Overview

On-Highway Vehicle Lighting Market Introduction

The Global On-Highway Vehicle Lighting Market is estimated to be valued at USD 41 billion by 2029 end and is projected to register a CAGR of over 4.8% during the forecast period 2020-2029.

Road safety is of paramount importance considering the growing demand for high-speed vehicles and lack of visibility is one primary reason for causing fatal accidents. This results in the expansion of on-highway vehicle lighting market. Furthermore, a growing adoption of LED technology in making headlamps for automobiles has resulted in a significant market augmentation.

Depending on the type of light source, the market is bifurcated into LED, OLED, Halogen, Xenon, LASER and others. The LED segment majorly influences the market owing to the usage of LEDs in a variety of applications from exterior vehicle lighting, headlamps to interior lighting. Furthermore, LEDs are power-saving devices which is why they are used not only in premium vehicles but also in low and mid-range vehicles who hold the largest market share of the overall vehicle production across the world. This and many such factors are responsible for the proliferation of the market.

Based on the type of vehicle, the market is categorised into passenger vehicle and commercial vehicle. Commercial vehicle segment is yet to be explored extensively for on-highway vehicle lighting market. It is crucial to delve into this segment as public transport safety is very important. According to UITP, many countries from Eastern Asia and Eastern Europe massively utilize public transport which makes it even more pivotal.

Application-wise, the market is bifurcated into headlights, interior lights and other external lights.

On-Highway Vehicle Lighting Market Segmentation:

By Region

North America
Europe
Asia Pacific
Rest of the World

By Light Source

LED
OLED
Halogen
Xenon
LASER
Others

By Vehicle Type

Passenger Vehicles
Commercial Vehicles

By Application

Headlights
Interior Lights
Other External Lights

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

Key Market Players:

Osram
Koito Manufacturing Co. Ltd.
Stanley Electric
Hella KGaA Heuck & Co. Ltd.
Magneti Marelli S.p.A

FutureWise Key Takeaways:

Innovations in the LED technology will result in a significant market escalation considering the amount of electricity LEDs save and the efficiency that they provide
The concept of daytime running lamp in automobiles makes it easier for road users to see the vehicle and this new lighting technique is especially useful in Scandinavian countries where there is no sunlight for almost a year

Objectives of the Study:

To provide with an exhaustive analysis on the on-highway vehicle lighting market by region, by light source, by vehicle type, by application
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific and rest of the world
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions