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.

Request a free sample of On Highway Vehicle Lighting Market

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.

About GMI Research

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.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

 

Comments

Post a Comment

Popular posts from this blog

Managed Print Services Market Size, Share, & Growth Analysis - 2020-2027

Image
  Managed Print Services Market The Managed Print Services Market is estimated to reach USD 70 billion by 2027, growing at a CAGR of 8.2% over the forecast period (2020-2027). The factors driving the growth of Managed Print Services Market includes digital transformation across the industry verticals such as Banking, Financial Services, and Insurance (BFSI), Healthcare and Telecommunication, emerging need to reduce paper wastage and growing trend of Bring Your-Own Device (BYOD). According to the report published by Environmental Paper Network, the consumption of paper worldwide has drastically increased by 400% over the last four decades, on an average a citizen in the United States uses more than 700 pounds of paper every year, which will boost the Managed Print Services Market Growth in the approaching years. Moreover, the growing adoption of Cloud Computing and Big Data Analytics by the major organizations, increasing investments by the leading players on research and development
Read more

Crypto Asset Management Market size, share & Trends Forecast 2028

Image
  The Crypto Asset Management Market was estimated around USD 315 million in 2020 and is predicted to grow at a CAGR of 21.1%, over the forecast period (2021-2028). The factors driving growth of the market includes rise in the number of institutional investors and wealth managers investing first time in crypto currency, surge in the volumes of online transactions around the world, emerging need to secure cryptocurrency assets, Government initiatives promoting digitalization and improvements in the living standards. Cryptocurrency asset management platforms allow investors to manage different wallets in one spot, simplifies the management of the developing crypto asset for seasoned traders, and helps users to increase their portfolio, are some of the features pushing the Crypto Asset Management Market size . Moreover, increasing adoption of cryptocurrency across industry verticals such as Healthcare, Retail and Commerce, BSFI, advancements in Internet of Things (IoT) and Artificial Inte
Read more

Liquefied petroleum gas Market Size, Share, Growth 2027

Image
  Liquefied Petroleum Gas Market The Liquefied Petroleum Gas Market is expected to grow at a faster CAGR over the forecast period (2020-2027). The factors driving the growth of Liquefied Petroleum Gas Market includes increasing use of liquefied petroleum gas as a substitute to fossil fuels, growing demand for natural gas and oil around the world and rising awareness amongst consumers about the benefits of liquefied petroleum gas. According to the report published by Statista, the Global Oil and Gas Storage Market was estimated around USD 929 million in 2019 and is expected to reach more than USD 1 billion by the end of 2026, which will boost the Global Liquefied Petroleum Gas Market in the approaching years. Moreover, growing emphasis on using cleaner sources of energy, increasing application of liquefied petroleum gas in households and restaurants for cooking and heating food and strict regulations imposed by Government reduce the carbon emission levels, are some of the additional fa
Read more