Daytime Running Lights Market Growth to be Benefited by Technological Advancements
The growth in the global daytime running lights market is directly related to the growth of the global automobiles market. In addition, increasing production and usage of hybrid and electric vehicles are set to increase the application areas of daytime running lights, globally. Therefore, with the increasing sales of automobiles globally, the demand for daytime running lights are set to grow. In regions such as Asia Pacific and Latin America, an immense rise in the usage of passenger vehicles is expected over the forecast period, which is set to bolster the growth of the daytime running lights market in such areas. In addition, economic reforms in countries coupled with growth in the automotive sector and increasing private equity investments in automotive lighting companies are crucial factors influencing the growth of global daytime running lights market.
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The daytime running lights market can be classified by type, by application and by geography. The type segment can be classified into HID, LED and halogen. By application, the market can be segregated as passenger vehicles, light commercial vehicles and heavy commercial vehicles. By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Rising concern for road safety and increasing stringent automobile standards and guidelines are the major driving factors for the daytime running lights market. Daytime running lights ensure better visibility of vehicles in low light and extreme weather conditions, thereby improving the safety of people and driver. Moreover, increasing production of vehicles fitted with daytime running lights is also set to bolster the growth of this market globally. In terms of market revenue share, Asia Pacific is expected to hold the largest share by the end of forecast period followed by Europe, North America, Latin America and, Middle East and Africa.
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The report also provides company market share analysis of the various industry participants. Acquisition is the main strategy being widely followed by leading market players. In case of an acquisition, the acquirer takes advantage of existing synergies. As a result, both companies are expected to emerge more profitable and stronger than before. Key players in the global daytime running lights market have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include: Advanced Lighting Technologies Inc. (US), Biketronics Inc. (Russia), Custom Dynamics(r), LLC (US), Custom LED LLC (US), Federal-Mogul Corporation (US), Flextronics International (Singapore), Hella KGaA Hueck & Co. (Germany), Changchun Hella Automotive Lighting Co., Ltd (China), and Ichikoh Industries Ltd. (Japan) among others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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