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Automotive lights provide great visibility to drivers during the night and eliminate risks associated with accidents. As per the information published by the World Health Organization (WHO), approximately 1.25 million road fatalities are recorded annually because of accidents. Companies in the market of automotive lighting have made some major advancements in technology to improve the quality of the lights. For example, Osram undertook an initiative to create organic light-emitting diode (OLED) lights in car headlights to enhance visibility and boost the intensity of the lights. These lights enhance the product's visual appeal and provide better visibility during storms, rains, and other harsh weather conditions.
COVID-19 Pandemic: Halt on Transport to Decline Sales Performance
Global product sales are adversely affected during the COVID-19 pandemic as the market faces a downward spiral. This downward spiral is attributable to the government's lockdown regulations because of increasing prevalence of COVID-19. The commercial and passenger vehicle segment is facing huge losses because of the lockdown. However, the companies are operating at half capacities and allocating less time to laborers to avoid the spread of infection. For example, Valeo, a French global automotive company, allotted part-time work shifts to its workers to continue its activities and balance costs.
Fortune Business Insights™ lists the top 5 companies that are dominating the global market of automotive lighting. Let’s take a look at these promising manufacturers:
Headquartered in Lippstadt, Germany, Hella GmbH & Co. KGaA is a major shareholder in the market. The company was established in 1899 and is a major manufacturer of automotive lights, electronic devices, and automotive systems. It specializes in the creation of headlamps and electric control circuits. Additionally, it provides a slew of automotive lighting products comprising floodlights, headlights, interior halogen, LED, and xenon lights taillights. The company received a supply order from volume and premium manufacturers for providing automotive lights. This order enhanced the company's market position significantly.
KOITO MANUFACTURING CO., LTD. is another major manufacturer in the market. It was established in April 1915 and headquartered in Takanawa, Minato-ku, Tokyo. The company is a leading manufacturer of lighting equipment, aircraft components, electrical devices, and other products. The company has announced lighting equipment to satisfy the requirement of the users. KOITO MANUFACTURING CO., LTD. completed the acquisition of India Japan Pvt Ltd (IJLPL) in December 2019. The acquisition provided substantial profits to the company and enhanced its market position.
Magneti Marelli is a component manufacturer that was established in 1919. Its headquarters is situated in Corbetta, Italy. Its automotive lighting department has established over 16 manufacturing facilities, 13 application hubs, and 2 research facilities worldwide. In October 2020, Magneti Marelli and XenomatiX signed an agreement for a joint venture. This joint venture would provide Magneti Marelli with XenomatiX's LiDAR modules for Advanced Driver Assistance Systems (ADAS) and autonomous driving (AD) applications.
OSRAM GmbH was established in Berlin in 1919 and headquartered in Munich. It is a world-renowned high-tech photonics company. It is a dominant manufacturer of automotive lighting equipment. The company undertook the acquisition of Ring Automotive in February 2019. This acquisition enabled the company to provide a novel range of products and enhance its post-sales services.
Valeo is a French automotive manufacturer that was established in 1923 and headquartered in Paris, France. The company is focusing heavily on the production of wiper and lighting systems. The product offers drivers enhanced road visibility during harsh rains and stormy weather, thereby eliminating the risk of accidents. The company manufactures interior and exterior lights to satisfy the requirements of automobile manufacturers. Major companies such as Honda, BMW, Ford, BYD auto, Mitsubishi, Nissan, Renault, Hyundai, Suzuki, Volkswagen, and TATA Motors are customers of Valeo.
The companies mentioned above are pushing the latest technology and making the best use of their resources to maintain their position. This race is expected to keep the segment for automotive lighting relevant. But the only question that remains unanswered is if this market will survive during the pandemic or will it slump immensely? The rapid development of vaccines might answer this question. There is a massive market for vehicles due to the frequent supply of vaccines through road transport in the time of crisis.