Farmington, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The Global Two Wheeler Lighting Market Is Expected To Exhibit 3.0% CAGR. It Is Valued Above US$ 400 Million At The End Of 2022. The Two Wheeler Lighting system is meant to make it easier for riders to see in the dark, fog, smog, and bad weather. Several different types of Two Wheeler lighting help riders, other drivers, and pedestrians see each other on the road. This makes it less likely that something will go wrong.
The Two Wheeler Lighting market was big in 2023, and it's expected to keep growing during the forecast period at a steady CAGR. The main things that are making the market grow are the fast growth of two-wheeled vehicles, the rise in disposable income, the rise in popularity of stylish bikes, the rise in short-distance travel, and the implementation of strict rules and regulations by governments in different countries.
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Recent Developments:
- In July 2022, HELLA showed off the next generation of ambient vehicle lighting. The new HELLA Slim Light System can be used to set the mood inside and light up large areas, like the door. This system stands out because of how small it is and how little it weighs. It can be put between two or more layers that are no more than eight millimetres thick. In comparison, modern systems are about 20 millimetres in size.
- In February 2022, Samvardhana Motherson Automotive Systems Group BV (SMRP BV), which is a subsidiary of Motherson, and Valeo signed a Memorandum of Understanding (MOU) in which they agreed to offer cutting-edge surface finishes for car interiors and lighting systems.
- At the Geneva Motor Show in July 2019, Gumpert Airways showed off a super sports car with lights made by OSRAM Continental. The B63R LED dual-function projector has been set up in the "Nathalie" model. Due to its small size, it can spread bright, even light and give car designers the most design options.
Segment Overview
Product Type Insights
Based on the type of product, it is expected that LED lights will bring in the most money during the forecast period. LED lights are becoming more popular because they use much less energy and last much longer than other kinds of lights. LED lights not only look better and have more uses, but they also use less power and energy. The middle class will like them more because of this. Also, LED headlights have less of an effect on the driver on the other side of the road than xenon headlights do. Because of this, a lot of people use this technology in the market. This market is likely to grow as more and more new cars come with LED lighting systems.
Application Insights
Based on how they are used, it is expected that the most money will be made in the motorcycle headlight segment during the forecast period. This market segment is growing because more people are buying used two-wheelers, more people are getting hurt in accidents, and halogen lights are quickly being replaced by LED lights.
Regional Outlook:
By 2020, North America emerged as the dominant regional market for two wheeler lighting accounting for the largest revenue share. Rising per capita income, better fuel efficiency, easy financing options, last mile delivery for the e-commerce industry, government policies that help farmers, and changing consumer tastes all contribute to the region's fast revenue growth.
Over the next few years, the Asia-Pacific two-wheeler lighting market is expected to grow at the fastest rate because people are buying cars more quickly. China and Japan, which make and sell a lot of their own cars, are expected to grow this market the most. Because of the high risk of damage by accident and China's growing need to switch from halogen lighting to LED lighting and other technologically advanced lighting, these countries are helping the Asia-Pacific market grow. In India, for example, 80% of all vehicles made are two-wheelers. A two-wheeler company in India could make more than $25 million at once. The two-wheeler lighting market is expected to make a lot more money in the coming years, thanks to India's large population and growing demand.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 6.04% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 400 Million |
| By Product Type | Halogen Lights, LED Lights, Others |
| By Application | Motorcycle Headlight, Motorcycle Rear Light, Indicators, Others |
| By Companies | Unitech, Koito, Varroc Lighting, Hella, Federal Mogul, Stanley, Bruno/Zadi Group, Lumax, Cobo, Rinder, Boogey, Minda, Ampas Lighting, IJL (Lucas TVS and Koito India), Speaker, ZWK Group, Motolight, Lazer Lamps, FIEM Industries |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Growth Factors:
The Two Wheeler Lighting market is growing because there are more accidents, more people are worried about their own safety, and more people realise how important lighting is. If a two-wheeler has lights, the person riding it will be able to see better and be more aware of things that are reflected on the road. This includes the lines and signs on the road and the eyes of animals. If a rider can see their own reflection, it could help them stay on their bike and not fall off. Several cities and towns are making it more likely that bike lights will be needed. By looking at the cyclist's rear lights and signal lights, the person behind him or her can tell if it is safe to pass and if the cyclist is going to turn right or left. This red indicator or back light makes it easier to tell if something is a two-wheeler or another kind of vehicle, especially in bad weather or at night. You can also use these things to figure out how fast it's going. The fast growth of the population and the need for two-wheelers to go short distances every day for different reasons drive the need for these cars. More and more people want lights because of this.
Opportunities:
In the near future, LED lights are expected to make up more than a quarter of the total value of the Two Wheeler Lighting market. People who drive two-wheelers keep using daytime running lights (DRL), and this trend will continue to grow because sequential turn lights will only use LED. As semiconductor technology improves, manufacturers are able to make LED systems that use less energy for the next generation. With a high-tech, high-quality LED headlamp, drivers can see better, which makes the roads safer for everyone. It also helps other people notice the rider more. Because it gives off less heat, this light uses less energy and puts out less CO2 into the air.
Key Segments Covered:
Top Market Players:
Unitech, Koito, Varroc Lighting, Hella, Federal Mogul, Stanley, Bruno/Zadi Group, Lumax, Cobo, Rinder, Boogey, Minda, Ampas Lighting, IJL (Lucas TVS and Koito India), Speaker, ZWK Group, Motolight, Lazer Lamps, FIEM Industries, and others.
By Product Type
- Halogen Lights
- LED Lights
- Others
By Application
- Motorcycle Headlight
- Motorcycle Rear Light
- Indicators
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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