Automotive lighting manufacturers are seeking financial relief from governments including working capital and suspension on interest payments for loans taken in the industry.
ROCKVILLE, MD / ACCESSWIRE / August 11, 2020 / The automotive lighting market is estimated to reach a valuation of US$ 65 Bn by the end of the forecast period between the years 2020 and 2030. The coronavirus pandemic however, is expected to hurt short-term market prospects as the industry largely relies on Chinese suppliers for materials and components. Companies in the automotive lighting industry have been forced to stop or slow down production, and to reevaluate revenue streams.
"Automotive OEMs are displaying higher interest in LED lights, driven by demand for lower power consumption and durability. Improvements in high-quality LED and OLED technology, and steady decline of costs will favor market development in the years ahead," says the Fact.MR report.
Request a sample of the report to gain more market insights at https://www.factmr.com/connectus/sample?flag=S&rep_id=4795
Automotive Lighting Market - Key Takeaways
- High-intensity discharge lamps are likely to gain traction in niche automotive sectors for cheap, ultra-high brightness applications.
- Adaptive headlights are a fast-growing segment, developed for superior visibility in low-light settings.
- Europe is expected to display high growth, supported by the presence of major automotive OEMs in addition to environment regulations that bolster integration of LED fixtures.
Automotive Lighting Market - Driving Factors
- Implementation of strict regulations associated to road and driver safety is a key contributor to industry growth.
- The trend of premiumization, coupled with tech advances in artificial intelligence is generating lucrative growth opportunities for market players.
Automotive Lighting Market - Constraints
- High tariffs arising from the US-China trade war continue to impact supplies in the automotive lighting industry.
- High expenses associated with the development of new lighting technologies hinders market prospects.
Anticipated Market Impact by Coronavirus Outbreak
Companies in the automotive lighting industry are in a vulnerable position owing to the coronavirus crisis. Heavy reliance on Chinese factories for materials and parts, and the massive impact of the outbreak on the country has hurt inventories among OEM and aftermarket players. Also, suspension of vehicle production in multiple countries will reduce the demand for auto lighting. Financial aid from governments will remain essential for the survival of small and medium scale enterprises in the industry.
Explore the global automotive lighting market with 173 figures, 140 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4795/automotive-lighting-market
Competition Landscape
Major developers in the automotive lighting market include but are not limited to Robert Bosch GmbH, Hella KGaA Hueck & Co., LG Electronics, Valeo S.A., Hyundai Mobis, Magneti Marelli, Stanley Electric Co Ltd., and Koito Manufacturing Co.
Leading players in the automotive lighting market are largely interested in the development and launch of new products along with the integration of new technologies for performance improvements in compliance with local regulations.
For instance, Audi has unveiled new OLED technology for the 2020 Q5, which features infinite dimmability, high contrast and multiple segments. Seoul-based LG Innotek has launched Nexlide-HD, a 3D flexible LED lighting fixture for cars for lighting in 5 directions. Further, ROHM Semiconductor has announced the development of an ultra-compact linear LED driver integrated circuit to provide stable lighting, in cases of voltage drops in chip-based lighting fixtures.
More on the Report
The FACT.MR's market research report provides in-depth insights on automotive lightings market. The market is scrutinized according to application (front headlights, fog lights, rear lights, side lights, and interior lights), vehicle type (passenger cars, LCVs, HCVs, electric vehicles, and two-wheelers), light source (halogen, LEDs, and Xenon) and sales channel (OEM and aftermarket), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
Explore Wide-ranging Coverage of FACT.MR's Automotive Landscape
Automotive Tail Light Market: Find insights on the global automotive tail light market with analysis of segments, statistics, influencers, market players and business strategies adopted over a 5-year forecast period.
Automotive Fog Light Market: FACT.MR's report on the global automotive fog light market offers insights on the market set for strong growth during 2017-2022, including restraining forces, revenue sources, market leaders, and market strategies.
Automotive Exterior LED Lighting Market: Read an analysis on the automotive exterior LED lighting market with insights on growth factors, opportunities, restraints, regional market forecast, regulatory policies, and strengths of market leaders.
About Fact.MR
Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, Ireland, and has delivery centers in the U.S. and India. FACT.MR's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
Contact:
Fact.MR
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Email: [email protected]
Web: https://www.factmr.com/
PR- https://www.factmr.com/media-release/1564/global-automotive-lighting-market
SOURCE: Fact.MR