Knowledge Sourcing Intelligence announces the publication of a new report on “Global Vehicle Daytime Running Lamps Market - Forecasts from2020 to 2025" to their offering.
Daytime running lights are generally low-wattage headlights that turn on automatically when a vehicle’s ignition is started. It is a type of safety feature intended to reduce multiple-vehicle crashes during daylight hours by making vehicles more conspicuous to other drivers.
According to the report, the Global Vehicle Daytime Running Lamps Market is projected to increase at a CAGR of 5.55% in the coming years.
Increasing cases of road accidents worldwide
Rising number of road accidents across the globe is the major driver of the global vehicle daytime running lamps market. According to the World Health Organization (WHO), around 1.35 million people die in road accidents each year while road traffic crashes cost most countries 3 per cent of their gross domestic product (GDP). Daytime running lamps ensure better visibility of vehicles on road in extreme weather conditions which helps to mitigate severe crashes and fatalities. With governments across different nations as well as global organizations are focusing on vehicle and passenger safety, the demand for vehicle daytime running lamps is augmenting across the automotive sector, thereby driving the market growth. Furthermore, auto manufacturers have already started equipping some models with vehicle daytime running lamps in order to increase the vehicle safety features, thus positively impacting the overall market growth.
However, declining production across the automotive industry from the past few years is currently restraining the market growth of vehicle daytime running lamps market. Moreover, the recent COVID-19 global pandemic outbreak has further affected the automotive sector along with other industries on account of temporary halt in production caused due to shut down of production facilities and global supply chain disruption.
By type, the global vehicle daytime running lamps market has been segmented into halogens, LED (Light Emitting Diode), and HID (High Intensity Discharge). The global vehicle daytime running lamps market has also been segmented by vehicle type as passenger car, light commercial vehicle, and heavy commercial vehicle. The market for LED vehicle daytime running lamps is projected to hold a considerable share in the global market.
By geography, the global vehicle daytime running lamps market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. The European vehicle daytime running lamps market accounted for substantial market share in 2019 owing to the strict regulations regarding the safety of motor vehicles and passengers that have been mandated by governments in this region. The presence of global automaker giants such as BMW and Mercedes in the region further supports the growth of vehicle daytime running lamps market in Europe. Asia Pacific Vehicle Daytime Running Lamps market is projected to witness a noteworthy compound annual growth rate during the forecast period owing to the growing cases of road accidents and implementation of strict safety rules and regulations. Growing middle class population with high living standards and increasing urbanization in countries like China and India are boosting the sales of premium cars which is also positively impacting the overall regional market growth of vehicle daytime running lamps across this region Furthermore, the presence of global auto manufacturers in this region, exporting their final product in countries where vehicle safety regulations are strict is also bolstering the regional market growth during the forecast period.
The major players covered as part of the report are Valeo SA, OSRAM GmbH, Koninklijke Philips N.V., Magneti Marelli S.p.A, and HELLA GmbH & Co. KGaA.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-vehicle-daytime-running-lamps-market
This report has segmented the Global Vehicle Daytime Running Lamps marketon the basis following terms: