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Global On-Highway Vehicle Lighting Market Comprehensive Study: Forecasted Market Size And Growth Rate | Koninklijke Philips N.V., Koito Manufacturing Co. Ltd., ZKW Group GmbH & Co. KG, TYC Genera Corporation
On-Highway Vehicle Lighting Market Characteristics
The Business Research Company offers in-depth market insights through On-Highway Vehicle Lighting Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The on-highway vehicle lighting market size has grown strongly in recent years. It will grow from $29.85 billion in 2023 to $31.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to advancements in automotive manufacturing, innovation in lighting materials, environmental concerns, consumer demand for efficiency, automotive design evolution..
The on-highway vehicle lighting market size is expected to see strong growth in the next few years. It will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to regulatory changes and standards, integration of advanced feature, demand for energy efficiency, automotive design trends, emergence of autonomous vehicles.. Major trends in the forecast period include embrace of connected car concepts, customization and personalization, focus on safety innovations, aesthetic and brand differentiation, shift to energy-efficient solutions..
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Market Segmentation:
The on-highway vehicle lighting market covered in this report is segmented -
1) By Product: Halogen, HID, LED, Incandescent, LASER
2) By Application: Headlight, Exterior Lights, Internal Lights
3) By Vehicle Type: Motorcycle, Passenger Cars, Buses, Light Trucks (Class 1-3), Medium Trucks (Class 4-6), Heavy Trucks (Class 7 & 8)
Major Driver - The Role Of On-Highway Vehicle Lighting In Mitigating Fog-Related Accidents
Increased road accidents due to low visibility and fog are expected to propel the growth of the on-highway vehicle lighting market. Fog is a dense cloud that is present on the ground which reduces the visibility of roads and can cause accidents. Fog lights and normal lighting are useful in increasing visibility in foggy conditions and avoiding accidents due to low visibility. For instance, in 2022, according to the Federal Highway Administration of the US Department of Transportation, a US-based highway transportation agency, about 38,700 vehicle crashes occurred due to fog. Over 600 people were killed and 16,300 people were injured. As a result, the increased road accidents due to low visibility and fog are driving the growth of the on-highway vehicle lighting market.
Competitive Landscape:
Major companies operating in the on-highway vehicle lighting market report are Koninklijke Philips N.V., Koito Manufacturing Co. Ltd., ZKW Group GmbH & Co. KG, TYC Genera Corporation, Valeo S.A., Marelli Automotive Lighting LLC, Zizala Lichtsysteme GmbH, Spyder Auto LLC, Maxxima Group Inc., Optronics International LLC, Continental Aktiengesellschaft, Denso Corporation, LG Display Co. Ltd., Hyundai Mobis Co. Ltd., Johnson Electric Holdings Limited, Varroc Lighting Systems, Stanley Electric Corporation, Magneti Marelli S.p.A., HELLA GmbH & Co. KGaA, Osram Licht AG, Robert Bosch GmbH, Aisin Seiki Co. Ltd., Aptiv PLC, Delphi Technologies, Dover Corporation, Eaton Corporation, Federal-Mogul Corporation, Lear Corporation, Magna International Inc., SKF AB, ZF Friedrichshafen AG .
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Top Trend - Innovative Solutions In On-Highway Vehicle Lighting Market
Product innovation has emerged as a key trend gaining popularity in the on-highway vehicle lighting market. Major companies operating in the on-highway vehicle lighting market are introducing innovative products to strengthen their position in the market. For instance, in January 2023, Nichia Corporation, a Japan-based chemical and manufacturing company, and Infineon Technologies AG, a Germany-based semiconductor manufacturing company together launched micro PLS micro-Pixelated LED Light, a high-definition fully integrated micro-LED light engine for HD adaptive driving beam applications, based on matrix LED technology. It combines high-definition resolution with the industry's highest light output and also provides a four times wider field-of-view with higher light output than any other current micro-mirror-based HD matrix-light solution.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. On-Highway Vehicle Lighting Market Characteristics
3. On-Highway Vehicle Lighting Market Trends And Strategies
4. On-Highway Vehicle Lighting Market - Macro Economic Scenario
5. On-Highway Vehicle Lighting Market Size And Growth
…..
27. On-Highway Vehicle Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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