On-highway Vehicle Lighting Market Growth & Trends
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.
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.
Request a free sample copy or view report summary: On-highway Vehicle Lighting Report
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.
Comments