According to a new market research report published by Credence Research, “Automotive Rear Lights Market (By Product Type (Center High Mounted Stop Light (CHMSL), Brake Light, Side-marker Light, Tail Light, License-plate Light, Parking Light, Turn Light, and Rear Fog Light), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), By Source (Halogen, Xenon, LED & OLED, and Others (Laser, etc)), By Sales Channel (OEM, and Aftermarket), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 – 2027”, the global automotive rear lights market is expected to reach US$ 7.79 Bn by 2027, expanding at a CAGR of 4.7 % during the forecast from 2019 to 2027.
Automotive rear lights are the back-facing lights installed majorly for the safety purpose. With the increased speed and performance of a vehicle, visibility is crucial to maintain safety on the road. Over the last few years, automotive lighting solutions have evolved considerably. Changing consumer preferences and requirement of flexible designs have shifted the trend in the automotive lights from halogen to Light Emitting Diode (LED) and Organic LED (OLED) technologies. Superior benefits offered in terms of durability, efficiency, and flexibility in design are some of the major factors driving the use of LED and OLED technology for the rear lights in the automotive sector. In addition, LED rear lights are dimmed as per surrounding weather conditions, which in turn helps in saving energy. However, cyclical nature of the automotive industry may hinder the demand for automotive rear lights over the forecast period.
The automotive rear light market is segmented on the basis of product type, vehicle type, source, sales channel, and geography. Passenger cars dominated the vehicle type segment in the year 2018 and anticipated to witness significant growth in the near future. The anticipated growth can be majorly attributed to the growing number of partnerships between passenger car manufacturers and lighting solution manufactures in a bid to develop smart lighting solutions. For instance, in July 2018, OSRAM and Continental AG joined their hands for developing intelligent lighting solutions for automotive.
Asia Pacific is currently the most attractive automotive rear light market. The region accounted formerly 40% of the overall market share in the year 2018. The growth in the region is mainly due to increasing production of passenger vehicles, growing GDP, improving purchasing power of the consumers, and ever-growing population. China, Japan, India and Taiwan are the major manufacturing hubs and automotive markets in Asia Pacific. Some of the prominent players profiled in the global automotive rear lights market 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.
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