To meet the growing demand from the increasing population in developing regions, improved lifestyle and increased commercial and industrial activities across the globe; Asia-Pacific, North America, and Europe are estimated to show an increasing demand for vehicles in the next five years. Hence, this is anticipated to increase the overall market for automotive lighting systems.
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North America Automobile Lighting Market
The North American region is the third-largest market in terms of volume produced for automotive lighting systems, trailing behind Europe. However, is projected to overtake the European market by the year 2018, growing at a positive rate of 6.9% for a period of five years from 2013 to 2018. The main reason for the growth in this region is due to the technological advancements which have led major automotive lighting manufacturers to set up production plants in the region, along with the growing vehicle production in the U.S. and Mexico.
Asia-Pacific Automobile Lighting Market
The leading region across the globe in terms of market volume for automotive lighting systems is the Asia-Pacific region. Increasing population and developing economies, along with favourable government policies have promoted industrial growth in this region and have made the region an ideal destination for automobile manufacturers to setup their production units. The growth in the automotive lighting systems market is co-related with the growth in automobile production and demand for automobiles; hence the market for automobile lighting systems in the Asia-Pacific region is on a rise as it is the leading region in terms of vehicle production in the world. Due to this automotive lighting manufactures have shown interest in this region as it is also the fastest-growing region in the world. The lighting systems market is estimated to grow at a promising rate of 7.5% over the period of five years from 2013 to 2018 in wake of the increasing levels in vehicle production in emerging countries like China, India, Japan, and South Korea.
Europe Automobile Lighting Market
The European region is the second-largest market for automobile lighting systems, even though the growth in the market is estimated to be significantly low as compared to other regions that is, at 5.5%% for a period of five years from 2013 to 2018. This slow growth is mainly attributable to the lower vehicle production volume in the region due to the recent economic crisis. The region is still on a recovery path, and the strict lighting and safety regulations pose a challenge for manufacturers to provide advanced technologies at an affordable price. However, due to mandatory rules in the European region for the use of advanced technologies such as DRLs, companies have started providing these in almost all their vehicle models. As these advanced technologies help in minimizing accidents, its demand would be higher in Europe as compared to other regions in the coming five years.
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