The GCC Automotive Lighting market is witnessing robust growth due to a burgeoning demand for automobiles due to a growing disposable income and extensive rise in the population in the region. Apart from these, the increasing preference of customers for lighting technology in the high-end vehicle segment such as SUV and Sedan and growing adoption and integration of the technologically advanced lighting systems such as adaptive front light systems are paving new opportunities for the automotive lighting manufacturers. Moreover, the rising inclination toward the installation of laser and LED lights in the automobiles is leading to greater attention of the leading players in the market as these lights have a longer life span and consume less power as compared to the conventional halogen and HID lights. Thus, this is projected to promote the growth of GCC Automotive Lighting market in the forecast period.
According to MarkNtel Advisors’ research report titled “GCC Automotive Lighting Market Analysis, 2021”, the GCC Automotive Lighting market is expected to grow at a CAGR of around 6.50% during 2021-26. COVID-19 in the first half year of 2020 disrupted the supply chain of automotive in the GCC region owing to the lockdown situation which has had a pessimistic impact on the automotive lighting demand. However, after the end of the lockdown, the production of the automotive vehicles began in full swing. Hence, this is anticipated to fuel the growth of the market in the forthcoming period.
“GCC Automotive Lighting Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for GCC automotive lighting providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
LED Segment is Expected to Attain Highest CAGR in the Coming Years
Based on Type, LED segment is expected to attain highest CAGR in the coming years. The installation of automotive lighting helps in improving the efficiency of the vehicles that has greatly shifted the attention of the vehicle manufacturers toward the automotive lighting industry, thereby, fostering the overall growth of the market. Moreover, LED lights offer excellent quality emitting diodes, strength and durability due to which a sturdy growth is witnessed in 2020 and the same trend is expected to follow throughout 2026 as stated in the MarkNtel Advisors’ research report “GCC Automotive Lighting Market Analysis, 2021”.
According to MarkNtel Advisors, the key players with a considerable market share in the GCC Automotive Lighting market include Hella Middle East, OSRAM Middle East, Valeo, etc.
Key questions answered in the study: