On-Highway Vehicle Lighting Market Size Worth USD 42.03 Billion by 2025
The global on-highway vehicle lighting market size is expected to reach USD 42.03 billion by 2025, according to a study conducted by Grand View Research, Inc., exhibiting a 5.4% CAGR during the forecast period. Government regulations for improved visibility and increasing penetration of energy-efficient light sources have bolstered the market growth. Increasing adoption of LED lamps and growing emphasis on technological innovations are estimated drive the market further. Automobile manufacturers are increasingly adoption energy-efficient and more advanced lighting technologies, such as LASER and Light-Emitting Diode (LED).
LED lamps are more energy-efficient, durable, and have the higher operational life span (over 50,000 hours) than other sources, such as incandescent, xenon, and halogen bulbs. Thus, longer lifespan and low energy consumption would drive the demand for LED lights in the coming years. Companies such as Koito Manufacturing Co. Ltd., Stanley Electric, Hella KGaA Hueck & Co., and Magneti Marelli S.p.A provide LED lights in different shapes for a number of automotive applications.
Asia Pacific is expected to be the dominant regional market over the forecast period owing to the rapidly growing automotive sector. Moreover, stringent regulations by local governments regarding the use of energy-efficient lighting sources are also likely to open up new growth opportunities for the companies. For instance, in 2017 the Indian government has mandated the use of Daytime Running Lamps (DRLs) and Automatic Headlamp On (AHO) for two-wheelers, which in turn shall accelerate the Asia Pacific on-highway vehicle lighting market growth.
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Further key findings from the study suggest:
- LED is expected to emerge as the dominant product type segment due to declining prices of LED lights as a result of extensive R&D to introduce advanced products
- The headlight segment is expected to be the leading application segment owing to the increasing use of light sources across front headlamps, DRLs, side lamps, and fog lamps
- Asia Pacific is expected to be the largest and fastest-growing region over the forecast period. This growth is mainly due to expanding automotive sector in the emerging economies such as China and India
- Prominent industry participants include Koito Manufacturing, Ltd., Valeo S.A., Koninklijke Philips N.V., and Magneti Marelli S.p.A.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.