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On-Highway Vehicle Lighting Market Industry Share And Forecast To 2033
On-Highway Vehicle Lighting Market
As per the report, 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 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%.
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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.
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 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)
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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 .
Contents of the report:
1. Executive Summary
2. On-Highway Vehicle Lighting Market Report Structure
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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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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