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Automotive Lighting System Market to See 8% CAGR from 2015-2021
February 17, 2016 | Transparency Market ResearchEstimated reading time: 1 minute
The global automotive lighting system market is predicted to progress from $19.9 billion in 2014 to $34.1 billion by 2021, according to a new report by market research firm Transparency Market Research.
The report states that the global automotive lighting system market is expected to expand at an 8.1% CAGR during the period between 2015 and 2021 due to the increasing production of vehicles and the increasing use of advanced lighting technologies such as HID, LED, and halogen.
The automotive market is one of the fastest developing markets across the globe and is predicted to register significant growth during the period between 2015 and 2021. The development of the automotive market is expected to propel the global automotive lighting system market in the near future. The rising demand for LED, halogen, and HID lighting systems is predicted to contribute to the growth of the global automotive lighting system market in the years to come.
The growing focus of auto manufacturers on customer safety and comfort is predicted to propel the global automotive lighting system market in the next few years. The production of electrical and hybrid vehicles has increased in the recent past. These vehicles are also equipped with high-quality lighting systems that match the changing trends and customer preferences. The increasing production of hybrid vehicles and electrical vehicles is predicted to boost the demand for new lighting systems throughout the forecast period.
Based on geography, Europe currently dominates the global automotive lighting system market; however, Asia-Pacific is predicted to the fastest growing region in the coming few years.
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