Demand for Automotive Interior Surface Lighting to Soar with Luxury Vehicle Sales, Global Market Value to Hit US$ 5 Bn in 2029
Published On : Dec 10, 2019
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. A recently published report of Persistence Market Research (PMR) 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.
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.
- 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.
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.
What Lies Ahead?
Players operating in the automotive interior surface lighting market are introducing E-textiles, also called smart textiles, to capitalize on the growing focus on vehicle aesthetics. These textiles, woven with optical fibers that emit light, improve vehicle aesthetics, while reducing its weight. Smart textiles/fabrics are currently in an introduction phase, and primarily incorporated in luxury-class cars as a premium feature offered by automotive OEMs to end buyers.
Want to Know More About Report Inclusions?
Persistence Market Research has published a market research report on the automotive interior surface lighting market that contains global industry analysis for 2014–2018 and opportunity assessment for 2019–2029. The report provides insightful analysis of the automotive interior surface lighting market through five different segments, namely, product type, vehicle type, sales channel, application, and region. The automotive interior surface lighting market report also provides demand and supply trends, with a detailed overview of the parent market.
For more information, write to the analyst at firstname.lastname@example.org
About PMR’s Expertise in Automotive Domain
Persistence Market Research’s team of automotive industry experts has been tracking the industry for nearly a decade now. The team has authored 1,000+ reports, covering a broad spectrum – from passenger cars and freight to components and railways. Our market research includes market sizing, forecasting, product and market segmentation, and a detailed discussion on prevailing and anticipated market conditions. Reach out to us for more information on how we can help.
Automotive Interior Surface Lighting Market
Global Market Study on Automotive Interior Surface Lighting: Integration of Smart Connect Technology Holds Notable Opportunity
Global Market Study on Automotive Interior Surface Lighting: Integration of Smart Connect Technology Holds Notable OpportunityRequest TOC