Press release
Automotive Xenon Light Market: Rising Demand for Esthetics & Low-Energy Consumption Lights is Anticipated to Drive And Growth by 2026
Introduction:
Rise in vehicle production is a primary driver for the xenon light market. High demand for vehicles and rise in consumer affordability are boosting the demand for premium vehicles in BRICS nations. Xenon lights can produce whiter light than halogen lamps, and they also have longer shelf-life. They are widely utilized in premium and high-end vehicles, as they improve esthetics of the vehicle. Rise in demand for premium and luxury vehicles is thus expected to drive the demand for automotive xenon lights. Xenon lights consume less electricity and deliver brighter light; consequently, they are being increasingly adopted by automakers. Rise in demand for esthetics and low-energy consumption lights is anticipated to drive the xenon light market.
Development in other automotive lighting technologies, such as LED and laser headlights, is projected to restrain the automotive xenon light market. Several low segment vehicles employ halogen lights, as they are highly economical, which is another key restraint of the market. Technological developments leading to decline in price of xenon lights is expected to further boost their adoption.
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The global automotive xenon light market can be segmented based on voltage, application, type, vehicle type, sales channel, and region. Based on voltage, the automotive xenon light market can be classified into 12 volt and 24 volt. The 12 volt segment accounted for a prominent share of the automotive xenon light market. However, transition trends to higher voltage systems are anticipated to boost the demand for 24 volt xenon lights during the forecast period.
In terms of application, the global automotive xenon light market can be divided into interior and exterior. The exterior segment leads the global automotive xenon light market owing to higher usage of xenon lights in front headlights and rear taillights. Xenon lights are being increasingly utilized in headlamps, as they offer better visibility. Rise in adoption of xenon headlights is expected to boost the exterior segment of the market during the forecast period.
In terms of type, the global automotive xenon light market can be segregated into xenon and bi-xenon light. The bi-xenon light that is used in headlights enables the usage of a single bulb to carry out the high beam and low beam functions. The bi-xenon light provides long-term cost saving and offers improved visibility during turning. Thus, the bi-xenon light segment is expected to expand at a higher growth rate during the forecast period.
Based on vehicle type, the global automotive xenon light market can be split into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. Xenon lights have higher penetration in passenger vehicles and hence, the passenger vehicle segment is likely to dominate the automotive xenon light market.
In terms of sales channel, the global automotive xenon light market can be bifurcated into OEM and aftermarket. The OEM segment is projected to expand at a high growth rate due to rise in vehicle production. The aftermarket segment is anticipated to expand at a steady pace due to rise in demand for aftersales vehicle maintenance and replacement after accidental damage.
Based on region, the global automotive xenon light market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global automotive xenon light market, followed by Europe.
Key players operating in the global automotive xenon light market are OSRAM GmbH, Hella KGaA Hueck & Co., Koninklijke Philips, General Electric Company, and Ushio, Inc.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
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The report provides the following information:
Tailwinds and headwinds molding the market’s trajectory
Market segments based on products, technology, and applications
Prospects of each segment
Overall current and possible future size of the market
Growth pace of the market
Competitive landscape and key players’ strategies
The main aim of the report is to:
Enable key stakeholder’s in the market bet right on it
Understand the opportunities and pitfalls awaiting them
Assess the overall growth scope in the near term
Strategize effectively with respect to production and distribution
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