On-Highway Vehicle Lighting Market Expansion Outlook: $39.97 Billion in 2029

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What Is the Projected CAGR for the On-Highway Vehicle Lighting Market from 2024 to 2025?
The market size for on-highway vehicle lighting has consistently expanded over the last few years. It is projected to escalate from $31.1 billion in 2024 to $32.22 billion in 2025, with a compound annual growth rate (CAGR) of 3.6%. The historical growth can be accredited to the progression in automotive manufacturing, invention in the sphere of lighting materials, concerns related to the environment, consumer requirement for efficiency, and evolution in automotive design.

What are the Expected Market Size and CAGR for On-Highway Vehicle Lighting by 2029?
The market for lighting in on-highway vehicles is anticipated to expand significantly in the upcoming years, reaching a predicted value of $39.97 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%. The projected acceleration during this period can be traced back to alterations in regulations and standards, the integration of high-end features, the requirement for energy efficiency, trends in automobile design, and the rise of self-driving vehicles. Major anticipated patterns in this time frame involve the adoption of connected car notions, customization and individualization, an emphasis on safety-related innovations, differentiation in aesthetics and brand, and a transition towards energy-efficient solutions.

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Which Factors Are Driving the Global On-Highway Vehicle Lighting Market Expansion?
The surge in road mishaps resulting from limited visibility and foggy conditions is expected to spur the expansion of the on-highway vehicle lighting market. Fog, a dense ground-level cloud, can significantly reduce road visibility and lead to accidents. The application of fog lights and standard lighting can enhance visibility during foggy conditions and prevent accidents caused by poor visibility. For example, in 2022, the Federal Highway Administration of the US Department of Transportation - a US-based highway transit authority- stated that approximately 38,700 vehicle collisions occurred due to fog, resulting in over 600 deaths and injuries to 16,300 individuals. Consequently, the escalating incidence of road mishaps caused by reduced visibility and fog is contributing to the growth of the on-highway vehicle lighting market.

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Which Segment Currently Holds the Largest Share of the On-Highway Vehicle Lighting Market?
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 And 8)

Subsegments:
1) By Halogen: Halogen Bulbs, Halogen Headlights, Halogen Fog Lights
2) By HID (High-Intensity Discharge): Xenon HID Bulbs, Bi-Xenon HID Headlights, HID Fog Lights
3) By LED (Light Emitting Diode): Standard LED Headlights, Adaptive LED Headlights, LED Fog Lights, LED Daytime Running Lights (DRLs)
4) By Incandescent: Standard Incandescent Bulbs, Incandescent Headlights, Incandescent Fog Lights
5) By Laser: Laser Headlights, Laser Fog Lights

Which Major Trends Are Shaping the Future of the On-Highway Vehicle Lighting Industry?
Product innovation is emerging as a prominent trend in the on-highway vehicle lighting market. Top players in this market are launching innovative products to solidify their market standing. For example, in January 2023, Nichia Corporation, a chemical and manufacturing firm from Japan, partnered with Infineon Technologies AG, a German semiconductor manufacturing firm, to introduce micro PLS micro-Pixelated LED Light. This high-definition, fully integrated micro-LED light engine, based on matrix LED technology, is specifically designed for HD adaptive driving beam applications. It offers high-definition resolution coupled with the industry's strongest light output, and also delivers a field-of-view that is four times wider with higher light output than existing micro-mirror-based HD matrix-light solutions.

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Which Key Players Dominate the On-Highway Vehicle Lighting Industry Globally?
Major companies operating in the on-highway vehicle lighting market include 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, 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, Eaton Corporation, Lear Corporation, Magna International Inc., ZF Friedrichshafen AG

What Are the Fastest-Growing Regions in the On-Highway Vehicle Lighting Market?
Asia-Pacific was the largest region in the on-highway vehicle lighting market in 2024. The regions covered in the on-highway vehicle lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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