The global on-highway vehicle lighting market size is projected to reach USD 41.3 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 4.9% from 2022 to 2030. The surge in the adoption of the latest technologies in automotive lighting and rising penetration of LED lighting in the automotive industry are expected to drive the demand for on-highway vehicle lighting in the coming years. Automotive lighting has continuously evolved over the years as manufacturers seek innovative ways to improve performance, enhance aesthetics and strengthen safety. Headlamps are particularly anticipated to witness developments in line with advancements in laser and LED technologies.
On-highway Vehicle Lighting Market Highlights
- In terms of product, the LASER segment is estimated to register the highest CAGR of 6.8% from 2022 to 2030 owing to the increasing demand for luxury vehicles across developed and emerging economies
- In terms of application, the headlight segment emerged as the largest segment in 2021 and is anticipated to retain its dominance over the forecast period
- In terms of vehicle type, the passenger car segment accounted for a dominant share of over 44.1% in 2021. The segment is projected to record the highest CAGR from 2022 to 2030
- Asia Pacific captured over 51.6% of the market share in 2021. The region is expected to retain dominance during the period in study owing to increasing passenger car sales in emerging economies such as China and India.
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On-Highway Vehicle Lighting is the application of illumination systems such as headlamps, backlights, outside and exterior lights, or internal lights, primarily for the purpose of improving safety by increasing visibility of roadside hazards, lanes and recognizing the road, obstacles, and traffic signs and reduce the effects of glare from other light sources or designed to enable drivers to style their car in the visual environment. The market is dominated by headlight application segment.
Rapid increase in night driving owing to long work hours is anticipated to propel the demand for on-highway vehicle lighting. Ambient lighting is used to improve the visual appearance of the vehicle. Furthermore, changing climate in numerous countries owing to global warming generates smog, which limits the visibility while driving, thereby leading to major accidents. External vehicle lighting is used in order to curb such accidents from occurring. This, in turn, will positively influence the industry growth.
Asia Pacific captured around 50% of the on-highway vehicle lighting demand in 2021 and is estimated to register the highest CAGR of 5.2% over the forecast period. The growing investments in lighting technology and evolving automotive industry in emerging economies such as China and India are expected to drive the growth of the LED and LASER markets. The Make In India campaign is expected to draw substantial investments in the automotive sector owing to several benefits in the country such as low-cost labor and cheaper raw materials.
On-highway Vehicle Lighting Market Insights By Demographics
Asia Pacific accounted for the largest revenue share and is expected to retain its dominance during the period in focus. It is projected to register the highest CAGR from 2022 to 2030, due to the improved demand for passenger vehicles in various emerging economies such as India and China. Europe is estimated to register the second-highest CAGR.
Competitive Analysis By Major Companies
Organic growth remains the key strategy for the overall industry, with a focus on mergers and acquisitions to expand presence and product offerings. Market players are also focusing on product launches aimed to expand product offerings and to meet consumer demands. Some prominent players in the on-highway vehicle lighting market include:
- KOITO MANUFACTURING CO., LTD.
- Koninklijke Philips N.V.
- Marelli Automotive Lighting
- Valeo
- Zizala Lichtsysteme GmbH (LG Electronics)
- TYC Genera
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On-highway Vehicle Lighting Market Segmentation
Grand View Research has segmented the global on-highway vehicle lighting market based on the product, application, vehicle type, and region:
- On-highway Vehicle Lighting Product Outlook (Revenue, USD Million, 2018 – 2030)
- On-highway Vehicle Lighting Application Outlook (Revenue, USD Million, 2018 – 2030)
- On-highway Vehicle Lighting Vehicle Type Outlook (Revenue, USD Million, 2018 – 2030)
- On-highway Vehicle Lighting Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players of On-highway Vehicle Lighting Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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