Commercial Vehicles LED Bar Lights Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global commercial vehicles LED bar lights market from 2017-2021. (Graphic: Business Wire)

LONDON--()--Technavio analysts forecast the global commercial vehicles LED bar lights market to grow at a CAGR of almost 32% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global commercial vehicles LED bar lights market for 2017-2021. Automotive LED bar lights are used in the vehicles as a purpose of alerting the other vehicles and pedestrians walking on the roads about their location and position.

The growth is primarily attributed to the functional benefits of improved vehicle safety and as a better alerting signal to other road users. The ongoing implementation of strict safety norms and initiatives to curb on-road fatalities are some of the factors driving the global commercial vehicle LED bar light market. In addition, the automotive industry shift towards electrification of automotive components is further driving the adoption rate of LED light bars in commercial vehicles.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global commercial vehicles LED bar lights market:

  • Commercial vehicle rear lighting system improves on-road visibility: increased safety
  • Increasing availability of aftermarket commercial lights, driving LED market
  • Growing commercial vehicle market with increasing construction, mining, and trade activities

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Commercial vehicle rear lighting system improves on-road visibility: increased safety

The commercial vehicle lighting market is experiencing continuous improvements. The commercial vehicle market is witnessing varying dynamics across the globe. For instance, the saturated demand and strict emission norms are some of the macro and micro factors that are negatively affecting the CV market in triad countries; whereas, emerging markets like China and India have been experiencing growth in the CV market due to increasing investment in infrastructure, economic expansion, and increasing transport volumes.

Praveen Kumar, a lead automotive electronics research analyst at Technavio, says, “The commercial vehicles include a wide array of vehicles, such as heavy-duty trucks, buses or trailers among others, which are used for different applications. In addition to conventional lights on any commercial vehicles, the commercial vehicle manufacturers have been using designated lights meant for special purposes.”

Increasing availability of aftermarket commercial lights, driving LED market

The automotive aftermarket is expanding its footprint across the globe, with growing competition among the existent players and the emerging new players. The players operating in the automotive aftermarket of developed economies have already made their way into advanced automotive systems in the field of powertrain, safety, comfort, or convenience.

“The automotive lighting forms a crucial component of any vehicle, and with the developments in new lighting technologies and their popularity among the consumers, automotive aftermarket lighting has become highly popular. At present, the automotive aftermarket lighting is one of the most talked about products with the availability of different kinds of lights meant for different purposes,” adds Praveen.

Growing commercial vehicle market with increasing construction, mining, and trade activities

Economies across the world experiencing are socio-economic growth. This is a result of continuous infrastructural development and growing trade activities, which positively impact the economy of the nation. Better infrastructure leads to higher demand for commercial trucks, tractors, and trailers as they form a primary requirement for such activities.

Massive spending on infrastructure construction projects and mining activities and growth in industrial activity have been the major growth drivers for BRIC (Brazil, Russia, India, and China) nations. In addition, the construction industry also finds significant commercial vehicle applications. The governments of the emerging economies have been taking several initiatives to boost the commercial growth.

Top vendors:

  • Federal-Mogul
  • Hella
  • Magneti Marelli
  • OSRAM
  • Valeo

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844-364-1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio analysts forecast the global commercial vehicles LED bar lights market to post a CAGR of almost 32% during the forecast period, 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844-364-1100
UK: +44 203 893 3200
www.technavio.com