Automotive Interior Ambient Lighting Market To Reach US$ 4.68 Bn By 2023
According to a new market research report published by Credence Research“Automotive Interior Ambient Lighting Market (Technology – Halogen, LED and Xenon; Vehicle Class – Passenger Vehicles, LCV and HCV) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”,the global automotive interior ambient lightingmarket stood at US$3.10Bn in 2015and is estimated to expandwith a CAGR of 4.9% from 2016 to 2023.
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The automotive interior ambient lighting systems market is majorly driven by the steadily rising automotive industry worldwide. Available in different colors, automotive interior ambient lighting are designed to enhance the overall vehicle interior along with providing safety to the driver/passengers. These lighting systems enhance the effective visibility of dashboard and other control systems for drivers in case of low visibility. In addition, ambient lighting helps in providing better comfort to the drive and decreased driving fatigue.
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Rising middle/upper-middle class population has led to strong demand for medium and high-end cars, especially in the Asia Pacific region. This is another major factor propelling the market growth. Due to growing discretionary income of the people globally, consumers now have significant focus towards incorporating different aesthetic products in their vehicles. As a result, the overall automotive lighting industry is estimated to witness robust growth during the forecast period.
Virtually, there can be observed few market restraints and challenges having significant impact over the market. Some of the major factors influencing the market growth are fluctuating prices of raw materials and slowing automotive industry across different countries.However, the overall impact of the aforementioned factors is estimated to remain low in the coming years. Thus, the automotive interior ambient lighting systems market is estimated to continue witnessing strong growth during the forecast period.
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The overall automotive interior ambient lighting systems market is dependent over the automotive industry. Additionally, with the rising competition in the overall automotive industry, automotive and accessories manufacturers increasingly focus on cutting down their costs related to raw materials, OEMs and manufacturing. Thus, products offering lowest cost at the manufacturing end is estimated to register the highest growth in the overall automotive interior ambient lighting systems market during the forecast period. Apart from the cost, another factor affecting the attractiveness of product segment is the durability, luminosity and less energy consumption.
Providing complete automotive interior ambient lighting kit with wireless remote control
Strengthening global sales channel in order to maintain and expand the sales
Shift towards advanced lighting technologies such as LED and Xenon
Lighting systems for specific automotive manufacturers
Partnerships with lighting technology providers, automotive component suppliers and other organizations related to the automotive industry
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