On-highway Vehicle Lighting Industry Overview
The global on-highway vehicle lighting market size was valued at USD 26.98 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030.
The growing penetration of LED lighting in the automotive industry along with rising sales of commercial vehicles and passenger cars is anticipated to drive the industry growth over the forecast period. Furthermore, government agencies and authorities across the globe have been enlisting effective regulations regarding the use of lighting systems in vehicles, which are projected to create noteworthy growth opportunities for players operating across the value chain of the market.
The COVID-19 pandemic has negatively impacted the demand for on-highway vehicle lighting in 2020 and 2021. The overall automotive production volumes have witnessed a significant decline globally on a year-on-year basis, primarily due to the decreased production volumes in Europe and North America, among several other regions. The decreasing sales of commercial and passenger vehicles have had a subsequent impact on the demand for the product. The automotive lighting industry also had to face issues in raw material supplies and production delays due to looming delays in international import and export shipments. However, as governments gradually announced relaxation in the lockdown norms and allowed businesses to operate with mandates of social distancing, the market is likely to regain strength supported by the growing demand for cars from the middle-class population.
Gather more insights about the market drivers, restraints and growth of the Global On-highway Vehicle Lighting Market
Low visibility, particularly during night time, has been an important reason behind the growing number of road accidents globally. A strong emphasis is being put on the vehicle headlights' performance as research continues to expose safety concerns. For instance, given the effects of unfavorable weather conditions on forward visibility, the European Union (EU) has mandated the use of Daytime Running Light (DRL). As such, 17 countries in the EU have drafted effective legislation related to installing DRLs in vehicles. In Canada, the Motor Vehicles Safety Act (MVSA) mandates the use of DRLs in all vehicles used in the country.
The adoption of LED lighting has gained traction in numerous industries, and they have aligned with reducing LED costs over the past decade. LED lamps are used in automobiles due to various reasons. Apart from offering better durability controllability and consuming lesser energy, LED lamps can deliver cool daylight color and instant brightness, thereby improving visibility and reducing the light glare ratio compared to the adaptive high beam lights. Furthermore, LED lamps can also be used as Center High-Mounted Stop Lamps (CHMSL) and Daytime Running Lights (DRLs).
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On-highway Vehicle Lighting Market Segmentation
Grand View Research has segmented the global on-highway vehicle lighting market based on the product, application, vehicle type, and region:
On-highway Vehicle Lighting Product Outlook (Revenue, USD Million, 2018 - 2030)
On-highway Vehicle Lighting Application Outlook (Revenue, USD Million, 2018 - 2030)
- Exterior Lights
- Interior Lights
On-highway Vehicle Lighting Vehicle Type Outlook (Revenue, USD Million, 2018 - 2030)
- Passenger Cars
- Light Trucks (Class 1-3)
- Medium Trucks (Class 4-6)
- Heavy Trucks (Class 7 8)
On-highway Vehicle Lighting Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Asia Pacific
- Latin America
Key Companies profiled:
Some prominent players in the global On-highway Vehicle Lighting market include
- Marelli Automotive Lighting
- KOITO MANUFACTURING CO. Ltd.
- Koninklijke Philips N.V.
- Zizala Lichtsysteme GmbH
- TYC Genera
- Spyder Auto
- Optronics International LLC
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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