"Increasing Production of Automobiles to spur the Demand for Automotive Rear Lights Worldwide"
The global automotive rear lights market is poised to reach US$ 7.79 Bn by 2027, expanding at a CAGR of 4.7% during the forecast period from 2019 to 2027. Digitalization in the automotive industry has taken production to the fast lane. Increasing automotive production worldwide has therefore created huge demand for related components including rear lights. Most of the automobile manufacturing companies are implementing innovative and advanced technologies in vehicle lighting systems in a bid to develop energy efficient solutions. In wake of same, several automobile manufacturers worldwide have formed partnerships with lighting product manufacturers. For instance, in May 2019, OLEDWorks announced its pre-development collaboration with Audi to develop advanced OLED lighting solutions for rear lighting in automobiles.
Market Synopsis
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"High Demand for Advanced Rear Lights in the Passenger Cars is driving the Growth Prospects"
Passenger cars accounted for the largest market share in the automotive rear light market in the year 2018. Passenger cars contribute nearly 70% of the total vehicle production, which, in turn drives demand for related components including rear lights in passenger cars. Increasing adoption of LED and OLED technology for the rear lights in the automotive is one of the key trends shaping market demand in this segment. For instance, in November 2018, Lextar Electronics announced its plan to introduce I-Mini Square module for automotive tail light application. The new mini LED technology has transformed taillights into a smart device by enabling some of the advanced features that include high reliability, durability, thin design, and high resolution among others.
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"Asia Pacific to Dominate the Global Automotive Rear Lights Market throughout the Forecast Period"
Asia Pacific dominated the global automotive rear lights market in the year 2018 owing to highest production and sale of passenger cars. Furthermore, increase in purchasing power of consumers along with growing economies are projected to fuel demand for automotive and consequently rear lights in the coming years. Asia Pacific held approximately 40% value share in the global automotive rear light market in the year 2018. India, China, Japan, and Taiwan are the major manufacturing hubs and automotive markets in Asia Pacific. Europe is projected to have steady growth during the forecast period because of stringent government regulation for road safety. As per the law, European Commission has mandated the use of running lights for rear end to increase the visibility of the vehicle.
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"OEM Channel Expected to Register Strong Growth during the Forecast Period"
In terms of value contribution, OEM held largest share, nearly accounting for 80% of the market share in year 2018 and will register strong growth over the forecast period. The anticipated growth will be driven by growing automotive production and consequent demand for rear lights among car manufacturers. The on-going trend in the automotive industry depicts a shift in the consumer preference from halogen lights to LED lights. With LED lights becoming the preferred variants in the coming years the aftermarket demand is expected to remain sluggish in wake of longer lifespan offered by LED lights.
"LED Rear Lights are poised to Dominate the Overall Market in the Near Future"
LED is the most promising technology as compared to Halogen and Xenon owing to superior benefits offered in terms of efficiency, life span, aesthetics, and design flexibility among others. Several lighting product manufacturers have incorporated the LED technology into mass production after seeking significant increase in the demand from the automobile manufacturers. Spike in demand for LED lighting in automobile is also due to integration of smart technologies into the vehicle. Additionally, LED lights can be programmed to adjust the luminosity as per the requirement, thereby inducing automotive manufacturers to use them in back light units.
Key Players & Competitive Landscape:
Some of the leading manufacturers profiled in the study include OSRAM Automotive, Infineon Technologies, General Electric, Valeo SA., Koninklijke Philips N.V., Morey Corp., Phoenix Lamps Limited, Robert Bosch Limited, Sammoon Lighting & Electrical Co. Ltd., Stanley Electric, HELLA KGaA Hueck & Co., Lextar Electronics, Koito Manufacturing Co. Ltd., and J.W. Speaker among others.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The research study automotive rear light market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides all round view of the global automotive rear light market based on product type, vehicle type, source, sales channel, and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Product Type Segment (2017–2027; US$ Bn)
• Center High Mounted Stop Light (CHMSL)
• Brake Light
• Side-marker Light
• Tail Light
• License-plate Light
• Parking Light
• Turn Light
• Rear Fog Light
|
|
Vehicle Type Segment (2017–2027; US$ Bn)
• Passenger Cars
• Light Commercial Vehicles (LCV)
• Heavy Commercial Vehicles (HCV)
|
|
Source Segment (2017–2027; US$ Bn)
• Halogen
• Xenon
• LED & OLED
• Others (Laser, etc)
|
|
Sales Channel Segment (2017–2027; US$ Bn)
• OEM
• Aftermarket
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the global market size for automotive rear lights in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is largest regional market for automotive rear lights?
- Which vehicle type has the largest penetration of automotive rear lights?
- Which is the most preferred technology used for automotive rear lights?
- Which are the predominant trends shaping the global automotive rear lights market?
- Which is the most promising, attractive and less-explored vehicle type segment in the global automotive rear lights market?
- Who are the leading vendors in the global automotive rear lights market?
- What are the premiere strategies adopted by the leading manufacturers in the global automotive rear lights market?
