Global On-Highway Vehicle Lighting Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global On-Highway Vehicle Lighting Market: Overview
“The global On-Highway Vehicle Lighting Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Lighting is a major concern for vehicle and passenger safety. On-highway vehicle lighting is a term used for lighting used in passenger and commercial vehicles, excluding off-road vehicles. All vehicles are equipped with various types of lighting such as exterior and interior. Interior lighting is basically used to improve esthetic appearance of interior of the vehicle.
Global On-Highway Vehicle Lighting Market: Dynamics
Increasing government regulations in order to improve visibility and increasing penetration of energy-efficient light sources are major factors expected to drive growth of the global market over the forecast period.
In addition, rising adoption of energy-efficient and advanced lighting technologies, such as LASER and Light-Emitting Diode (LED) by automobile manufacturers across the globe is another factor expected to further boost growth of the target market over the forecast period.
Moreover, technological advancements in automotive lighting, improved energy efficiency, and increasing focus towards road safety are some other factors expected to propel growth of the global market over the forecast period.
Furthermore, increasing concerns and stringent government regulations regarding road safety is among the important factor expected to boost growth of the target market over the forecast period.
However, changing climate across various countries, due to global warming creates smog, which acts as a key restraint for the global market over the forecast period.
Ongoing trend observed in the target market is increasing research and development activities and increasing investments in LED technology, which result in decrease the prices of LED lamps. This trend is expected to continue over the forecast period and support growth of the target market.
Stringent government regulations regarding the use of energy-efficient lighting sources are expected to create potential revenue opportunities for players operating in the target market over the forecast period. For instance, in 2017 the government of Indian mandated the use of Daytime Running Lamps (DRLs) and Automatic Headlamp On (AHO) for two-wheelers, which in turn expected to support growth of to the market in Asia Pacific.
Global On-Highway Vehicle Lighting Market: Segment Analysis
Among the product segments, the LED segment is expected to dominate in the target market over the forecast period, owing to cost-effective LED lights as extensive R&D activities in order to introduce advanced and innovative products.
Among the application segments, the headlight segment is expected to register significant growth in terms of revenue over the forecast period, owing to increasing demand for light sources across front headlamps, DRLs, side lamps, and fog lamps.
Among the vehicle type segments, the passenger car segment is expected to account for highest market share over the forecast period.
Global On-Highway Vehicle Lighting Market: Regional Analysis
The market in Asia Pacific is expected to dominate in the global on-highway vehicle lighting market in terms of revenue over the forecast period, owing to rapidly growing automotive industry across emerging economies such as India and China.
The market in Europe is expected to register second-highest growth in terms of CAGR over the forecast period, owing to stringent government regulations across various countries in this region.
The market in North America is expected to register significant growth in terms of revenue over the forecast period, owing to increasing preference towards road safety across various countries in the region.
Global On-Highway Vehicle Lighting Market Segmentation:
Segmentation by product type:
- High Intensity Discharge (HID)
Segmentation by application:
- Other External Lights
- Interior Lights
Segmentation by vehicle type:
- Passenger Car
- Light Truck (Class 1-3)
- Medium Truck (Class 4-6)
- Heavy Truck (Class 7&8)
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Koito Manufacturing Co., Ltd.
- Valeo SA
- Koninklijke Philips N.V.
- Magneti Marelli S.p.A.
- HELLA GmbH & Co. KGaA
- LG Display Co., Ltd.
- Hyundai Mobis Co., Ltd.
- Neolite ZKW Lightings Pvt. Ltd.
- Johnson Electric Holdings Limited
- De Amertek Corp. Inc.
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