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.
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Connected car and electrification are the running trends in the automotive vertical. Electric vehicles are the talk of the emerging markets as well. Also, revolution on the part of after-sales is expected. This comes in light of call for certainty. Also, there would be a paradigm shift to computing power (from horsepower). In other words, automakers are needed to re-invent themselves in the form of digital company.
Automotive digital retail would be another form of organized automotive market. Contract durations would also be flexible. Easier vehicle swapping would be turning the tide in the favour of consumers. Persistence Market Research is looking through every facet of the automotives vertical through its dedicated team of analysts and consultants.
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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.
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.
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