On-Highway Vehicle Lighting Market: Current Analysis and Forecast (2022-2028)

Report Description

The global on-highway vehicle lighting market is driven by a variety of factors, including increasing demand for advanced lighting technologies, stringent government regulations, and advancements in LED technology. One of the key drivers of the on-highway vehicle lighting market is the increasing demand for advanced lighting technologies. Modern vehicles require a range of lighting technologies, including headlights, taillights, fog lights, and interior lighting, to provide improved visibility and safety for drivers and passengers. As technology advances, consumers are increasingly demanding more advanced lighting systems that offer better performance, longer lifespan, and reduced energy consumption. Another driver of the on-highway vehicle lighting market is stringent government regulations. Many countries have implemented regulations that require vehicles to be equipped with specific types of lighting to improve visibility and safety. For example, the European Union has implemented regulations that require all new vehicles to be equipped with LED headlights by 2018. These regulations are driving the demand for LED lighting systems and are helping to propel the on-highway vehicle lighting market forward.

Advancements in LED technology are also driving the on-highway vehicle lighting market. LED lighting systems offer several advantages over traditional lighting technologies, including improved energy efficiency, longer lifespan, and better performance. As LED technology continues to advance, more manufacturers are introducing LED lighting systems for on-highway vehicles, which is driving market growth. For instance, in 2019 Magneti Marelli S.p.A. developed LED lighting systems with advanced driver assistance features for on-highway vehicles.

Some of the major players operating in the market include HELLA GmbH & Co., LG Display Co., Ltd., Johnson Electric, Magneti Marelli S.p.A, Continental AG, Denso Corporation, Ichikoh Industries Ltd., STANLEY ELECTRIC CO., LTD, Robert Bosch GmbH, and Koninklijke Philips N.V. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst products, the laser segment held the highest CAGR of the market in 2021.”

Based on product, the market is segmented into halogen, HID, LED, incandescent, and laser. Amongst these, the laser segment is expected to have the highest CAGR in the on-highway vehicle lighting market due to several factors. Firstly, laser light is much brighter than traditional lighting systems, which makes it ideal for applications such as high-beam headlights. This can improve visibility and safety on the road, as it allows drivers to see further ahead and avoid obstacles more easily. Secondly, laser light is highly directional, which means that it can be focused on a specific area without wasting energy on areas that are not of interest. This can result in significant energy savings, as laser light can be turned on and off as needed, rather than running continuously like a traditional lighting system.

“Amongst vehicle type, the heavy trucks segment held the highest CAGR of the market in 2021.”

On the basis of vehicle type, the market is bifurcated into motorcycle, passenger cars, buses, light trucks (class 1-3), medium trucks (class 4-6), and heavy trucks (class 7 & 8). Among these, the heavy truck segment is expected to have the highest CAGR in the on-highway vehicle lighting market due to several factors. One of the primary reasons is the increasing demand for heavy trucks in the transportation industry, which is driven by factors such as globalization, e-commerce, and urbanization. As a result, the demand for lighting systems that are specifically designed for heavy trucks is also increasing. Another reason is the growing awareness among truck manufacturers and operators about the importance of lighting in terms of safety and fuel efficiency. Advanced lighting technologies such as LED lighting systems, adaptive lighting, and predictive lighting can improve visibility and safety on the road, which can reduce accidents and fuel consumption.

“North America held the highest CAGR in the on-highway vehicle lighting market in 2021.”

North America is expected to hold the highest CAGR in the on-highway vehicle lighting market due to several factors. One of the primary reasons is the high demand for advanced lighting technologies in the region, particularly in the United States. The US is a major market for on-highway vehicles, and the government has implemented stringent regulations on vehicle lighting to improve road safety. Another reason is the high penetration of LED lighting systems in North America. LED lighting systems offer several advantages over traditional lighting technologies, including improved energy efficiency, longer lifespan, and better performance. As LED technology continues to advance, more manufacturers are introducing LED lighting systems for on-highway vehicles, which is driving market growth in North America. Furthermore, the region has a well-established automotive industry, and many leading automotive manufacturers are headquartered in North America. These companies are investing heavily in the development of new products and technologies, which is driving demand for advanced lighting systems.

In conclusion, North America is expected to hold the highest CAGR in the on-highway vehicle lighting market due to the high demand for advanced lighting technologies, high penetration of LED lighting systems, and the presence of a well-established automotive industry with leading manufacturers.

On-Highway Vehicle Lighting Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global on-highway vehicle lighting market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the On-Highway Vehicle Lighting Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global on-highway vehicle lighting market were the three major steps undertaken to create and analyze the adoption of on-highway vehicle lighting in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global on-highway vehicle lighting market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the on-highway vehicle lighting market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the on-highway vehicle lighting market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the on-highway vehicle lighting market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the on-highway vehicle lighting market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the on-highway vehicle lighting market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global on-highway vehicle lighting market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the on-highway vehicle lighting market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global on-highway vehicle lighting market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global on-highway vehicle lighting market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global on-highway vehicle lighting market.

The main objective of the Global On-Highway Vehicle Lighting Market Study

The current & future market trends of the global on-highway vehicle lighting market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the on-highway vehicle lighting market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product, application, and vehicle type.
• Define and analysis of the regulatory framework for the on-highway vehicle lighting industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the on-highway vehicle lighting market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the on-highway vehicle lighting market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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