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On-Highway Vehicle Lighting Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2029

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The Global On-Highway Vehicle Lighting Market is estimated to be valued at USD 41 billion by 2029 end and is projected to register a CAGR of over 4.8% during the forecast period 2019-2029. On-highway vehicle lighting is the one that is used in comme
On-Highway Vehicle Lighting Market Global Trends, Market Share, Industry Size,
Growth, Opportunities, and Market Forecast 2019 to 2029
The Global On-Highway Vehicle Lighting Market is estimated to be valued at USD 41
billion by 2029 end and is projected to register a CAGR of over 4.8% during the
forecast period 2019-2029.
On-highway vehicle lighting is the one that is used in commercial and passenger
vehicles which excludes off-road vehicles. Vehicle lighting, external lighting in
particular, are of paramount importance for passenger and vehicle safety. Numerous
innovative and unique ideas are being implemented in vehicular lighting technology
which is one of the integral factors that propel market proliferation.
Market Drivers and Restraints:
There has been a rise in the number of vehicles driving during night time due to
dense traffics and long working hours which has assisted in the proliferation of the
market. With respect to interior vehicular lighting, there has been innovations in this
sector owing to a growing demand for high-quality aesthetics which are enhanced by
these lightings thus propelling the market proliferation.
However, changing climatic conditions due to global warming creates smog which
reduces visibility while driving. Situations like these have resulted in major accidents
and such incidences can impede market growth.
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Insights on Global On-Highway Vehicle Lighting Market:
1. By Region
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North America
Europe
Asia Pacific
Rest of the World
Asia Pacific region holds the largest market share owing to a growing vehicle
production in emerging economies like India, China and South Korea. European
region is anticipated to showcase a significant escalation in the market as a result of
strict government rules and enforcements with regards to the use of energy-efficient
lighting in automobiles. The North American region is likely to endeavour a
significant market augmentation owing to a soaring focus on road safety that
provokes the automotive OEMs to use innovative lighting technologies.
2. By Light Source
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LED
OLED
Halogen
Xenon
LASER
Others
Light emitting diodes (LED) are cheap and are easily available. They also require low
power input which saves ample electricity and these are some integral factors that
increase their demand in the market. Furthermore, LEDs are integrated with
different latest technologies and create something as innovative as micro-adaptive
front light system (micro-AFS).
LASER light is expensive and is primarily used for exterior lighting. As they are
expensive, LASERS are preferred by consumers who have a high spending capability
and that is the reason this segment is likely to witness a slow market augmentation.
3. By Vehicle Type
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Passenger Vehicles
Commercial Vehicles
The passenger vehicle segment subjugated the majority market share in 2017 and is
expected to grow substantially during the forecast period. With an ever-growing
population in emerging economies like India and China, the demand for passenger
vehicles will increase resulting in the proliferation of the market.
4. By Application
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Headlights
Interior Lights
Other External Lights
The headlight segment majorly influences the market owing to its growing demand
in low and mid-range vehicles, who account for the largest market share of the total
vehicle production across the world. Furthermore, the interior lights segment has the
potential to showcase significant market proliferation as it required to enhance the
internal aesthetics of the vehicle.
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Competitive Landscape:
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Tier 1 players- established companies in the market with a major market
share
Tier 2 players
Emerging players which are growing rapidly
New Entrants
Osram micro-Adaptive Forward Lighting System (AFS) for on-highway vehicle
lighting guarantees their market dominance in upcoming years
Osram’s AFS technology is to be used on vehicle headlamps. For each headlamp,
three LED chips will be used and each chip will consist of 1024 pixels. The most
interesting part of this lighting system is it does not require wires to control each and
every pixel. Furthermore, it is adaptive in nature as it is controlled by the central
computer of the vehicle which sends commands to the control unit which then
commands the silicon chip of the headlamp. This technology has made night driving
much easier as compared to halogen lighting system.
Osram has partnered with renowned companies like Daimler, Hella and Infineon in
order to integrate the AFS technology with major automobile players like MercedesBenz.
Key Market Players:
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Osram
Koito Manufacturing Co. Ltd.
Stanley Electric
Hella KGaA Heuck & Co. Ltd.
Magneti Marelli S.p.A
FutureWise Key Takeaways:
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Innovations in the LED technology will result in a significant market escalation
considering the amount of electricity LEDs save and the efficiency that they
provide
The concept of daytime running lamp in automobiles makes it easier for road
users to see the vehicle and this new lighting technique is especially useful in
Scandinavian countries where there is no sunlight for almost a year
Objectives of the Study:
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To provide with an exhaustive analysis on the on-highway vehicle lighting
market by region, by light source, by vehicle type, by application
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To cater comprehensive information on factors impacting market growth
(drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North
America, Europe, Asia Pacific and rest of the world
To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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