The automotive auxiliary lamps global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Auxiliary Lamps Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive auxiliary lamps market size has grown strongly in recent years. It will grow from $27.62 billion in 2023 to $29.44 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to off-road activities, automotive industry growth, consumer preferences, regulatory standards, supply chain dynamics.
The automotive auxiliary lamps market size is expected to see strong growth in the next few years. It will grow to $38.08 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to growing smart lighting, stringent environmental regulations, urbanization and infrastructure development, rise in adventure tourism, global economic outlook. Major trends in the forecast period include led technology dominance, customization and aesthetics, integration with vehicle electronics, smart connectivity, energy efficiency and sustainability, regulatory compliance.
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Scope Of Automotive Auxiliary Lamps Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Auxiliary Lamps Market Overview
Market Drivers –
The increasing vehicle manufacturing is driving the automotive auxiliary lamps market going forward. Vehicle manufacturing is increasing due to a growing demand for automobiles aided by growing population, rising income levels, increasing vehicle adoption and technological advancements. Automotive auxiliary lamps in automobiles are used to ensure road safety, and the use of vehicle lights assists the driver in illuminating the lane as well as recognizing the road, obstacles, and traffic signs. For instance, in April 2022, according to a report issued by the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group of the automobile industry in the European Union, globally 79.1 million automobiles were produced in 2021, a 1.3% increase from 2020. Therefore, the increased vehicle manufacturing across the globe is driving the market for automotive auxiliary lamps.
Market Trends –
Technological advancements are a key trend gaining popularity in the automotive auxiliary lamps market. Major companies operating in the automotive auxiliary lamps market are adopting new technologies to sustain their position in the market. For instance, Oracle Lighting, a US-based company involved in creating high-quality lighting products and innovative LED solutions for the automotive aftermarket launched a 7-inch Multifunction 60-Watt LED Spotlight for jeeps, trucks, and off-road vehicles (p/n 2915-023). The new auxiliary light is intended to provide improved illumination for any Jeep, truck, or off-road vehicle. This light projects up to 500M yards away and has an average 30-degree beam pattern due to the combination of two optic technologies. The integrated LED marker lights have both white and amber LEDs that can be utilized as turn signals, parking lights, or DRLs, continued Hartenstein. This versatile auto spotlight is the ideal remedy for illumination requirements. Its seven-inch spotlight is tough enough to survive through all of travels with an Ingress Protection Rating of IP68 and an incredibly long LED lifespan of 80,000+ hours.
The automotive auxiliary lamps market covered in this report is segmented –
1) By Product Type: Light Emitting Diode Light (LED), Xenon, Halogen, Sealed Beam Conversion Lamp, Modular Lights
2) By Technology: Adaptive Lighting, Intelligent Lighting, Other Technology Types
3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Off-Road Vehicle, Electric Vehicle
4) By Sales Channel: Original Equipment Manufacturer (OEMs), Aftermarket
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Regional Insights –
Europe was the largest region in the automotive auxiliary lamps market in 2023. North America was the second-largest region in the automotive auxiliary lamps market. The regions covered in the automotive auxiliary lamps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the automotive auxiliary lamps market report are Koito Manufacturing Co. Ltd., Stanley Electric Co. Ltd., Continental AG, MOBIS INDIA LIMITED, Magneti Marelli S.p.A., Texas Instruments Incorporated, Robert Bosch GmbH, Denso Corporation, Johnson Electric Holdings Limited, LAMPA S.p.A., Suprajit Engineering Ltd., Ichikoh Industries Ltd., Lazer Lamps Ltd., J.W. Speaker Corporation, Venta Global Ltd., Varroc, ZKW Group, Koninklijke Philips N.V., Samsung Electronics Co. Ltd., Broadcom Inc., Autolite India Limited, Hella KGaA Hueck & Co., Osram Licht AG, Valeo SA, Zizala Lichtsysteme GmbH, Lumileds Holding B.V., Phoenix Lamps Division, TYC Brother Industrial Co. Ltd., DEPO Auto Parts Ind. Co. Ltd., Magna International Inc., Mitsubishi Electric Corporation .
Table of Contents
1. Executive Summary
2. Automotive Auxiliary Lamps Market Report Structure
3. Automotive Auxiliary Lamps Market Trends And Strategies
4. Automotive Auxiliary Lamps Market – Macro Economic Scenario
5. Automotive Auxiliary Lamps Market Size And Growth
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27. Automotive Auxiliary Lamps Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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