Increase in Demand for Vehicle Efficiency from Consumers to Drive the Automotive Multifunction Lamp Market

Transparency Market Research in its new report titled, “Automotive Multifunction Lamp Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the automotive multifunction lamp market. The TMR report anticipates that the increase in demand for vehicle efficiency from consumers will drive the automotive multifunction lamp market during the forecast period i.e, 2018-2026. Therefore, newly designed components which can perform multiple components task are preferred by manufacturers. This factor is projected to drive the automotive multifunction lamp market during the forecast period. Furthermore, increase in automation and implementation of advanced electronic features in a vehicle are driving the automotive multifunction lamp market, says the report.


The TMR report has segmented the automotive multifunction lamp market based on number of features, position, vehicle class, vehicle type, sales channel, and region. In terms of number of features, the automotive multifunction lamp market is segmented into two categories. Most of the multifunction lamps comprise of two features, stop signal and turn signal. Major share of the market is held by double functioning lamps segment. In terms of position, the market is segregated into two segments. As the number of lamps placed at rear of the vehicle are more, most of the multifunction lamps are specifically designed for tail lamps. Therefore, the tail lamp segment of the market dominates the market. In terms of vehicle class, the market is segmented into four categories. Luxury class vehicles have a high demand for advanced and sophisticated technologies, such as multifunction lamp. Several luxury class vehicles are equipped with the multifunction lamps. The luxury class segment accounted for a large share of the automotive multifunction lamp market. On the basis of vehicle type, the market is bifurcated into two categories. High demand for vehicle safety by consumers is projected to increase demand for multifunction lamps in passenger vehicles.


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In accordance with sales channel, the automotive multifunction lamps market is divided into two categories. Consumers prefer for OEM fitted lamps owing to higher cost of multifunction lamps in the aftermarket. Therefore the OEM segment dominates the market. On the basis of geographical stand, the automotive multifunction lamp market is segmented into five prominent regions. North America and Europe dominate the automotive multifunction lamp market due to higher adoption to advanced technology, preference for luxury class vehicles and top-end models of vehicle, and high demand for vehicle sophistication and automation. Some of the major players operating in the automotive multifunction lamp market are profiled in this report to give a better competitive analysis of the market and these include HELLA GmbH & Co. KGaA, Oracle Lighting, Vehicle Safety Manufacturing, Stanley Co., Inc., UK Automotive, Venta, Perei Group Ltd., LED AUTOLAMPS, and Infineon Technologies AG.


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