On Highway vehicle lighting Market Size & Global Industry Forecast Report 2021-2028

 


On Highway Vehicle Lighting Market

As per the research report published by GMI Organization, the On Highway vehicle lighting Market is anticipated to expand at a rate of 5.1% over the forecast period. With the evolution of IoT and AI, the automotive industry is bound to perceive a remarkable growth in the coming years. The surge in the production of autonomous vehicles will fuel the On Highway vehicle lighting market share.

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On Highway Vehicle Lighting Market Dynamics

On Highway vehicle lightning market is projected to expand at a faster rate during the forecast period. Low visibility during the night-time is a major reason responsible for the accelerating number of road accidents. Thus, with the growing safety concerns, individuals are largely emphasising on vehicle’s headlight. For example, the European Union has mandated the usage of Daytime Running Light (DRL) as a result of adverse weather condition. Moreover, 17 countries in the European Union have passed effective norms related to the installation of DRLs in vehicles. The Motor Vehicles Safety Act (MVSA) authorized the usage of DRLs in all vehicles used in the country. The coronavirus crisis has negatively influenced the demand for on-highway vehicle lighting in 2020. The declining sales of passenger and commercial vehicles have restrained the global On Highway vehicle lighting market growth. The automotive lighting industry encountered production delays and various problems in raw material supplies because of the delays in international export and import shipments. However, as per the On Highway vehicle lighting market report, accelerating number of accidents on highway is likely to restrain the market growth.

Regional Drivers

Based on the regional coverage, the Asia-Pacific region is expected to expand at a noteworthy rate during the forecast period. This is because of the favourable initiatives by the government bodies. For instance, the Indian government has directed the utilization of Daytime Running Lamps (DRLs) and Automatic Headlamp on (AHO) for bikes, which has raised the Asia Pacific on-highway vehicle lighting market. In addition, the Chinese government, in 2019 has raised the value of large-scale infrastructure projects. The amount is twice the size of last year’s (USD 52.8 billion) in consent registered over the same period, which included 11 projects such as roads and airport, resulting in market growth.

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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