Global Xenon lights market status by top industry player, demand, growth, trends & forecast to 2018-2023
The global xenon lights market has grown positively over the past several years. This can be accredited to the evolution of numerous new applications of xenon lights, majorly in the automotive sector, where they are gradually replacing halogen bulbs.
According to IMARC Group’s latest report, titled “Xenon Lights Market: Global Industry Trends, Share, Size, Growth, Forecast and Opportunity 2018-2023”, the global xenon lights market reached a value of US$ 8.5 Billion in 2017. Xenon lights use xenon gas-charged and sealed system to generate light through an electric charge between two electrodes. They produce a brighter, whiter light, which is similar to natural sunlight. Xenon bulbs are used in HID (high-intensity discharge) lighting and represent a better alternative to halogen bulbs, as they give a premium and stylish look. Some of the other benefits offered by the xenon lights are high light output, less consumption of energy, long lifespan, and cost-effectiveness. Nowadays, they are extensively used in searchlights, projectors and for specialized applications across industries and research institutes to simulate natural sunlight.
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Highlights of the global xenon lights market:
Evolution of new applications of xenon lights remains the key growth inducing factor.
Automotive headlights represent the largest end-use segment, accounting for the majority of the total share.
Asia-Pacific is the leading market for xenon lights, holding the largest share globally.
The market is driven by the growing applications of xenon lights, especially in the automotive sector, where they are primarily used to enhance the visibility for the driver, improve vehicle conspicuity, and indicate the position and presence of other vehicles. They are also used to enhance the design and appearance of modern cars. To widen the consumer-base, manufacturers are now producing customized lighting kits for driving enthusiasts, which also complement the aesthetic value of the vehicle. Additionally, the demand for xenon lights has been accelerated by the growing trend of ambient lighting, where they are extensively used in interior lighting designs. The market is also positively influenced by some other factors such as growing population, improving infrastructure, rising purchasing power, changing lifestyles and preferences, governmental initiatives, and reduced vehicle production costs. Owing to the abovementioned forces, the market is further expected to reach a value of US$ 17.7 Billion by 2023, exhibiting a CAGR of 13% during 2018-2023.
The market has been segmented on the basis of applications into automotive headlights, theatre and movie projectors, and interior lighting. Among these, automotive headlights account for the largest share. Region-wise, Asia-Pacific represents the leading market, holding the majority of the total global share. Other major regions include Europe, North America, Middle East and Africa, and Latin America. The report has also analyzed the competitive landscape of the market with some of the key global players being Osram, General Electric, Philips, Stanley Electric and Hella.
Browse Full TOC Report: https://www.imarcgroup.com/xenon-lights-market
The report by IMARC Group has examined the global xenon lights market on the basis of:
Theatre and Movie Projectors
Middle East and Africa
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