The global on-highway vehicle lighting market size is projected to reach USD 42.03 billion by the end of year 2025 and registering a CAGR of 5.4% over the forecast period from 2018 to 2025, according to a new report by Million Insights. Governments' initiative for improving road safety and strict regulations for energy-efficient lighting sources across the globe are major factors expected to drive market growth over the forecast period. Technological advancement in light resources and growing adoption of LED lights in vehicles is projected to further drive the market growth. Therefore, automakers are adopting advanced light sources such as LEDs and LASER.
LED lights are more eco-friendly and energy-efficient compared to halogen, xenon and incandescent lamps. Hence, low energy consumption and a longer lifespan are expected to increase demand for LED lights from the automotive industry. Stanley Electric, Magneti Marelli S.p.A, HellaKGaAHueck & Co., and Koito Manufacturing Co. Ltd. companies offer LED lights along with different designs and shapes for automotive applications.
Asia Pacific is expected to lead the global on-highway vehicle lighting market over the forecast period due to the significant growth of the automotive industry. In addition, strict regulations by governments across several countries regarding energy-efficient lighting systems are expected to boost the market growth in this region. For example, in 2017, Indian government mandated the usage of Automatic Headlamp On (AHO) and Daytime Running Lamps (DRLs) which is expected to accelerate the market growth in Asia Pacific.
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Further key findings from the report suggest:
• Among product types, the LED segment is projected to hold the largest market share, as they are energy efficient and declining prices.
• The headlight segment is anticipated to dominate the market due to growing adoption of headlights for DRLs, side lamps, front headlamps and fog lamps.
• Asia Pacific is expected to dominate the market and register fastest growth over the forecast period.This is due to expansion of automotive industry in emerging countries.
• Valeo S.A.,Magneti Marelli S.p.A., Koito Manufacturing, Ltd., and Koninklijke Philips N.V. are the prominent players operating in this market.
Million Insights 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 Outlook(Revenue, USD Billion, 2014 - 2025)
• High Intensity Discharge (HID)
On-Highway Vehicle Lighting Application Outlook (Revenue, USD Billion, 2014 - 2025)
• Other External Lights
• Interior Lights
On-Highway Vehicle Lighting Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Passenger Car
• Light Truck (Class 1-3)
• Medium Truck (Class 4-6)
• Heavy Truck (Class 7 & 8)
On-Highway Vehicle Lighting Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Latin America