A recently published report of Persistence Market Research suggests that the “global automotive interior surface lighting market will reach the US$ 5 Bn mark in 2029 end, witnessing a healthy CAGR during 2019 – 2029″.
This report provides in depth study of “Automotive Interior Surface Lighting Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Automotive Interior Surface Lighting Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
Increasing consumer preference for value-added features in vehicles that offer a fine balance of functionality and aesthetic appeal is primarily fueling the growth of automotive interior surface lighting market. While luxury cars are experiencing a surge in demand in North America, Europe, and Asia Pacific, the demand for automotive interior surface lighting will continue to soar in the following years. End users are inclined towards spending more on maintaining high-end vehicle ambience, which would remain among the key factors boosting the demand for automotive interior surface lighting solutions.
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Key Takeaways
- A key trend witnessed in the automotive interior surface lighting market is the incorporation of smart connect technology via Bluetooth or Wi-Fi, known as wireless operated interior surface lighting.
- Manufacturers are focusing on partnerships with car body modifiers (interior & exterior) in the aftermarket as these modifiers can significantly boost growth of the automotive interior surface lighting market. Additionally, key players are involved in designing vehicle specific interior ambient lights that enhance automotive interior aesthetics.
- Lights guides are gaining traction in the global automotive interior surface lighting market due to its optimum cost and easy installation
- In the passenger cars segment, luxury vehicles sub-segment is expected to dominate the market, and hold more than 50% of the market share of passenger car interior surface lighting in the forecast period.
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Aesthetics of a vehicle, comfort of the driver, and decreased driving fatigue are some of the key benefits associated with automotive interior surface lighting. Key players are focused on providing extended warranty products at an optimum cost, which increases sales of companies in mid-size and compact cars category.
Market Landscape Moving Towards Consolidation
The automotive interior surface lighting market is heavily technology-driven and is dominated by a handful of players with extensive R&D capabilities, brand image, and strong market presence. Tier-I manufacturers in the global automotive interior surface lighting market, Valeo SA, HELLA KGaA Hueck & Co, Toshiba Corporation, OSRAM Licht AG, Grupo Antolin, and Dräxlmaier Group, are focusing on mergers and acquisitions of smaller automotive interior lighting manufacturers. Partnerships with lighting technology providers and automotive component suppliers help them build on their product expertise and enhance market dominance.
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