On-highway Vehicle Lighting Market Size, Share & Trends Analysis Report By Product (LED, LASER), By Application (Headlights, Interior Lights), By Vehicle Type, By Region, And Segment Forecasts, 2021 - 2028
New York, May 05, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "On-highway Vehicle Lighting Market Size, Share & Trends Analysis Report By Product, By Application, By Vehicle Type, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06068215/?utm_source=GNW
On-highway Vehicle Lighting Market Growth & Trends
The global on-highway vehicle lighting market size is expected to reach USD 37.74 billion by 2028. It is projected to register a CAGR of 4.9% from 2021 to 2028. The growing adoption of the latest technologies in automotive lighting and increasing penetration of LED lighting in the automotive industry are anticipated to drive the demand for on-highway vehicle lighting. Automotive lighting has continuously been evolving as manufacturers seek innovative ways to strengthen safety, improve performance, and enhance aesthetics. Headlamps are particularly expected to witness developments in line with advancements in LED and laser technologies.
Prominent market players are coming up with laser headlights featuring advanced lighting technology.For instance, Osram provides its laser headlights to automotive manufacturers such as BMW and Audi.
Models such as Audi R8 and R8 LMX, BMW i8, and BMW 7 series feature Osram’s laser headlights.Laser headlights provide luminance of up to five times higher than other light sources.
They also provide a better high beam range of 300-600 meters as compared to conventional headlights.
The COVID-19 pandemic has impacted the demand for on-highway vehicle lighting in 2020.The pandemic has resulted in restrictions and lockdowns across the globe, subsequently leading to losses for industries such as manufacturing, automobile, entertainment, restaurant, and hospitality.
This slumped business scenario is anticipated to negatively impact automotive production and demand for on-highway vehicle lighting. The global automotive production witnessed an approximate 16% decline in 2020 as compared to 91.8 million units in 2019. However, with the revival of economies and the gradual relaxation of restrictions, the market is likely to witness significant growth over the forecast period.
Asia Pacific captured around 50% of the on-highway vehicle lighting demand in 2020 and is estimated to register the highest CAGR of 5.3% over the forecast period. The growing investments in lighting technology and evolving automotive industry in emerging economies such as China and India are expected to drive the growth of the LED and LASER markets. The Make In India campaign is expected to draw substantial investments in the automotive sector owing to several benefits in the country such as low-cost labor and cheaper raw materials.
On-highway Vehicle Lighting Market Report Highlights
• In terms of product, the LASER segment is estimated to register the highest CAGR of 12.5% from 2021 to 2028 owing to the increasing demand for luxury vehicles across the developed and emerging economies
• In terms of application, the headlight segment emerged as the largest segment in 2020 and is anticipated to retain its dominance over the forecast period
• In terms of vehicle type, the passenger car segment accounted for a dominant share of over 44% in 2020. The segment is projected to record the highest CAGR from 2021 to 2028
• Asia Pacific captured over 50% of the market share in 2020. The region is expected to retain dominance over the forecast period owing to increasing passenger car sales in emerging economies such as China and India
Read the full report: https://www.reportlinker.com/p06068215/?utm_source=GNW
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