Project report for Automotive Light Manufacturing

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Introduction

In India, Rising number of road accidents during bad weather conditions and night is the prime concern among vehicle drivers. This has risen the demand for reliable and brightened automotive lights. The India automotive lighting market is segmented based on lighting technology, application, sales channel type, and vehicle type. The lighting technology, it is divided into halogen, xenon, and LED. Vehicle manufacturers are showing great interest in integrating LED lights in vehicles, as these lights consume less power and have a longer life when compared to halogen and HID lights. The automotive manufacturers are developing new lighting technologies and are focusing on the major lighting components, such as headlights, that may help them to earn more profit.

Lighting is a vital component in automotive vehicles.  It plays an important role in automotive safety. An automotive vehicle consists of variety of lights to increase the visibility in darkness and bad weather conditions, and increase the conspicuity of the vehicle. The lighting system comprises lighting and signaling devices, which are placed at different locations in the vehicle such as the front, rear, side, and interiors. Lighting provides illumination for the driver and assists other vehicle drivers and pedestrians on the road to detect the vehicle’s position, direction of movement, and size. It also adds aesthetic looks to both interior and exterior parts of the vehicle. The emergence of LED lights witnessed an increased demand due to their long life span and brightness.

Market potential & Strategy

The automotive lighting market was valued at INR 19330 Crores in 2020 and ,the market is expected to garner INR 22600.27 Crores by 2022 and projecting a CAGR 6.55% during the forecast period  2022 to 2026. The Indian automotive lighting market has witnessed significant growth on account of increased automotive sales and economic growth. It is driven by increasing population and concerns about vehicle safety triggered by government regulations. Growing automobile production across the globe boosts the automotive lighting market. Rising manufacture of electric cars owing to reduced fuel expenses and harmful environmental emissions majorly influence the automotive lighting market revenue. LED lights have emerged as a powerful source for lighting over the past several years.

 Due to their numerous advantages over conventional lighting technology, they have swiftly gained prominence in the Indian lighting market. Although Indian LED lighting market is at a nascent stage, it offers innumerable opportunities for growth over the next few decades. As India represents one of the biggest lighting markets, it offers a lucrative option for LED manufacturers to set up their facilities in the region. Skilled labour, ease of doing business and demographic advantages provides a sustainable environment for the LED industry.

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