The automotive lighting market in Asia-Pacific is expected to grow from US$ 16.77 Bn in 2018 to US$ 23.30 Bn by the year 2027. This represents a CAGR of 3.9% from the year 2019 to 2027.
The vehicle lighting system is capturing a significant share in the automotive industry. The modern automotive lighting is a new trend. Factors such as increasing technological advances in lighting, continuous increase in the production of the automotive, stringent environment of rules & standards are some of the factors which contribute heavily towards the growth of the market. The automotive light also improves the performance and security of both driver and passenger while providing a complex design to suit the appearance of a premium car. The device of automotive lighting, such as headlamps, is becoming complex, and thus, they need specific testing equipment to combine them with innovative technologies in a consistent manner. In this market, OSRAM, Valeo, Philips are some of the big players who provide a broad array of automotive lighting products.
Use of laser light for headlight, Flexible OLEDs for vehicle lighting, and bend lighting headlamps with LED are few trends that are anticipated to nurture the growth of the market further. The LED technology has provided automotive manufacturers an opportunity to differentiate their vehicles through unique functionalities and innovative lighting design. LEDs are gaining popularity drastically as their cost lowers, package size, and luminance improves.
Currently, China is dominating the automotive lighting market in terms of installation, which in turn boosts the demand for the automotive lighting market in the region. China is the largest automotive manufacturing country across the world, and the country produced 27,809,196 vehicles in 2018. The country houses a few major automotive manufacturers such as SAIC Motor, Dongfeng, FAW, and Chang'an. Also, a few western automakers are focusing on expanding in China to cater to a broader set of audiences. For instance, French supplier Valeo, expanded its tech center in central China to strengthen its development capability. Also, regional players are focusing on developing an efficient lighting solution to achieve a strong market position. Therefore, a strong automotive sector and an increasing focus of western automakers toward expansion to the country are the major factors that are expected to drive the growth of the automotive lighting market in the country. The figure given below highlights the revenue share of Rest of Asia-Pacific in the Asia-Pacific automotive lighting market in the forecast period:
ASIA-PACIFIC AUTOMOTIVE LIGHTING MARKET - SEGMENTATION
Asia-Pacific Automotive Lighting Market - By Service
Asia-Pacific Automotive Lighting Market - By Application
Asia-Pacific Automotive Lighting Market - By Vehicle Type
Asia-Pacific Automotive Lighting Market - By Country
Asia-Pacific Automotive Lighting Market - Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 16.77 Billion |
| Market Size by 2027 | US$ 23.30 Billion |
| CAGR (2019 - 2027) | 3.9% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Automotive Lighting Market is valued at US$ 16.77 Billion in 2018, it is projected to reach US$ 23.30 Billion by 2027.
As per our report Asia Pacific Automotive Lighting Market, the market size is valued at US$ 16.77 Billion in 2018, projecting it to reach US$ 23.30 Billion by 2027. This translates to a CAGR of approximately 3.9% during the forecast period.
The Asia Pacific Automotive Lighting Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Automotive Lighting Market report:
The Asia Pacific Automotive Lighting Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Automotive Lighting Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Automotive Lighting Market value chain can benefit from the information contained in a comprehensive market report.
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