San Francisco, California, April 18, 2018: A recent report by TMR Research, titled, “Automotive Lighting Market – Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 – 2025,” projects this market to showcase a better growth in forthcoming years owing to an ever-increasing demand and subsequent high production of vehicles all over the globe.
Many vehicle manufactures are imparting a substantial onus on using energy efficient lighting systems, which is significantly driving the global automotive lighting market. Growing population with directly proportional demands for buying vehicles, rising disposable incomes of people, as well as extensive sale of lucrative vehicle segments all over the globe are three major reasons responsible for pushing the market to achieve extensive growth. Favorable initiatives and amendments accepted by private as well as governmental bodies to use specific lighting technologies is also boosting the market to achieve new heights.
However, in spite of the market depicting a booming phase, it is significantly restrained by high costs of LED and HID lighting systems. This might prevent further expansion of the market, wherein price conscious customers might not invest in automobiles fitted with costly lighting assemblies. Many small scale businesses and new entrants could be discouraged by the need for mammoth investments, consequently hindering global automotive lighting market’s growth.
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This market depicts a high intense vendor landscape, thanks to the large number of popular and well-established companies, trying to outgun each other in terms of achieving maximum revenue. General Electric, Changzhou Xingyu Automotive Lighting Systems Co. Ltd, Ichikoh Industries Ltd., Wipac Limited, Stanley Electric Co. Ltd, Koito Manufacturing Co. Ltd, Zizala Lichtsysteme GMBH, Varroc Lighting Systems, Osram GMBH, and Hella Kgaa Hueck & Co., are key players present in the market.