The automotive tail light is likely to expand at a CAGR of 3.8% by 2022 end, driven by behemoth transformations in the global automotive industry at the technological front. An amalgamation of various factors, ranging from evolving regulatory frameworks to dynamic consumer preferences, is likely induce large-scale diversification in the automotive tail light manufacturing processes. These insights are as per the latest Fact.MR report that pinpoints at an optimistic scenario for the automotive tail light market in the future.
“The relevance of automotive lighting vis-à-vis enhancing the aesthetic appeal of an automobile remains undeniable, which in turn makes automotive tail light an indispensable investment. Emerged as global mega-trend, the prominence of automotive lighting has become highly evident than ever, offering profit-making opportunities for manufacturers to capitalize on” quoted a senior analyst at Fact.MR
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With an increased vigor of technical advances in the global automotive industry, motorists and vehicle enthusiasts are actively also seeking new technological developments in automotive tail lights. This, in turn, is encouraging manufacturers to experiment with new designs and integrate latest features to be at the forefront of technological developments.
As per the Fact.MR report, halogen is likely to evolve as the most sought-after source through the forecast period, with more than half of the total value of automotive tail light market. LED remains the highly-used technology with manufacturers of automotive tail lights extensively focusing on amelioration of their products’ functionality using different technologies.
Sales of Automotive Tail Light to Flourish Via Aftermarket
Aftermarket, with estimated sales revenue exceeding US$ 8 Bn by 2022 end, is likely to emerge as the most profitable sales channel providing enough scope for the manufacturers to thrive. However, some influential aspects such as dynamic customer expectations, heightened embracement of new technologies, and shifts in terms of competitive power are likely to induce dramatic influences on sales of automotive tail light via aftermarket channels.
Use of laser lights has been identified as a key trend in the global market space, which is broadening new horizons vis-à-vis designs as well as performance of automotive tail lights. Increasing demand for dynamic bend lighting is also fostering new developments in the automotive tail light market space.
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Manufacturers to Focus on Product Amelioration with Technological Advancements
Another prominent trend is the increasing demand for rear taillight bars that is likely to gain eminence in case of the new-age luxury vehicles. With an anticipated valuation worth US$ 5 Bn by 2022 end, passenger cars are foreseen to remain buoyant in the automotive tail lights market, driven by augmented focus on driving with minimum adversity. With interactive automotive tail light clusters raising the bar of safety, projection of 3D holograms comprising of information onto the road is likely to emerge as a futuristic trend in the automotive lighting systems market.
Growing consumer inclination toward lightweight, sleek, and functional vehicles are resulting in large-scale innovations in each of the structural as well as functional vehicular component, including automotive tail light. With evolving customer perceptions with respect to product efficacy in the automotive industry, manufacturers of automotive tail lights have started focusing on enhanced functionality, rather than just concentrating on improved aesthetics.
Fact.MR’s report offers an end-to-end assessment with new profit-making opportunities in the automotive tail light market.
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