Automotive Exterior Lighting System Market To be Worth $43 Billion by 2023 | Arizton

Automotive Exterior Lighting System Market Analysis 2023

Automotive Exterior Lighting System Market Analysis 2023

Koito Manufacutring, Magneti Marelli, Valeo, Hella, OSRAM are the leading companies in the global automotive exterior lighting system market

Rear lamps segment to grow at the fastest CAGR in the automotive exterior lighting system market during the forecast period”
— Abby, Consultant

CHICAGO, IL, UNITED STATES, August 8, 2018 /EINPresswire.com/ -- Arizton’s recent market research report on the global automotive exterior lighting market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product type (headlamps, rear lamps, fog lamps, and others), by vehicle type (economy, mid-priced, and luxury), by end-users (OEM and aftermarket), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.

The growing implementation of advanced automotive lighting technologies such as laser headlamps and OLED lights will augment the development of the global automotive exterior lighting market. The increasing focus on engine downsizing, electrification of automotive mechanism, emission regulations, connectivity, and safety are some of the factors that will propel the growth of the global market over the next few years.


The automotive exterior lighting system market is expected to reach values of more than $43 billion by 2023, growing at a CAGR of approximately 6% during 2017-2023.


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The automotive exterior lighting system market is divided into four major segments that include by product type, vehicle type, end-users, and geography.

Headlamps will remain the dominating segment during 2017-2023

Headlamps segment dominated almost 3/4th of the market share in 2017, growing at a CAGR of around 6% during the forecast period. The increasing adoption of LED and laser headlights is augmenting the growth of this segment in the global market. The increasing investments in R&D activities and the implementation of stringent safety regulations are expected to revolutionize the products available in the market.

Rear lamps segment is the second largest market, growing at a CAGR of around 6% by 2023. The introduction of next-generation rear lamps that improves the safety and the light intensity is sanctioned by the department of transportation (DOT) is propelling the growth of this segment in the global market. The use of LED lights that allows the manufacturing of lightweight and thin rear lamps will boost the sales in the automotive exterior lighting system market.

Economy Cars Will Contribute the Major Revenue Chunk While the Mid-Priced Cars Segment Will Witness Fastest Growth

Economy cars segment occupied more than half of the market share in 2017, growing at CAGR of approximately 5% during the forecast period. The development of adaptive lighting systems in sync with ADAS technologies will lead to the evolution of this segment in the global market. The increasing investment in the R&D for powertrain chassis system, body electronics, safety and security system, telematics, and infotainment systems will create lucrative opportunities for key manufacturers in the global market.

Mid-priced car segment dominated a section of the market share in 2017, growing at a CAGR of more than 8% during the forecast period. The installation of electronic stability control (ESC), tire pressure monitoring systems (TPMS), driver seat belt indicators, and gear shift indicators are driving the growth of this segment in the global market.

OEMs Will Emerge as the Largest End-User Segment

OEMs segment dominated the majority market share in 2017, growing at a CAGR of over 6% during the forecast period. The increasing profits from regions such as the US, China, Europe, Japan, and South Korea will propel the growth of this segment in the global market.

Increased SUV Sales in China Will Help APAC Lead the Global Automotive Exterior Lighting System Market

APAC occupied the largest market share in 2017, growing at a CAGR of around 6% during the forecast period. The increasing production across China, Japan, India, and South Korea will boost the development of the APAC region in the global market. The growing sales of SUVs in China and other countries in APAC will increase the performance of the automotive market in this region.

Europe occupied dominated a portion of the market share in 2017, growing at a CAGR of around 5% during the forecast period. The increasing demand for electric vehicles is one of the primary factors driving the growth of the European region in the global market. The massive growth of the automotive industry across the Central and Eastern Europe will create new avenues in the automotive exterior lighting system market. Countries such as Germany, Spain, and the UK are the largest revenue generator in the European market.

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The top 3 drivers and trends driving the growth of the global automotive exterior lighting market are discussed below:

Growing Adoption of LED Lights

The benefits associated with, and declining prices of LED lights is boosting the demand in the global automotive exterior lighting market. The increasing investment in R&D activities to make LED technology accessible for all car segments at affordable prices will fuel the sales of these lights in the global market. The rising expansion of LED lights from the luxury segment to mid-priced and economy segments will create lucrative opportunities for top manufacturers in the global automotive exterior lighting market.

Advancements in ADAS Promoting a New Generation of Smart Lights

The introduction of the advanced driver assistance system (ADAS) solutions will contribute to the adoption of inventive lighting systems in the global automotive exterior lighting market. ADAS solutions are designed to prevent accidents by either assisting or taking control of the vehicle in cases of potential collisions. The leading OEMs are shifting from incandescent bulbs to newer forms of lighting such as LED, OLED, and laser to attract new consumer groups and gain a larger market share. These lighting technologies offer great performance with reduced power requirement that can be easily synced to safety systems resulting in growing sales in the global automotive exterior lighting market. Some of the major advancements in the market are adaptive LED headlights, matrix LED headlights, and laser headlights. The use of other safety systems that use an infrared camera to detect pedestrians and animals will also help to boost the demand and sales in the global market. The introduction of memorizing technology to remember previously traveled routes and driving style will transform the automotive industry over the next few years. The advancement in ADAS technologies will have a positive impact on the global automotive exterior lighting market.

Introduction of Laser Light Technology

The advent of laser light technology is expected to re-invent the design and performance of headlights in the global automotive exterior lighting market. The laser lights have double power and have a maximum range from 984.25 feet to 1968.5 feet without sacrificing the electrical efficiency. The laser lights are smaller in size offering vendors flexibility add additional technologies. The power efficiency of these lights will attribute to the growing demand of these lights in the global automotive exterior lighting market. The growing popularity of electric vehicles and hybrid vehicles will also increase the adoption of laser lights in the global market. Lasers have tight parallel beams, which have the ability to act like a scalpel on the retina, thereby increasing the safety of these products in the global market. The numerous advantages and increase safety of laser lights will raise the implementation of these products in the global automotive exterior lighting market during the forecast period.

The major vendors in the global market are:

KOITO MANUFACTURING
Magneti Marelli
Valeo
Hella
OSRAM


Other prominent vendors include Stanley Electric, Magna International, Federal-Mogul, Johnson Electric Holdings, Bosch, Infineon Technologies, Panasonic Corporation, Samvardhana Motherson Group, Flex-N-Gate, Grupo Antolin, Flextronics International, Gentex Corporation, and Phoenix Lamps Division.

View the details of global automotive exterior lighting system market: https://www.arizton.com/market-reports/automotive-exterior-lighting-system-market

Jessica Shirley
Arizton Advisory and Inteligence
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