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NEW YORK, Dec. 5, 2023 /PRNewswire/ -- Technavio categorizes the global automotive lighting market as a part of the global automotive components and accessories market. The global automotive lighting market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive lighting in the market are FLEX N GATE Corp, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd, Koninklijke Philips NV, Lumax Industries Ltd., Marelli Holdings Co Ltd, Namyung Lighting Co. Ltd, NXP Semiconductors NV, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Varroc Engineering Ltd, OSRAM GmbH, Robert Bosch GmbH, Valeo SA, Continental AG, and LG Corp. and others. The global automotive lighting market is at its growing stage. This implies that the market in focus is characterized by increasing demand for effective interior lighting, a rise in penetration of LED lighting, and stringent regulations on road safety.The global automotive components and accessories; market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive lighting market size is estimated to increase by USD 14,415.24 million. The market's growth momentum will progress at a CAGR of 9.79%.
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Global automotive lighting market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –
Vendor offerings -General Electric Co.: The company offers automotive lighting such as Ouster OS1, and ADB. Koito Manufacturing Co. Ltd: The company offers automotive lighting such as 9005. Koninklijke Philips NV: The company offers automotive lighting such as LED Headlamps, Discharge Headlamps, and Halogen Headlamps. Lumax Industries Ltd.: The company offers automotive lighting such as DiamondVision, WhiteVision Ultra, and Ultinon Pro5000 LED. Marelli Holdings Co Ltd: The company offers automotive lighting such as miniature lasers, micro-electrical mechanical systems, organic light diodes, and specialized LED. For Details on the vendor and its offerings – Buy the report!
Global automotive lighting market - Segmentation assessment
Technavio has segmented the market based on type (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
By geography, the global automotive lighting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive lighting market.
Global automotive lighting market – Market dynamics
Leading drivers - The rise in penetration of LED lighting is notably driving the automotive lighting market growth. Technological advancements lead to enabling features like glare-free adaptive driving beams (ADB), which improve the performance of LED lighting systems in the car industry. These features help drivers recognize and locate other roadways, particularly at night. Such advancements in headlamp-related LED lighting technology have significantly fueled the development of LED lighting technology in the luxury automotive market. Vendors are anticipated to experience significant growth due to the rising adoption of LED technology in mid-range and luxury automobiles.
Key trends - The development of autonomous vehicles is a major trend in the automotive lighting market. The market adoption of semi-autonomous features in passenger and commercial cars has increased due to various campaigns and promotions. By the end of the forecast period, self-driving cars may be a reality, and in ten years, a sizable number of them are projected to be on the road. Additionally, automakers can only demonstrate vehicle distinctiveness by including unique features. As a result, the requirement for interior lighting is being driven by the increase in electronic content per vehicle.
Major challenges - Stringent regulations governing automotive lighting technologies impede the growth of the automotive lighting market. To increase energy efficiency, nations all around the world have imposed the phase-out of incandescent light bulbs or halogen illumination. Even manufacturers of automotive LED lamps are subjected to legal and government regulations. Companies must abide by laws governing business, antitrust, patents, consumer rights, taxes, foreign exchange, environmental protection, recycling, and safety. Most nations either adhere to the SAE standards or have their own federal laws regulating the automotive lighting industry. The financial state of the companies and their market performances may suffer as a result of changes to these restrictions.
What are the key data covered in this automotive lighting market report?CAGR of the market during the forecast period Detailed information on factors that will drive the growth of the automotive lighting market between 2023 and 2027 Precise estimation of the size of the automotive lighting market and its contribution to the parent market Accurate predictions about upcoming trends and changes in consumer behavior Growth of the automotive lighting market across APAC, Europe, North America, South America, and Middle East and Africa A thorough analysis of the market's competitive landscape and detailed information about vendors Comprehensive analysis of factors that will challenge the growth of automotive lighting market vendors
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TOCExecutive Summary Market Landscape Market Sizing Historic Market Size Five Forces Analysis Market Segmentation by Vehicle Type Market Segmentation by End-User Customer Landscape Geographic Landscape Drivers, Challenges, and Trends Company Landscape Company Analysis Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
In a world where public transportation is struggling to keep up with modern urban life, conversational AI emerges s a beacon of hope. By Christoph Börner
Modern public transportation systems have a rich history dating back over a century. The London Underground, established in 1863, and New York City’s subway, which opened in 1904, are iconic examples. While these systems have evolved with technology and urbanisation, the costs of maintaining and upgrading them to meet modern standards have often exceeded available resources.
