According to a new market study published by Transparency Market Research (TMR), the global automotive lighting system market is expected to develop at a CAGR of 8.1% from 2015 to 2021 to reach US$34.17 billion by the end of the forecast period. The market stood at US$19.97 billion in 2014.
Browse Report: http://www.transparencymarketresearch.com/automotive-lighting-market.html
The publication, titled “Automotive Lighting System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021”, offers valuable insights analyzing the market based on prevalent trends as well as future projections.
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The report states that the development of the global automotive lighting system market is attributed to the robust growth of the automotive industry worldwide. Innovation and technological advancement in lighting technology is also supporting the growth of this market. However, the high cost involved in LED and HID lighting, coupled with the high expenses associated with research and development, is hampering the expansion of the global automotive lighting system market.
Press Release: http://www.transparencymarketresearch.com/pressrelease/automotive-lighting-market.htm
In 2014, passenger vehicles captured the biggest share in the vehicle type segmentation of the global automotive lighting system market, while front lighting occupied the largest share of the market according to position, states the report.
Europe held the biggest share in the global automotive lighting system market in 2014. On the other hand, the automotive lighting system market in Asia Pacific is expected to experience development at the highest rate owing to the increased production of vehicles coupled with the rising purchasing power of customers in the region. Stable growth is expected from the automotive lighting system markets in North America and Europe during the forecast period.
Koninklijke Philips, General Electric, Osram Licht, Hyundai Mobis, Stanley Electrics, and Magneti Marelli are some of the major companies profiled in this report.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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