The automotive visual signaling equipment market has been advancing with significant changes in the global automotive industry. The automotive industry is gaining importance as a result of new car sales and the growing automotive aftermarket. Hence, the automotive signaling equipment market evolvement is expected in the near future. The automotive visual signaling equipment is not only confined to Original Equipment Manufacturer (OEM) parts but also forms an important part of the aftermarket operations which are carried to optimize the vehicle use. Such system uses a rear emitter that emits a laser beam towards the rear of the vehicle. The emitted beam from the equipped vehicle is projected in a direction opposite to the direction of the moving equipped vehicle. The beam is directed to the subsequent vehicle to inform it of the distance separating it from the front vehicle. Thus, the equipment hints about the safe distance that the following vehicle should be maintaining from the front equipped vehicle while running. Incorporation of visual signaling equipment in automobiles guarantees safety especially during foggy or rainy weather.
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The key driver of automotive visual signaling equipment market is the growing concern for road safety issues. However, the information from automotive visual signaling equipment is of interest of the trailing vehicle only and supplies no beneficial information to the driver driving the vehicle equipped with such device. Such systems are undergoing modifications to add to their functionality such as providing information about the traffic on the road, travel data, front emitters among others.
Amidst the decreasing oil and gas prices, the automotive industry is expected to boom thus contributing to automotive visual signaling equipment market development in Asia Pacific region. Especially China is anticipated to be suitable for automotive visual signaling equipment market evolution as it is the world’s largest auto market. North America is also assumed to support such market development due to the projected increase in domestic demand for automobiles in the U.S. In addition, the sliding oil prices have also contributed to the growth of demand of automobiles. Hence, the automotive visual signaling equipment market is expected to benefit from the predicted growth in automotive industry. The automobile sales in Europe are presently estimated to be low as a result of the ongoing economic downturn. Thus, slow growth of automotive industries in such region is expected to result in sluggish expansion of the automotive visual signaling equipment market.
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The Automotive Visual signaling equipment market can be segmented on the basis of functionality of such system. There are visual signaling devices with only rear emitters incorporated. Another segment of such market supplies with systems incorporated with front emitters along with rear ones. The front emitter provides information to the driver of driving the equipped vehicle of the distance from the forward moving vehicles. The third market segment avails visual signaling devices with GPS features that provide information of the weather, location, and several others. Certain automotive visual signaling systems have audio signaling feature enabled, that gives precise information of the separating distance between consecutive vehicles. Built-in Camera and video processing means in the automotive visual signaling systems provide another segment of such market.
Some of the key players in automotive visual signaling equipment market are Koninklijke Philips Electronics N.V., Flextronics Automotive GmbH & Co. KG, Hyundai Mobis Co., Ltd., Stanley Electric Co., Ltd., and Koito Manufacturing Co., Ltd