On-Highway Vehicle Lighting Market Is Projected to Register a CAGR of 4.9% From 2021 to 2028 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, increasing penetration of LED lighting in the automotive industry coupled with growing sales of passenger cars and commercial vehicles is expected to drive the market growth.

The global on-highway vehicle lighting market size is expected to reach USD 37.74 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 4.9% from 2021 to 2028. The growing adoption of the latest technologies in automotive lighting and increasing penetration of LED lighting in the automotive industry are anticipated to drive the demand for on-highway vehicle lighting. Automotive lighting has continuously been evolving as manufacturers seek innovative ways to strengthen safety, improve performance, and enhance aesthetics. Headlamps are particularly expected to witness developments in line with advancements in LED and laser technologies.

Prominent market players are coming up with laser headlights featuring advanced lighting technology. For instance, Osram provides its laser headlights to automotive manufacturers such as BMW and Audi. Models such as Audi R8 and R8 LMX, BMW i8, and BMW 7 series feature Osram’s laser headlights. Laser headlights provide luminance of up to five times higher than other light sources. They also provide a better high beam range of 300-600 meters as compared to conventional headlights.

The COVID-19 pandemic has impacted the demand for on-highway vehicle lighting in 2020. The pandemic has resulted in restrictions and lockdowns across the globe, subsequently leading to losses for industries such as manufacturing, automobile, entertainment, restaurant, and hospitality. This slumped business scenario is anticipated to negatively impact automotive production and demand for on-highway vehicle lighting. The global automotive production witnessed an approximate 16% decline in 2020 as compared to 91.8 million units in 2019. However, with the revival of economies and the gradual relaxation of restrictions, the market is likely to witness significant growth over the forecast period.

Asia Pacific captured around 50% of the on-highway vehicle lighting demand in 2020 and is estimated to register the highest CAGR of 5.3% 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.

 

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On-highway Vehicle Lighting Market Report Highlights

In terms of product, the LASER segment is estimated to register the highest CAGR of 12.5% from 2021 to 2028 owing to the increasing demand for luxury vehicles across the developed and emerging economies
In terms of application, the headlight segment emerged as the largest segment in 2020 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% in 2020. The segment is projected to record the highest CAGR from 2021 to 2028
Asia Pacific captured over 50% of the market share in 2020. The region is expected to retain dominance over the forecast period owing to increasing passenger car sales in emerging economies such as China and India

 

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On-highway Vehicle Lighting Market Segmentation

Grand View Research has segmented the global on-highway vehicle lighting market based on product, application, vehicle type, and region:

On-highway Vehicle Lighting Product Outlook (Revenue, USD Million, 2016 – 2028)

Halogen
HID
LED
Incandescent
LASER

 

On-highway Vehicle Lighting Application Outlook (Revenue, USD Million, 2016 – 2028)

Headlight
Exterior Lights
Interior Lights

 

On-highway Vehicle Lighting Vehicle Type Outlook (Revenue, USD Million, 2016 – 2028)

Motorcycle
Passenger Cars
Buses
Light Trucks (Class 1-3)
Medium Trucks (Class 4-6)
Heavy Trucks (Class 7 & 8)

 

On-highway Vehicle Lighting Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America
U.S.
Canada
Europe
Germany
U.K.
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa (MEA)

 

List of Key Players in the On-highway Vehicle Lighting Market

KOITO MANUFACTURING CO., LTD.
Koninklijke Philips N.V.
Marelli Automotive Lighting
Valeo
Zizala Lichtsysteme GmbH (LG Electronics)
TYC Genera
Spyder Auto
Maxxima
Optronics International LLC

 

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Browse More Related Report:

Off-highway Vehicle Lighting Market Size, Share & Trends Analysis Report By Product (LED, Halogen, HID, Incandescent), By Application, By End-use, By Vehicle Type, And Segment Forecasts, 2021 – 2028

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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