The 21st century can be considered an age of customization and individualization as customers seek to be different and aspire to own products that perfectly fit into their discerning lifestyles. Automotive OEM’s have taken cognizance of this and have begun to experiment with different types of automotive interior lighting systems. Future Market Insights has conducted an exhaustive study of the ‘Automotive Interior Ambient Lighting Systems Market: Global Industry Analysis 2012-2016 And Opportunity Assessment 2017-2027’ in its recently released report. The automotive interior ambient lighting systems market is on track to witness a robust CAGR of 5.4% from 2017 to 2027.
APEJ is driving the global automobile market as vehicular density there is substantially lower than either North America or Europe, making it key for future growth prospects. Many customers would desire automotive interior lighting from either the OEM’s or aftermarket channel. Thus, the APEJ automotive interior ambient lighting systems market is expected to gain a massive 310 BPS point over the course of the forecast period.
It is hardly an exaggeration to say that LED technology represents the automotive interior ambient lighting systems market in its entirety as it accounts for more than 99% in terms of market share. LED’s are energy efficient, have a long service life, are compact yet produce a brilliant luminescence. Other technologies are unlikely to even come close to LED technology in the automotive interior ambient lighting systems market. The LED technology segment should have a value of approx. US$ 2.3 billion at the end of 2017. Ongoing R&D activities should further boost the prospects of LED technology in the automotive interior ambient lighting systems market.
Sedans and compact cars have more than half the market share in the automotive interior ambient lighting systems market by vehicle type in 2017 and are predicted to hold onto their leading positions for the foreseeable future. Automotive interior ambient lighting began with luxury and sports vehicles but has slowly made its way to sedans and now compact cars. The compact car segment is estimated to witness a robust CAGR of 6.2% from 2017 to 2027 as customization has become extremely important to compact car buyers as well. The centre console & dashboard is typically the first part of the vehicle that occupants see or touch and therefore key stakeholders in the automotive interior ambient lighting systems market give it the maximum attention. The centre console & dashboard segment has a market share of almost 40% in the automotive interior ambient lighting systems market and this is projected to rise to 41% by end 2027.
The aftermarket channel dominates the automotive interior ambient lighting systems market as few OEM’s fit these systems into their products at the factory level itself. The aftermarket channel is assessed to cross a value of more than US$ 2.8 billion in 2027 because several customers choose to customize their vehicles with personalized interior ambient lighting systems.
The companies profiled include HELLA KGaA Hueck & Co., OSRAM Licht AG, Koninklijke Philips N.V., Pacific Insight Electronics Corp., LSI Industries Inc., Everlight Electronics Co., Toshiba Corporation, DRÄXLMAIER Group, Oshino Lamps Limited, Innotec Group, Grupo Antolin, Federal-Mogul Holdings LLC, DOMINANT Opto Technologies Sdn. Bhd., ZKW Group GmbH, AGM Automotive, SMR, OptoElectronix, Nichia Corporation, ELAUSA ELECTRÒNICA, and Brightek.
A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1503
Price reduction, greater options, a wider product portfolio, and long term supplier relations hold the key to success in the automotive interior ambient lighting systems. In addition, companies could aggressively market in the MEA and Latin America markets to raise awareness of the automotive interior ambient lighting systems.