Research Insight

Hybrid Train Market Size & Share - Future Growth Expectations

The global hybrid train market is projected to grow from 412 units in 2023 to 446 units by 2030, registering a CAGR of 1.1%. The hybrid train market is witnessing a remarkable surge in demand, propelled by a combination of influential factors that are fundamentally reshaping the landscape of rail transportation. In a world marked by rapid urbanization and an escalating need for energy-efficient solutions, hybrid trains have emerged as a transformative force within the industry. This surge in demand is further reinforced by the unwavering commitment of governments and regulatory bodies to champion eco-friendly transportation alternatives, underscoring the critical importance of reducing carbon emissions. As urban areas continue to expand, and environmental concerns take center stage, hybrid trains are leading the charge toward a new era of cleaner, more efficient, and sustainable rail travel, expertly poised to meet the dynamic demands of the modern world.

• Published: May 2024

Automotive Green Tires Industry - Forthcoming Trends to Fuel the Global Growth

The global automotive green tires market size is projected to grow from USD 11.5 billion in 2023 to USD 15.8 billion by 2028, at a CAGR of 6.5%. There is a rise in concern regarding the various factors affecting the fuel efficiency and emissions of greenhouse gases into the atmosphere. In order to combat this, governments across the globe have started several initiatives to reduce fuel consumption and release of greenhouse gases. The use of green tires will significantly work toward achieving these targets, as these tires help reduce CO2 emissions.

• Published: May 2024

Laminated Busbar Industry - Emerging Trends to Fuel the Global Growth

The global laminated busbar market is expected to reach USD 1,296 million by 2030 from an estimated USD 863 million in 2023, at a CAGR of 6.0% during the forecast period. The major factors driving the growth of this market include the infrastructure modernization, growing electricity demand, renewable energy projects, energy efficiency prioritization, technological advancements and adoption of electric vehicle.

• Published: May 2024

Laminated Busbar Market Size & Share - Future Growth Expectations

The global laminated busbar market size is expected to reach USD 1,296 million by 2030 from an estimated USD 863 million in 2023, at a CAGR of 6.0% during the forecast period. The major factors driving the growth of this market include the infrastructure modernization, growing electricity demand, renewable energy projects, energy efficiency prioritization, technological advancements and adoption of electric vehicle.

• Published: May 2024

Automotive Interior Industry - Forthcoming Trends to Fuel the Global Growth

The global automotive interior market, by value, is estimated to be USD 157.4 billion in 2023 and is projected to reach USD 194.8 billion by 2028, at a CAGR of 4.4% from 2023 to 2028. In the near future, demand for automotive interior is expected  due rising customer preferences for comfort and luxury in vehicles.

• Published: May 2024

Battery Swapping Industry - Forthcoming Trends to Fuel the Global Growth

The battery swapping market is projected to grow from USD 1.7 billion in 2022 to USD 11.8 billion by 2027, at a CAGR of 46.9% during the forecast period. Battery swap systems come with integrated CAN (Controller Area Network) and IoT that make continuous tracking of batteries possible. BSOs (Battery swapping operators) utilize these tracking data to calculate current demand and distribute battery stock as efficiently as possible to their swap stations. The BSO can also record driver behavior and identify driving styles thanks to IoT patterns that affect the battery's rate of discharge. Additionally, this information can be used to create specialized subscription plans, insurance policies, and financial items about the vehicle.

• Published: May 2024

Automotive Interior Market Size & Share - Future Growth Expectations

The global automotive interior market, by value, is estimated to be USD 157.4 billion in 2023 and is projected to reach USD 194.8 billion by 2028, at a CAGR of 4.4% from 2023 to 2028. In the near future, demand for automotive interior is expected  due rising customer preferences for comfort and luxury in vehicles.

• Published: May 2024

Electric Powertrain Industry - Forthcoming Trends to Fuel the Global Growth

The electric powertrain market size is projected to reach USD 230.5 billion by 2030, from an estimated USD 96.7 billion in 2023, at a CAGR of 13.2%. The market is driven by factors such as an increased focus on the adoption of electric vehicles worldwide owing to the environmental benefits they offer and the strict government regulations that focus on reducing emissions emitted by conventional engines.

