The global On-Highway Vehicle Lighting Market size is expected to reach USD 37.74 billion by 2028, according to a new report by Grand View Research, Inc. 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.
Related Press Release@ On-highway Vehicle Lighting Market Report
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
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