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The Global Bus Lighting Market is anticipated to rise at a considerable rate during the forecast period 2021-2027. In 2021, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
The consumption value is determined by multiplying the number of units by the average selling price. The average selling prices are based on the price of the LED lamps/ devices at the initial factory level.
The consumption values are based on the end-user application and the end-user region. The product life cycles of high technology electronic products are short, and will continue to shrink.
For success, it is vital to target the right products for development and to introduce them to the market at the right time. Decisions on major R&D and facility investments must be made before competitors’ products seize the market-and these decisions must be made quickly.
Premium vehicles are typically installed with LED lights due to their numerous benefits such as low power consumption, more adaptive features, and high aesthetic value.
Moreover, LED headlights have less impact on the driver who is on the opposite side in comparison to xenon lights, and hence, this technology is accepted widely in the market. An increasing number of newly manufactured vehicles installed with LED lighting systems is expected to drive the growth of the segment.
The penetration of advanced lighting in the passenger vehicle segment is higher in comparison to other vehicles, including LCVs, buses, and trucks. The rising sales of passenger vehicles, coupled with the willingness of consumers to pay more for cars, are expected to drive the automotive lighting market in this segment. The year-on-year production growth is likely to propel the growth of the segment over the forecast period.
Asia Pacific is anticipated to be the largest market in the global automotive lighting market due to rapid consumer adoption and high sales of automobiles. China and Japan garnered the largest shares within the market due to the high production & sales of vehicles domestically.
Additionally, manufacturers in these countries focus on technological advancements, including lighting, thus, driving the demand for automotive lighting. The rise in the consumer per capita income and high sales of SUVs in emerging economies such as India will drive the market further.
There has been a high demand for advanced lighting due to the increase in premium car sales. Increasing adoption of the advanced lighting in the lower and mid-segment cars is expected to open new opportunities for the growth of the market in this region during the forecast period.
To know more about Global Automotive LED Lighting Market, read our report
The COVID-19 outbreak has disrupted the automotive supply chain on a global scale. The outbreak has not only disrupted manufacturing facilities globally but also vehicle sales around the world.
The suspension of manufacturing facilities and new vehicle sales has impacted the production of automotive lighting components. Demand for both conventional and electric vehicles is projected to witness a downward trend in 2020, further impacting the automotive lighting market. Additionally, the budget allocation for R&D is likely to be significantly affected, which is anticipated to hamper the development of innovative automotive lighting solutions.
The demand for lighting is proportional primarily to vehicle production. Now, with the outbreak of COVID-19, vehicle production, as well as sales, has witnessed a significant decline and is expected to exhibit a 20% decline in 2020 (MarketsandMarkets analysis). This decline is expected to impact the automotive lighting market adversely. However, companies are taking various measures to tackle the adverse effects of the outbreak.
Players operating in the automotive lighting market are emphasizing on geographical expansion for strengthening their position in the market.
Manufacturers are also investing huge sums into research and development of advanced lighting systems in the new SUVs and the latest automobiles for enhancing the look of the vehicle while providing decent lighting in the interiors of luxury vehicles.
They are also entering into strategic collaborations to collectively contribute to the overall automotive lighting market revenue in the forthcoming years. These collaborations include merger and acquisition, partnerships, contracts and agreements, and others.
Some of the key players operating in the automotive lighting market include Stanley Electric co. ltd., Lumax Industries, Varroc group, Koito Manufacturing co. ltdNorth American Lighting (a subsidiary of Koito), Continental AG, OSRAM GmbH, Hella GmbH among others.
The players are focusing on joint ventures and are expanding their business globally. For Instance, Valeo has recently acquired 10.5% of the stake in a technology-based startup called Aledia, which is focused on the development of LED technology for automotive lighting. Also, a company named ZKW has started the production of the first laser-beam headlamps, for the BMW i8.
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