Automotive Lighting Market is Expected to Grow at a CAGR of 5.8% During the Forecast Period 2018-2028

VALLEY COTTAGE, New York, Feb. 18, 2019 /PRNewswire/ -- The approximately US$ 35 billion market for automotive lighting is estimated to observe just-under 5% Y-o-Y growth in 2019, according to a recently published Future Market Insights (FMI) report. While passenger cars have significantly driven the LED Automotive Lighting Sales, bright prospects have been foreseen for sales in electric, in line with the rising trend of vehicle electrification.

Nearly 60% of the automotive lighting systems installed are of headlights/front lights, which collectively capture more than 3/4^th of the market revenue, with rear lights. Fog lights are gradually gaining ground in front and rear lighting systems, which is likely to shape the overall performance of automotive lighting market, as indicated by the report.

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Lightweight automotive components have been a trendsetter over the past decade, will push the demand growth of lightweight automotive lighting in parallel. This growth forecast is predominantly owing to increasing vehicle electrification and surging demand for high-performance, fuel efficient vehicles.

Halogen lamps continue to reign supreme, holding more than 65% share in the automotive lighting market. In line with tightening vehicle emission standards that demand reduced weight and improved fuel efficiency, the automotive lighting market will observe strong emergence of LED. Superior endurance and high energy efficiency are projected to provide an impetus to LED popularity over halogen and HID counterparts. The report envisages a preeminent push to LED automotive lighting from manufacturers of premium class vehicles.

Preview Analysis of Automotive Lighting Market Segmented by (Application - Front Headlight, Fog Light, Rear, Side & Interior; vehicle type - Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Electric Vehicles & Two – Wheeler; light source - Halogen, Xenon & LED; sales channel - OEM (Original Equipment Manufacturers) & Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018-2028: https://www.futuremarketinsights.com/reports/automotive-lighting-market