Press release
What's Driving the Automotive Lighting Market Share? Top Players Are GE, Hyundai MOBIS, OSRAM, Samsung Electronics, Stanley Electric U.S. Co., Inc., Valeo, ZKW
Automotive Lighting Market
Taking into account the continuous transformation in the automotive technologies, lighting systems, and other additional functions, automotive lighting market magnates have been investing in the development of innovative lighting systems. The constant involvement of the key players in product enhancements for tailoring the future mobility facilities accordingly is poised to augment the industry growth. Merely a few days back for instance, considering the increasing popularity of autonomous vehicles, well-known contributor in the automotive lighting industry, Osram has developed smart LEDs (light emitting diodes) for interior lighting systems.Presently, lighting systems have become an integral part of passenger cells and static & dynamic functions of the vehicles which will encourage players to develop a new range of lighting systems. The surging use of lighting systems in the vehicles for safety and pleasant ambiance is poised to improve the automotive lighting system market share over the years ahead. Incidentally, the rising deployment of these lighting systems in the interiors of automobiles has had a transformative impact on automotive lighting industry size from interior applications. As per estimates, automotive lighting market share from interior applications is poised to depict a CAGR of 7.1% over 2018-2024.
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The revolutionary development of high-performance light sources is also one of the approaches undertaken by companies to gain a competitive edge over their rivals in the automotive lighting market. The growing awareness among the product developers about energy efficient lighting systems has been encouraging them to adopt new business tactics focused around this parameter. Merely a few months before, LG Electronics acquired the well-known automotive lighting and headlight systems provider, ZKW Group. This strategic merger has allowed LG to extend its regional reach across U.S., China, Mexico, and several countries in Europe continent.
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Chinese LED product manufacturer for automotive applications has signed a four-year strategic deal with the Taiwanese LED chip manufacturer, Epistar to achieve a dominating position in APAC region. Both the companies have been mainly looking forward to raising their capabilities to produce automotive lighting products and control the infringement. They also have been planning to reduce the product prices in order to speed up their reach across myriad geographies. The rapid growth in the automotive lighting market across Asia Pacific region will turn out to be beneficial for the companies which have been implementing new business tactics over the last few years.
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