Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "On-Highway Vehicle Lighting Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global advancements in on-highway vehicle lighting technologies drive market growth with a focus on energy-efficient lighting solutions.
The global market for on-highway vehicle lighting is projected to expand significantly, with a valuation estimated to reach $31.55 billion in 2024, marking a compound annual growth rate (CAGR) of 5.7%. Pivotal factors contributing to this growth include advancements in automotive manufacturing, innovations in lighting materials, rising environmental concerns, increasing consumer demand for efficiency, and the continuous evolution of automotive design.
Enhanced Safety Measures Propel Market Development
The anticipated growth trajectory of the on-highway vehicle lighting sector is closely tied to the imperative need for improved safety measures on roads. Innovations in vehicle lighting play a critical role, particularly in foggy conditions known to significantly reduce visibility and elevate accident risks. The advancement of fog lights and other standard vehicle illumination solutions is essential for maintaining safety and visibility, which in turn fuels market expansion.
Thriving Automotive Industry Supports Market Surge
The flourishing automotive industry, encapsulating a plethora of activities from vehicle design to sales, is a major driver for the increased demand for automotive vehicles. This surge demands advanced and efficient lighting solutions, underpinning the growth of the on-highway vehicle lighting market.
Innovations Fronting Market Trends
- Product innovation remains a vanguard in the market, with leading companies introducing cutting-edge products to enhance market presence.
- Technologies such as digital front-lighting (DFL) are rapidly emerging, enabling manufacturers to offer premium, adaptive lighting solutions for a wide array of vehicles.
- The swift embrace of such technological advancements indicates the market's vigor in adapting to emerging consumer needs and regulatory standards.
Strategic Acquisitions Reshaping the Market Landscape
A momentous acquisition recently took place within the market, underpinning the strategic growth and synergy between major industry players. These collaborations are creating enhanced and sustainable value for stakeholders, and redefining the development trajectory for on-highway vehicle lighting solutions.
The on-highway vehicle lighting market is poised for comprehensive growth across various segments and applications included in the category. Be it motorcycles, passenger cars, or heavy trucks, the demand for efficient, advanced lighting continues to soar in both developed and emerging regions.
Asia-Pacific, being the dominant region in the market as of 2023, has showcased significant market shares, followed by substantial activity across Western Europe, North America, and other global regions.
The new research publication added to our website meticulously analyzes the on-highway vehicle lighting market, offering an in-depth perspective, market statistics, and the unfolding future landscape of the industry. Stakeholders, investors, and participants across the automotive sector can gain insightful data to navigate the market with a clear understanding of the current trends and future market expectations.
From the emergence of new safety regulations to the rapid integration of autonomous vehicle technologies, each influencer and trend is dissected to provide a comprehensive view of the market's direction. This research is crucial for those looking to stay ahead in the dynamic and ever-evolving on-highway vehicle lighting landscape.
A selection of companies mentioned in this report includes
- Koninklijke Philips N.V.
- Koito Manufacturing Co. Ltd.
- ZKW Group GmbH & Co. KG
- TYC Genera Corporation
- Valeo S.A.
- Marelli Automotive Lighting LLC
- Zizala Lichtsysteme GmbH
- Spyder Auto LLC
- Maxxima Group Inc.
- Optronics International LLC
- Continental Aktiengesellschaft
- Denso Corporation
- LG Display Co. Ltd.
- Hyundai Mobis Co. Ltd.
- Johnson Electric Holdings Limited
- Varroc Lighting Systems
- Stanley Electric Corporation
- Magneti Marelli S.p.A.
- HELLA GmbH & Co. KGaA
- Osram Licht AG
- Robert Bosch GmbH
- Aisin Seiki Co. Ltd.
- Aptiv PLC
- Delphi Technologies
- Dover Corporation
- Eaton Corporation
- Federal-Mogul Corporation
- Lear Corporation
- Magna International Inc.
- SKF AB
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/lu4atu
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