Automotive Perimeter lighting System Market Highlights:
The automotive perimeter lighting system market is expected to witness ~12.56% CAGR during the period, 2020 to 2027.
The prominent players in the automotive perimeter lighting system market include Gentex Corporation (U.S.), HELLA GmbH & Co. (Germany), KOITO MANUFACTURING CO., LTD. (Japan), Magna International Inc. (Canada), Samvardhana Motherson Group (India), Automotive Lighting (Germany) and Feniex Industries (Texas).
An automotive perimeter lighting system is a lighting system, which uses LED lights and halo tubs to illuminate and signaling purpose of the vehicle. Automotive perimeter lighting systems are incorporated along front, back and side panels of the vehicle to increase the visibility of vehicles, which will benefit both, the driver and pedestrians. The massive growth in sales of vehicles, across the globe, increases the demand for automotive perimeter lighting system. Increase in purchasing power and increase in average disposable income of the customers will enhance the growth of the market. Stringent government regulations towards safety & increase in demand for energy efficient perimeter lighting system will further drive the growth of the market. Moreover, the growth of the market is challenged by the high price of the raw materials. The increased emphasis on gaining customer satisfaction, will make it difficult for them to install sequential signals & LED notifications in left & right panel.
Market Research Analysis
In terms of region, the global automotive perimeter lighting system market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. Europe is expected to hold a major revenue share during the forecast period. Increase in the sales of vehicles in Europe and increased government regulations regarding safety will enable the region to hold the largest market share during the forecast period. Government regulations in Europe are becoming more stringent with each passing year. This means that the manufacturers need to meet the regulatory requirements. Asia-Pacific will witness the highest CAGR during the forecast period due to the increase in the sales of premium vehicles, rise in GDP, and increased purchasing power. Furthermore, increased sales of vehicles in China, Japan, and India will enhance the revenue of the market.
This study provides an overview of the global automotive perimeter lighting system market growth, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC), and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global automotive perimeter lighting system market by type, material, application and regions.
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Light Commercial vehicle
Heavy Commercial Vehicle
Rest of the World
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