Stringent Road Safety Regulations and Introduction of New Lighting Systems Drives the Vehicular Lighting Market, According to New Report by Global Industry Analysts, Inc.

San Jose, California (PRWEB) February 04, 2013

Follow us on LinkedIn As one of the early road safety technologies, vehicular lighting has been thriving over the years, riding on increased production of automobiles globally and stringent road safety regulations mandating compulsory use of lighting systems like headlamps during night travels. Ensuring clear visibility of driving area and thereby pedestrians, stationary objects and other vehicles on way, vehicular lights help provide high level of on-road safety, both to the drivers as well as pedestrians. Hitherto a traditional product category serving just the basic lighting function, vehicular lighting technology has advanced at a robust pace since the dawn of 21st century providing a wide range of design, styling, engineering and functional options.

Given the markets sensitivity to the overall health of the motor vehicle industry, the current economic uncertainty in the United States, the worsening financial crisis in Europe and slowing down of developing countries, specifically China, not surprisingly, are weighing down demand for vehicular lamps both in the OEM and the aftermarket segments. While OEM lighting demand is witnessing declines in sync with OEM vehicle production, the aftermarket is also feeling the pressure of deteriorating macro economic conditions and the resulting impact on household budgets.

In the European automotive lamps market, specifically, the extremely fragile backdrop of the European economy and the darkening outlook for its automobile industry will witness manufacturers facing an especially uncomfortable market scenario in the upcoming year. Future downgrade in the outlook for auto production cannot be ruled out, given the declining sales and over 8.0% decline in new car registrations in the first half of 2012 and excess production capacities.

The slowing down of Chinese GDP growth is already having a rub-off impact on opportunities in the domestic motor vehicle industry. Real demand in the domestic market is beginning to weaken. Exacerbating the scenario in the automobile industry is the Chinese governments decision to restrict auto traffic by capping car sales and restricting the issuance of license plates, which in turn is making license plates exorbitantly expensive putting cars beyond the reach of middle and low-income citizens. Like the automobile industry, the countrys motorcycle industry is also boxed in with numerous internal and external threats. A soft export market as a result of the weak US recovery, fears over the sequestration cuts, and ongoing debt crisis in Europe and weak domestic demand together has pushed the Chinese motorcycle industry to a 6 year low.

Growth in the global Vehicular lighting market over the next few years will be primarily influenced by technology developments and innovation. In the OEM market, as vehicle makers compete to differentiate their brands in the marketplace, lighting, both interior and exterior, is emerging to be a key focal area of differentiation. Intelligent lighting systems are attracting increased interest among OEMs, especially in the premium segment. Advanced lighting technologies such as the HID Xenon lamps, and LEDs/HB-LED headlamps, flaunt the potential to replace traditional lighting technologies. Although these alternative technologies are expensive, benefits, such as, lower energy consumption, longer life, less heat generation and compact design, are expected to outweigh the initial costs.

Like in the OEM market, the importance of technology development cannot be undermined in the aftermarket, wherein innovations can help open up new avenues for potential replacements through upgradations. For instance, introduction of stylish modular lamp designs fitting a broad range of vehicle footprints encourages consumers to upgrade their lighting systems. Also, aftermarket demand is developed countries is comparatively lower than in developing countries, given the longer service life and lower collision rates. Innovations will thereby help perk up replacement demand in the mature developed markets. In addition, technology innovation in the aftermarket often moves proportional to developments in the OEM market, as advancements in OEM vehicle lighting technology compels independent aftermarket manufacturers to incorporate similar technologies in their products.

Emerging opportunities for CIVETS, a new group of tiger economies comprising of Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa augurs well for the global vehicular lighting market. The encouraging performance of CIVETS in the first half of 2012, which largely outpaced economic performance in BRICs, is further infusing optimistic hope on the regions future potential.

As stated by the new market research report on Vehicular Lighting, Asia-Pacific continues to remain the largest regional market worldwide. The huge motor vehicle production base in the region, with China especially topping global passenger car and commercial vehicle production, transformed Asia-Pacific as the most prominent regional market for vehicular lighting in the world. By product segment, Motorcycle Tail Lamps represents one of the fastest growing product segments with unit sales waxing at a CAGR of 9.1% over the analysis period. Automotive Fog Lamps, on the hand is forecast to grow at a CAGR of 5.7% over the same period.

Major players in the global marketplace include Advanced Lighting Technologies Inc., Federal-Mogul Corporation, Flextronics Automotive GmbH & Co. KG, Hella KGaA Hueck & Co., Ichikoh Industries Ltd., Koito Manufacturing Company Ltd., Koninklijke Philips Electronics NV, Lumax Industries Limited, Magneti Marelli S.P.A, OSRAM AG, Robert Bosch GmbH, Stanley Electric Co., Ltd., Valeo SA, Varroc Engineering Pvt. Ltd., Whelen Engineering Inc., Kisan Electronics, and Custom LED LLC, among others.

The research report titled Vehicular Lighting: A Global Strategic Business Report announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for global Vehicular Lighting market in thousand units for all major geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Key product segments analyzed include Automotive Lamps (Headlamps, Tail Lamps/Brake Lamps, Signaling/Flasher Lamps, Fog Lamps and Other Automotive Lamps) and Motorcycle Lamps (Headlamps, Tail Lamps, and Flasher Lamps).

For more details about this comprehensive market research report, please visit

http://www.strategyr.com/Vehicular_Lighting_Market_Report.asp

About Global Industry Analysts, Inc.

Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.

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Global Industry Analysts, Inc.

Telephone: 408-528-9966

Fax: 408-528-9977

Email: press(at)StrategyR(dot)com

Web Site: http://www.StrategyR.com/

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