Global Vehicular Lighting Market to Reach 5.1 Billion Units by 2015, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on vehicular lighting markets. Although the prolonged severity of the economic slowdown and depressed automotive industry have elicited decline in volume sales of vehicular lights, the market is nevertheless expected to recover poise in the medium-to-long term period to register 5.1 billion units by 2015. Growth in the market will be driven by increase in automobile production, as a result of post recession resurgence in consumer demand for new vehicles, scheduled development and roll out of new vehicle models, and technological innovations. Rising demand for new cars from developing nations, particularly in Asia-Pacific also augur well for the market.
San Jose, CA (Vocus/PRWEB) January 13, 2011
‘Safety’ is the mission critical need of society, be it in the vehicle driving community, or for the walkers by. Poor highway lighting, inefficient signal lighting and inadequate infrastructural facilities are time and again, the major causes of traffic mishaps. Poor vehicular lighting compounds these problems further. Nighttime collisions top the lists of accidents and the numbers are often alarming. Most of such mishaps, often traceable to poor lighting conditions, are avertable, and are worth millions of lives. Seeing and being seen, therefore, constitutes the most critical issue for enhancing on-road safety. Given the criticality of automotive lighting systems, growth in this market, has long been driven by the development of high-performance lighting modules that emit uniform light beams, ensuring proper visibility.
The automobile industry has been one of the worst hit industries by the recession, as the demand for new vehicles witnessed hurting declines, exacerbating the already existing woes of excess production capacities. With vehicle sales nose-diving resulting in plant shutdowns, shockwaves that ripped through the automobile industry was faithfully transmitted to the auto parts and accessories sector. The trickle down impact of the depressing business climate in the automobile industry on the vehicular lighting market is reflected in notable declines in growth rates over the last two years. Factors that have brought down the automobile industry, such as restricted access to credit, rising levels of unemployment, decline in purchasing power, reduction in household wealth, falling consumer confidence, postponement of new car purchases, decline in per capita automobile travel and volatile fuel prices, among others have also played instrumental roles in dragging down growth in the vehicular lighting sub-segment of the auto industry.
The motorcycle lamps segment, which fared relatively better than automotive lamps as a result of huge persistent demand for motorcycles in developing markets such as China and India, has not been completely immune to the recessionary blues. Despite its resilient performance in developing markets, global motorcycle lamps market nevertheless witnessed marked deceleration in growth during the period.
However, with the recession now having played out its part in full proportions and the automobile industry hitting rock bottom, the worst is now over and a rebound is seen as inevitable. A quick resurgence in growth fundamentals, post recession, such as recovery in GDP growth, employment rates, incomes levels and discretionary incomes, and rise in consumer confidence, will help drive increased demand for new vehicles over the next few years. Stimulus packages offered as succor to the automotive industry will additionally drive increased vehicle production. All of these factors translate into increased business opportunities for vehicular lighting in the OEM segment. Also, scheduled development and roll out of new vehicle models, including alternative vehicles, will create a need to replenish inventories. Most cars scheduled for roll out during this period will come high on features centered around visibility, thereby driving growth in the vehicular lighting market. The market, post recession will also be driven by technological innovations underway in the industry. While modularization is the key design strategy gaining attention in the marketplace, high performance and energy efficiency score high on vehicle manufacturers’ specifications. Factors such as increase in average life of vehicles and a parallel increase in wear and tear of auto-parts will drive demand for vehicular lighting in the aftermarket segment in the post recession era.
As stated by the new market research report on vehicular lighting, Asia represents the fastest growing regional market for vehicular lighting, displaying a CAGR of about 7.7% over the analysis period. Growth in this market will be driven by persistent increase in demand for new vehicles in the region, particularly in developing markets such as China and India and subsequent increase in vehicle production. By product, automotive lamps market represents the largest segment. Although still a small market, motorcycle lamps market represents the fastest growing product segment displaying a CAGR of 6.8% over the analysis period.
Major players in the marketplace include Advanced Lighting Technologies Inc., Automotive Lighting Reutlingen GmbH, Federal-Mogul Corporation, Flextronics Automotive GmbH & Co. KG, GE Consumer & Industrial, Hella KGaA Hueck & Co., Ichikoh Industries Ltd., Kostal GmbH & Co. KG, Koito Manufacturing Company Ltd., Magna International Inc, Odelo GmbH, OSRAM GmbH, Philips Automotive Lighting, Robert Bosch GmbH, Stanley Electric Company, Valeo SA, Visteon Corporation, among others.
The research report titled “Vehicular Lighting: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in volume sales for major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, & Rest of Europe), Asia-Pacific, Latin America and Rest of World. Product segments analyzed include Automotive Lamps (Headlamps, Tail Lamps, Parking Lamps, Signaling/Flasher Lamps, Fog Lamps, and Brake Lamps among others) and Motorcycle Lamps (Headlamps, Tail Lamps and Flasher Lamps).
For more details about this comprehensive market research report, please visit –
Http://www. strategyr. com/Vehicular_Lighting_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site: http://www. StrategyR. com/
# # #