Key players operating in the automotive multifunction lamp market are HELLA GmbH & Co. KGaA, Oracle Lighting, Vehicle Safety Manufacturing, Stanley Co., Inc., UK Automotive, Venta, Perei Group Ltd., LED AUTOLAMPS, and Infineon Technologies AG.
Automotive multifunction lamps are newly developed lamps which can be used for different purposes in a vehicle. Generally, in a vehicle, lamps are used as head lamp, tail lamp, stop signal, turn signal, reverse signal, and fog light. By employing a multi-function lamp, some of these tasks can be performed by a single light instead of using separate light for each purpose by employing a multifunction lamp. The multifunction lamps are also known as combination lamps.
Vehicle manufacturers are focusing on reducing the weight of the vehicle due to stringent emission norms and increase in demand for vehicle efficiency from consumers. 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.
Cost is a major factor that is taken into consideration by auto manufacturers while manufacturing a vehicle. Multifunction lamps are more expensive than the simpler type of lamps. This is key restraint for the automotive multifunction lamp market
The automotive multifunction lamp market is segmented based on number of features, position, vehicle class, vehicle type, sales channel, and region. Based on 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.
Based on 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. Based on 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.
In terms of 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.
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.