San Francisco, 24
September 2018: 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 companiesi. 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.
Access Research Report
of On-Highway Vehicle
Lighting Market @ www.grandviewresearch.com/industry-analysis/on-highway-vehicle-lighting-market
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.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has
segmented the global on-highway vehicle lighting market on the basis of product
type, application, vehicle type and region:
On-Highway Vehicle Lighting Product Type (Revenue, USD
Million, 2014 - 2025)
·
Halogen
·
High Intensity Discharge (HID)
·
LED
·
Incandescent
·
LASER
On-Highway Vehicle Lighting Application Outlook (Revenue,
USD Million, 2014 - 2025)
·
Headlights
·
Other External Lights
·
Interior Lights
On-Highway Vehicle Lighting Vehicle Type Outlook
(Revenue, USD Million, 2014 - 2025)
·
Motorcycle
·
Passenger Car
·
Buses
·
Light Truck (Class 1-3)
·
Medium Truck (Class 4-6)
·
Heavy Truck (Class 7&8)
On-Highway Vehicle Lighting Regional Outlook (Revenue,
USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
Japan
o
India
·
Latin America
o
Brazil
o
Mexico
·
MEA
Access Press Release of
On-Highway Vehicle Lighting Market@ www.grandviewresearch.com/press-release/global-on-highway-vehicle-lighting-market
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.
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