Automotive Lighting Market Quadruples with Extensive M&A Activities by 2027; Declares MRFR

Pune, India, December, 2017/MRFR Press Release/- Market Research Future published a Cooked research report on “Global Automotive Lighting Market Research Report - Forecast to 2027”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.

Automotive Lighting Overview

The automotive lighting market will witness a healthy growth from 2018 to 2027, a research report suggests. Growing at a CAGR of 6.0%, the market is projected to reach US$32,800.0 million by 2027. The growing demand for passenger vehicles is expected to support the market growth along with growing urban population. As predicted by analysts, growing concerns regarding high costs will negatively affect the market’s performance from 2020 to 2027. During the forecast period, the market will be supported by rising disposable income of the middle-class population and expansion of global auto-manufacturers. The high cost of product and maintenance on the other hand will challenge auto accessories sector based organizations functioning in the global automotive lighting market.

Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of automotive lighting Market Trends

Analysts have split the market into application, end market, technology, and vehicle type segments based on products and services. Auto accessories based companies have been profiled. The lack of interest among consumers is set to affect the global market during the forecast period 2020 to 2027. The report also provides the market’s performance forecasts till 2027. Analysts have studied the strategy of auto accessories segment based organizations to help new entrants and established businesses. The auto accessories sector itself is supported by technological developments well as high demand across industry verticals. During the forecast period 2020 to 2027, the automotive lighting market is set to witness a health growth across application, end market, technology, and vehicle type segments as well as regional markets.

Market Segmentation

The auto accessories sector has seen growth across application, end market, technology, and vehicle type segments owing to the changing social behaviour and consumers aiming for more comfort and satisfaction. To study the market, analysts have further segmented application, end market, technology, and vehicle type into technology on the basis of halogen, xenon, and LED. The market is further segmented into the vehicle type sub segment which is split into passenger cars, light commercial vehicles, and heavy commercial vehicles. Additionally, the automotive lighting market on the basis of application is segmented into front lights, rear lights, side lights, and interior lights. The market is further segmented into the end market sub segment which is split into OEMs and aftermarket.

The segmental analysis presented in the report provides auto accessories field based organizations insights into key growth factors such as consumers’ growing inclination towards convenience as well as challenges such as an undeveloped infrastructure the market will face from 2020 to 2027. Technological developments and the presence of effective communication are some of the key factors having an influence on auto accessories industry based companies, suggest analysts as per the automotive lighting market report. But the report also identifies the lack of skilled labour and supply and demand gap as major threats companies in auto accessories will face till 2027. 

Regional Overview

Auto accessories market based companies in the automotive lighting market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The population growth will be a key growth driver for regional markets. However, the lack of awareness will turn out to be a threat. For the forecast period 2020 to 2027 each of these regional markets are studied in the report. Starting from North America, the regional market and auto accessories vertical based companies are spread across the United States, Canada, and Mexico. The fluctuating prices of raw materials will turn out to be a major challenge from 2018 to 2027. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.

The market in the region will be benefitted by people aiming for more comfort as well as consumers’ growing inclination towards convenience, suggests the report. Similarly, the auto accessories sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the automotive lighting market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2027.

Competitive Landscape

The global automotive lighting market research report brings a comprehensive study of application, end market, technology, and vehicle type market segments, regional analysis, and auto accessories vertical based company details of key players. As the forecast period 2020 to 2027 will bring new opportunities for the market owing to the growing demand from companies across many industries and the rising demand from a large number of companies in various industry sectors, the market is set to grow at a compound annual growth rate of 6.0% and is predicted to reach a value of US$32,800.0 million by 2027. With SWOT analysis of auto accessories sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the shifting consumer preference for alternative solutions and dynamic policies and regulations, companies in the auto accessories sector can change the way business is done.

Industry News

LG Electronics' board of directors approved the acquisition of ZKW Group, a manufacturer of automotive lighting and headlight systems, for more than EUR 1.1 billion (approximately $1.33 billion USD), making it LG's largest acquisition to date. LG Electronics will buy a 70% stake in ZKW Group, with parent company LG Corp. buying the remaining 30%. The combined companies are expected to benefit from synergies that will enable them to lead the global lighting market in autonomous vehicle components.