• Published: May 2024

Virtual Reality Companies - Meta (US) and Sony (Japan) are the Key Players

The global virtual reality market was valued at USD 15.9 billion in 2024 and is projected to reach USD 38.0 billion by 2029; it is expected to register a CAGR of 19.1% during the forecast period. The growing penetration of the Metaverse and Rapid adoption of digital technologies in healthcare and gaming & entertainment sectors are attributed to the ever-increasing demand for virtual reality system. 

• Published: May 2024

Leading Companies in Air Insulated Switchgear Industry - ABB (Switzerland) and Schneider Electric (France)

The global market for air insulated switchgear (AIS) is projected to grow from an estimated USD 67.3 billion in 2024 to USD 85.9 billion by 2029, demonstrating a CAGR of 5.0% during this five-year period. The AIS employs air as an insulating medium. AIS comprises of a casing having an internal volume for housing at least a busbar assembly and a circuit breaker. This metal enclosed or metal clad switchgear consists of components such as live tank circuit breakers, dead tank circuit breakers, current/voltage transformers, disconnectors, switches, and so on.

• Published: May 2024

In Vitro Diagnostics Industry - Emerging Trends Making Great Impact

The global in vitro diagnostics market is projected to reach USD 119.4 billion by 2029 from USD  85.2 billion in 2024, at a CAGR of 6.9% during the forecast period. Factors such as the rising demand for point-of-care testing, and growing preference for personalized medicine, will boost the growth of the In vitro diagnostics market. According to the National Centre for Biotechnology Information (NCBI), Point-of-Care Testing (POCT) is clinical laboratory testing conducted close to the site of patient care where care or treatment is provided. POCT provides rapid turnaround of test results with the potential to generate a result quickly so that appropriate treatment can be undertaken.

• Published: May 2024

Kombucha Market - Emerging Trends and Industry Evolution

The kombucha market is estimated at USD 2.4 billion in 2024 and is projected to reach USD 5.9 billion by 2029, at a CAGR of 19.4 % from 2024 to 2029. The growth of the kombucha industry has been fueled by various factors. Firstly, its perceived health benefits, including probiotic properties that promote gut health, have attracted health-conscious consumers seeking functional beverages. Additionally, as people become more mindful of sugar consumption, kombucha's low-sugar content serves as a healthier alternative to sweetened beverages. The beverage's diverse range of flavors caters to varying tastes, while its vegan and gluten-free nature aligns with dietary preferences. Moreover, kombucha's sustainability and environmental friendliness appeal to consumers concerned about the ecological impact of their choices.

• Published: May 2024

Bottled Water Processing Industry - Forthcoming Trends to Fuel the Global Growth

The bottled water processing market includes both the bottled water market and the bottled water equipment market. In 2023, the bottled water equipment market is estimated to be worth USD 7.2 billion, with a projected growth to USD 9.5 billion by 2028, reflecting a compound annual growth rate (CAGR) of 5.7%. Meanwhile, the bottled water market is valued at USD 311.1 billion in 2023 and is expected to reach USD 457.1 billion by 2028, with a CAGR of 8.0% during the forecast period from 2023 to 2028.

• Published: May 2024

Automotive Brake System Market Size & Share - Future Growth Expectations

The automotive brake system market is estimated to grow from USD 23.5 billion in 2023 to USD 30.1 billion by 2028, at a CAGR of 5.1% during the forecast period. The base year for the report is 2022, and the forecast period is 2023 to 2028. The market is expected to witness rapid growth with the implementation of safety standards in developing countries, particularly China, India, Brazil, etc. Also, the popularity of disc brakes over drum brakes due to their technical benefits drives the automotive brake system market. Further, the growing implementation of country-wise new car assessment programs is anticipated to drive safety features such as electronic braking systems. Lastly, growing sales of premium and luxury vehicles are boosting the electronic braking system market.

