Global Automotive High-mount Stop Lamp Market – Strong Demand from APAC | Technavio

By , in PR PR Sci/Tech on .

LONDON–The latest market research report by Technavio on the global automotive high-mount stop lamp (HMSL) market predicts a CAGR of more than 4% during the period 2017-2021.

The report segments the global automotive high-mount stop lamp market by application (passenger cars and light commercial vehicles) and by geography (the Americas, EMEA, and APAC). It also provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global automotive high-mount stop lamp market, according to Technavio automotive researchers:

  • HMSL is a mandatory safety equipment: a major market driver
  • High penetration rate of automotive HMSL in developed economies due to stringent safety norms
  • In 2016, APAC constituted a market share of close to 46% in the global automotive HMSL market.
  • HELLA, KOITO MANUFACTURING, Magneti Marelli, and OSRAM are the leading players in the market

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Market growth analysis

The use of HMSL has been mandatory in countries such as the US and Canada 1986, with many countries following suit over the years. Various government regulatory bodies are making safety equipment mandatory in both the PCs and CVs to minimize the risk and enhance the driving experience.

Due to an increase in disposable income and income levels of the customers and lower fuel prices in developing economies, the auto manufacturers are emphasizing on improving the safety features of the automobile, which will help to boost the demand for automotive high-mount stop lamp market during the forecast period.

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Geographical analysis

Technavio researchers anticipate high growth for the global automotive high-mount stop lamp market in APAC as there is a rise in demand for PCs and LCVs in the developing economies, such as China and India. The number of rear-collision accidents is increasing every year in the above-mentioned countries due to which customers are becoming more sensitive toward safety needs. This augurs well for the growth of the automotive HMSL market in APAC.

According to Amey Vikram, a lead analyst at Technavio for research on automotive electronics, “In APAC, China constituted the majority of the market share of vehicle production in 2016, followed by Japan and India. As there is an increase in the production of automobiles, an increase in the demand and sales of automotive HMSL will also be seen during the forecast period.”

Competitive vendor landscape

The automotive high-mount stop lamp market is a fragmented market with various regional and global players, such as HELLA, OSRAM, KOITO MANUFACTURING, and Magneti Marelli. However, as global players are increasing their footprint, regional vendors are finding it difficult to compete with them on various significant aspects, such as advancements in technology, quality, price, product features, and design.

The competitive environment in this market is expected to intensify further with the increase in demand for PCs and LCVs. However, the low-cost regional players, especially in China, South Korea, and India, occupy the cost-centric markets, such as the Asian markets, by differentiating through low pricing.

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Maria Burns

Maria Burns

Maria is a Viral News Editor who graduated from the University Of California. She likes social media trends, being semi-healthy, Buffalo Wild Wings and vodka with lime. When she isn’t writing, Maria loves to travel. She last went to Thailand to play with elephants and is planning a trip to Bali.
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