Automotive Lighting Market Technology Outlook & Porter's Analysis Till 2022 “The global automotive lighting market size was valued at USD 19.64 billion in 2014 and is anticipated to reach USD 34.65 billion by 2022. Global automotive market will witness a steady growth with growing demand of automotive vehicle in the upcoming years.� The global Automotive Lighting Market size was valued at USD 19.64 billion in 2014 and is anticipated to reach USD 34.65 billion by 2022. Global automotive market will witness a steady growth with growing demand of automotive vehicle in the upcoming years. Increasing automotive production, rising concerns about vehicle safety, growing population and also government are driving the growth of the market. On addition to it, the increase in the purchasing power of the people is also creating opportunities for the market growth. Lighting is a vital component in automotive vehicles and plays a very important role in automotive safety. Automotive vehicle consists of variety of lights to increase the visibility in darkness and bad weather conditions and automotive lights also increase the conspicuity (that is the clarity of observing things) of the vehicle. The lighting system comprises of signalling and lighting devices. The lighting devices are placed in different locations of the vehicle including front, rear, top and interiors. Halogen being an easily available and cost efficient technology has been majorly adopted by the market and is therefore, being used in lighting technology in the automotive sector also LED and Xenon are prominent lighting technologies which are in prime use in the global automotive lighting market. LED is likely to witness the highest growth amongst the three technologies during the forecast period. LED is relatively costlier, hence, at present is majorly being used in the high-end vehicles. However, research is being done to lower their cost as a result of which it would create significant rise in demand of LED lights in the upcoming years. The automotive lighting market is segmented based on technology, vehicle types, lighting applications, product sale and geography. On the basis of lighting applications, the market is segmented into rear lighting, front lighting, interior lighting and side lighting. The technology is segmented into LED, halogen and xenon. Based on vehicle type, the market is segmented into commercial vehicles and passenger vehicles. Based on product sale, the market is segmented in aftermarket product and OEM product.
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