Global
Automotive Lighting System: Snapshot
Of late, there has been an
increasing awareness among people about the availability and
significance of automotive lighting systems. Additionally, shift in
focus of automotive lighting manufacturers from inefficient, obsolete
lamps to highly efficient, smart, and energy-saving lighting systems
is expected to boost the global automotive lighting system market.
Browse The Report:
http://www.transparencymarketresearch.com/automotive-lighting-market.html
The report presents a detailed
analysis of the trends, opportunities, drivers, and restraints
prevailing in the global automotive lighting system market. Both
bottom-up and top-down approaches have been adopted in order to
analyze the market for automotive lighting systems across the
geographical segments.
Expansion
of Automotive Industry to Ensure Increased Demand
Automotive lighting systems
are a crucial part of automobile production. The expansion of the
automobile industry is boosting the growth of the global automotive
lighting system market. The market will gain significant momentum due
to the emergence of newer and advanced lighting technologies such as
HID, Halogen, and LED. These lighting technologies have larger life
spans and consume lesser energy when compared with conventional
lighting systems. As a result, automobile manufacturers have been
increasingly deploying these lighting systems. Therefore, the global
automotive lighting system market will prosper to a great extent.
The increasing purchasing
power of the people worldwide, especially in emerging economies in
particular, is another key growth driver of the market. Furthermore,
the prices of vehicles are likely to go up as advanced lighting
technologies are increasingly deployed. The rise in the revenue of
automobile industry will be reflected in that of global automotive
lighting system market.
High initial investment
required for research and development activities might surface as a
major bottleneck for the market. The development of advanced lighting
systems necessitates state of the art manufacturing equipment and
facilities, which
are extremely high-priced.
Moreover, the high cost of these systems might affect growth owing to
the presence of a large number of price conscious consumers in Asia
Pacific. Nevertheless, the negative impact of these restraints is
likely to be nullified by the shift in preference among consumers
from conventional lamps to advanced lighting systems such as Halogen,
LED, and HID lamps.
Asia
Pacific Promises Substantial Growth
Based on geography, the global
automotive lighting system market is segmented into Asia Pacific,
North America, Europe, and Rest of the World (RoW). Europe appears to
be the leading market, closely followed by North America. Constant
research activities and the consequent development of automotive
lighting systems have been responsible for the growth of the
automotive lighting system market in North America. The emerging
economies such as China and India are likely to exhibit substantial
growth as the per capita income of the middle class rises by degrees.
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