On-highway Vehicle Lighting Market Size Worth $42.03 Billion By 2025 - Drivers, Restrains and Opportunities “The global on-highway vehicle lighting market size is projected to reach USD 42.03 billion by the end of year 2025 and registering a CAGR of 5.4% over the forecast period from 2018 to 2025.”
Global On-highway vehicle lighting Market report offers the latest industry trends, technological alteration and forecast data. A deep-dive view of On-highway vehicle lighting industry based on its size, growth, development plans, and opportunities is offered by this report. The forecast information, SWOT analysis, On-highway vehicle lighting barriers, and feasibility study are the vital aspects evaluated in this report. The global on-highway vehicle lighting market size is projected to reach USD 42.03 billion by the end of year 2025 and registering a CAGR of 5.4% over the forecast period from 2018 to 2025. Governments' initiative for improving road safety and strict regulations for energy-efficient lighting sources across the globe are major factors expected to drive market growth over the forecast period. Technological advancement in light resources and growing adoption of LED lights in vehicles is projected to further drive the market growth. Therefore, automakers are adopting advanced light sources such as LEDs and LASER. LED lights are more eco-friendly and energy-efficient compared to halogen, xenon and incandescent lamps. Hence, low energy consumption and a longer lifespan are expected to increase demand for LED lights from the automotive industry. Stanley Electric, Magneti Marelli S.p.A, HellaKGaAHueck & Co., and Koito Manufacturing Co. Ltd. companies offer LED lights along with different designs and shapes for automotive applications. Asia Pacific is expected to lead the global on-highway vehicle lighting market over the forecast period due to the significant growth of the automotive industry. In addition, strict regulations by governments across several countries regarding energy-efficient lighting systems are expected to boost the market growth in this region. For example, in 2017, Indian government mandated the usage of Automatic Headlamp On (AHO) and Daytime Running Lamps (DRLs) which is expected to accelerate the market growth in Asia Pacific.
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