Global Daytime Running Lights Market is anticipated to reach US$ XX Mn by 2026 from US$ 581.288 Mn in 2019 at a CAGR of XX% during a forecast period.
Global Daytime Running Lights Market Overview
Daytime running lights are used to increase the visibility of a vehicle in daytime hours to control daytime road accidents. The advancement in technology and shift in preference of consumers to use daytime running lamps are expected to drive the growth of daytime running lights globally. According to the National Highway Traffic Safety Administration (NHTSA) of the US, daytime running lights have reduced deadly road accidents by approximately 13.7% this is expected to influence the daytime running lights industry globally.
The report covers the detailed analysis of the global daytime running lights industry with the classifications of the market based on type, application, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.
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The report has profiled key players in the market from different regions. However, the report has considered all market leaders, followers and new entrants with investors while analyzing the market and estimation of market size. The manufacturing environment in each region is different and focus is given to the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed.
Global Daytime Running Lights Market Dynamics
The government’s regulations for safety concerns, increasing vehicle production & sales, and technological advancements are expected to drive the growth of the daytime running lights market globally. Also, growth in the automotive sector and increasing private equity investments in automotive lighting companies are the factors driving the growth of the global daytime running lights market during the forecast period. Similarly focus of companies on developing cost-effective daytime running lights are increasing to enhance the projection, which is expected to drive the growth of the daytime running lights Market during the forecast period.
The growth of the daytime running lights is expected to hamper due to fluctuations in the cost of raw materials, a slump in automotive production and sales, and regulations in the automotive lighting industry over the forecast period.
Global Daytime Running Lights Market Segmentation Analysis
By Type, the daytime running lights market is segmented into HID, LED, and halogen. Among these LED segment is expected to dominate the daytime running lights market globally due to change in the preference of the consumers from standard lights to LED (Light Emitting Diode) and HID (High-Intensity Discharge) lights. The LED lights are energy-efficient, longevity, and have styling features which are the creating possibilities for efficient daytime running light solutions during the forecast period.
By Application, Passenger vehicles account for the largest share of the daytime running lights market due to the increase in the sale of passenger vehicles globally. An increase in demand for advanced features, rise in the standard of living, increasing purchasing power capacity, rise in per capita income of individuals, increasing industrialization, changing way of life, and high disposable income is some of the factors for the growth in the Passenger vehicles of the daytime running lights market during the forecast period.
The Asia Pacific is expected to hold the largest share of the daytime running lights market during the forecast period due to continuously growing urbanization. Developing countries like India and China are witnessing growth in the daytime running lights market due to an increase in the sale of vehicles, which in return is expected to drive the growth of the daytime running lights market during the forecast period in that region.
Similarly, the demand for electric and luxurious vehicles in the developed countries is growing. Thus it is expected to drive the growth of the daytime running lights market during the forecast period in that region.
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Global Daytime Running Lights Market Scope: Inquire before buying
Global Daytime Running Lights Market by Region
• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Daytime Running Lights Market Key Players
• Advanced Lighting Technologies Inc. (US)
• Biketronics Inc. (Russia)
• Custom Dynamics(r)
• Custom LED LLC (US)
• Federal-Mogul Corporation (US)
• Flextronics International (Singapore)
• Hella KGaA Hueck & Co. (Germany)
• Changchun Hella Automotive Lighting Co., Ltd (China)
• Ichikoh Industries Ltd. (Japan)
• Koito Manufacturing Co. Ltd
• Magneti Marelli S.p.A
• Valeo SA
• Stanley Electric Co., Ltd
• ZIZALA Lichtsysteme
• Continental (Germany)
• Philips (Netherlands)
• Bosch (Germany)
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