market. The declining automotive industry is expected to further hamper the business of lighting in the time of coronavirus. A sharp drop in commercial and passenger vehicles has hampered the production of automotive. However, OEMs are focusing on strategies to tackle the situation and sustain the market. For instance, in April 2020 Valeo used part-time work arrangements to fluctuate the cost of all factories. Valeo adjusted the cost of support activities such as management and R&D, it has also cut down unimportant business investments.
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The report on the automotive lighting market accentuates:All-inclusive analysis of the marketDynamic insights into the segmentsExtensive data about dominant regionsKey information about prominent playersLatest developmentsMarket drivers and restraintsCOVID-19 Influence
Regional AnalysisFavorable Policies to Aid Expansion in EuropeThe market for automotive lighting in Europe is expected to experience rapid growth during the forecast period owing to the stringent norms imposed by the government in the region. For instance, in 2011, the European Union made it mandatory to use daytime running lights (DRLs) amid unfavorable weather conditions in Europe. The growing adoption of automotive lighting solutions coupled with the presence of major key players will bolster the healthy growth of the market. The market in Asia Pacific is expected to hold the maximum share in the global market owing to the availability of raw materials. Moreover, the heavy demand for effective electronic and mechanical components from countries such as China, Japan, and India will bolster the healthy growth of the market in the region.
Key DevelopmentSeptember 2019: Hella announced the launch of new lighting solutions called solid-state lighting (SSLHD) that offers high performance and functionality. The SSLHD can be Xenon into a much smaller space while maintaining the performance of the battery of the vehicle.
Browse Detailed Summary of Research Report with TOC:https://www.fortunebusinessinsights.com/automotive-lighting-market-101978
Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsMerger, Acquisitions, and PartnershipsDistributor Analysis – For Major PlayersGrowth and Penetration AnalysisPorter’s Five Forces AnalysisPEST AnalysisCOVID-19 ImpactGlobal Automotive Lighting Market Analysis, Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Vehicle TypePassenger CarsCommercial VehiclesMarket Analysis, Insights and Forecast – By Application TypeFront LightingRear LightingSide LightingInterior LightingMarket Analysis, Insights and Forecast – By Technology TypeLEDHalogenXenonMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the WorldTOC Continued…!

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Have a Look at Related Research Insights:Automotive Fog Light Market Size, Share & Industry Analysis, By Technology Type (LED, Halogen, Xenon), By Vehicle Type (Passenger Cars, Commercial Vehicles) Others and Regional Forecast, 2019-2026Automotive Interior Ambient Lighting Market Size, Share & Industry Analysis, By Application (Dashboard Lights, Ambient Lights, Center Stack Lights, Reading Lamps, Head-up Displays, Dome & Map Lighting), By Vehicle Type (Passenger cars, Commercial Vehicles), By Technology (Halogen, LED, Xenon), By Market (OEM, Aftermarket) Others and Regional Forecast, 2019-2026
About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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