Fact.MR’s latest report projects that the global market for automotive tail light will expand at a miniscule CAGR between 2017 and 2022 to reach a valuation in excess of US$ 12,238 Mn. Traditionally, tail light has been an essential auto component but its limited scope of utility is undermining the prospects of its global market. Which is why, manufacturer are now trying to incorporate advanced lighting technologies in order to make their products more viable. For many years now, automotive tail lights have been serving as an important vehicle safety component that allows drivers to give signals or indications to other vehicles, helping avoid or-road collisions. In addition, many of the modern tail light designs also help in improving the looks of the car. The global market for automotive tail light is expected to be influenced by the incessant growth of the overall automotive industry in emerging countries such as China and India. Over the past couple of years, the global demand for vehicles has increased in leaps and bounds, which reflected positively on the automotive tail light market as well.
Following are the key points from Fact.MR’s latest report on the global market for automotive tail light
- Based on source, halogen tail light will continue to be the most sought-after in the market. By 2017-end, the halogen segment is anticipated to account for over half of global market revenues. Meanwhile, the led segment is expected to register the highest CAGR over the forecast period.
- On the basis of vehicle type, passenger car is expected remain the most attractive segment throughout the assessment period. In addition, the segment is estimated to surpass a valuation of US$ 4,909 Mn over 2022, increasing at moderate CAGR.
- Demand for plastic tail lights will be significantly higher than the metal variants. By the end of 2017, plastic tail lights are anticipated to command for over two-third market share in terms of revenue. This is primarily due to the product’s superior features such as light-weight, translucency, and durability. Over US$ 9,929 Mn worth plastic tail lights are likely to be sold worldwide by 2022-end.
- By sales channel, aftermarket is projected to remain the most dominant segment, exceeding a market valuation of US$ 8,131 Mn towards the end of assessment period.
- In terms of revenue, Asia Pacific excluding Japan (APEJ) is expected to lead the global automotive tail light market over 2022. The region is expected to present lucrative growth opportunities for market players over the next couple of years.
Some of the prominent players operating in the global market for automotive tail light include Koninklijke Philips N.V., Phoenix Lamps Limited, UNOMINDA, OSRAM Licht AG, General Electric Company, Valeo S.A., Robert Bosch GmbH, Koito Manufacturing Co., Ltd., Sammoon Lighting & Electrical Co., Ltd., HELLA KGaA Hueck & Co., and Stanley Electric Co. Ltd.,
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