In the US, these upgrades can be 50% more expensive than in other countries. For instance, the installation of screen doors at just three New York subway stations is expected to cost around US$100m. Consequently, public transportation experiences often lag behind the times. Delays, complicated route planning and frustrations from the need to cross reference information are common, contributing to lower satisfaction among commuters when compared to alternative modes of transportation like cycling or driving.
Given the multitude of challenges in the public transport sector, enhancing customer experience (CX) requires multifaceted solutions. While various cities have adopted CX-focused measures to improve cleanliness and public safety, conversational AI remains an underutilised tool in the public transport sector.
Streamlining the transportation experience
AI-powered chatbots have the potential to address some of the common frustrations faced by public transportation commuters. They can help streamline communication, provide real-time information and improve overall user experience for commuters. For example: chatbots provide an interactive and user-friendly method for commuters to plan their journeys. With a chatbot, commuters can receive personalised route recommendations, compare prices and offer suggestions for stops closest to their destinations. When delays arise, chatbots can quickly offer alternative routes, ensuring a smoother travel experience. As users interact more with chatbots, the quality and personalisation of their recommendations also improve significantly.
Chatbots can also integrate booking and payment processes seamlessly, eliminating the need for commuters to switch between multiple apps or services. This convenience extends beyond traditional public transport to include e-bikes, scooters and other ride-sharing options. For example, the Mumbai Metro sells tickets directly through WhatsApp, simplifying CX and reducing the burden on travellers and ticketing agents.
When it comes to alerts, chatbots can assist commuters in real-time during their journeys. They can provide updates on delays, alternate route suggestions and relevant information throughout the travel. These real-time updates reduce customer frustration and minimise disruptions, ultimately leading to cost savings for public transport agencies and happier commuters.
To ensure a positive CX, chatbots require continuous testing and monitoring
They are also useful when it comes to multilingual support, allowing passengers to communicate in their preferred language. This feature enhances accessibility and ensures a more inclusive user experience for commuters from diverse linguistic backgrounds. For instance, in a city like New York, where people from around the world visit and live, a public transport chatbot can support languages such as English, Spanish, Mandarin, Arabic, and more.
Chatbots can go beyond language support and provide valuable information about accessibility features for passengers. This includes details on which stations have step-free access, ramps, elevators, or other accommodations for individuals with mobility challenges.
Chatbots offer a promising solution to enhance public transport CX without adding excessive costs, however, their implementation is not without challenges. Careless deployment can lead to a glitchy and frustrating experience for users. Chatbots, especially in their early phases, may provide inaccurate responses and struggle to understand the various ways users ask the same question. To ensure a positive CX, chatbots require continuous testing and monitoring.
Continuous testing services play a crucial role in guiding chatbots’ machine learning processes and ensuring a seamless and secure user experience. These services enable chatbots to adapt and learn over time, minimising errors and increasing user satisfaction.
In a world where public transportation systems are struggling to keep up with the demands of modern urban life, conversational AI-powered chatbots are emerging as a beacon of hope. They offer a much more efficient, user-friendly and connected travel experience, from route planning and booking to real-time updates and personalisation based on preferences.
To ensure their success and maximise their impact, the public transportation sector must invest in comprehensive chatbot testing and monitoring services. By doing so, it can embrace the full potential of chatbots and elevate the commuter experience to new heights, ushering public transport into the digital age.
The opinions expressed here are those of the author and do not necessarily reflect the positions of Automotive World Ltd.
Christoph Börner is Senior Director, Digital, at Cyara