• Published: May 2024

In Vitro Diagnostics Market Size & Share - Global Future Growth Expectations

The global in vitro diagnostics market is projected to reach USD 119.4 billion by 2029 from USD  85.2 billion in 2024, at a CAGR of 6.9% during the forecast period. Factors such as the rising demand for point-of-care testing, and growing preference for personalized medicine, will boost the growth of the In vitro diagnostics market. According to the National Centre for Biotechnology Information (NCBI), Point-of-Care Testing (POCT) is clinical laboratory testing conducted close to the site of patient care where care or treatment is provided. POCT provides rapid turnaround of test results with the potential to generate a result quickly so that appropriate treatment can be undertaken.

• Published: May 2024

Collagen Market Size & Share - Future Growth Expectations

The collagen market size valued at USD 5.1 billion in 2023, is experiencing significant growth and is projected to reach USD 7.4 billion by 2030, with a robust compound annual growth rate (CAGR) of 5.3% during this period. This growth is driven by several factors, including increasing demand for collagen due to health and wellness trends, an aging population seeking solutions for age-related issues, the beauty and cosmetics sector's reliance on collagen for anti-aging products, and the incorporation of collagen into functional foods and beverages to meet nutritional needs.

• Published: May 2024

Bottled Water Processing Market Size & Share - Future Growth Expectations

The bottled water processing market includes both the bottled water market and the bottled water equipment market. In 2023, the bottled water equipment market is estimated to be worth USD 7.2 billion, with a projected growth to USD 9.5 billion by 2028, reflecting a CAGR of 5.7%. Meanwhile, the bottled water market is valued at USD 311.1 billion in 2023 and is expected to reach USD 457.1 billion by 2028, with a CAGR of 8.0% during the forecast period from 2023 to 2028.

• Published: May 2024

Vaccines Industry - Forthcoming Trends and Their Impact on Industry Growth

The vaccines market (including COVID-19 vaccines)  is projected to reach USD 94.9 Billion by 2029 from USD 78.0 Billion in 2024, at a CAGR of 4.0% during the forecast period. Similarly the vaccines market (excluding COVID-19 vaccines) is projected to reach USD 80.3 Billion by 2029 from USD 53.0 Billion in 2024, at a CAGR of 8.7% during the forecast period. Technological advancements in vaccine development, increasing government initiatives for immunization programs and expanding investments in research and development are some of the factors driving growth of vaccines market.

• Published: May 2024

Collagen Industry - Forthcoming Trends to Fuel the Global Growth

The collagen industry valued at USD 5.1 billion in 2023, is experiencing significant growth and is projected to reach USD 7.4 billion by 2030, with a robust compound annual growth rate (CAGR) of 5.3% during this period. This growth is driven by several factors, including increasing demand for collagen due to health and wellness trends, an aging population seeking solutions for age-related issues, the beauty and cosmetics sector's reliance on collagen for anti-aging products, and the incorporation of collagen into functional foods and beverages to meet nutritional needs.

• Published: May 2024

Egg Processing Market - Emerging Trends and Industry Evolution

The egg processing market is estimated at USD 33.3 billion in 2024 and is projected to reach USD 41.9 billion by 2029, at a CAGR of 4.7% from 2024 to 2029. Exploring sustainable feed sources such as insect-based protein and algae reduces environmental impact and caters to ethical concerns, attracting new customers. Waste reduction technologies minimize costs and create valuable resources from "waste," offering differentiation and market advantages. Switching to renewable energy sources such as solar power reduces dependence on fossil fuels, lowering energy costs and improving profit margins. These practices not only benefit the environment and consumers, but also lead to cost savings, resource efficiency, market growth, and long-term success for the egg processing industry.

• Published: May 2024

Remote Power Panel Market Size & Share - Global Future Growth Expectations

The global remote power panel market is valued at an estimated USD 1.1 billion in 2024 and is projected to reach USD 1.4 billion by 2028, at a CAGR of 4.8% during the forecast period.  The Remote Power Panel Market refers to the sector involved in the production, distribution, and installation of remote power panels. These panels are devices designed to provide power to remote locations or areas where access to conventional power sources may be limited or non-existent. They typically consist of solar panels, batteries, charge controllers, and sometimes wind turbines or other alternative energy sources.

• Published: May 2024

Electric Tractor Industry - Forthcoming Trends to Fuel the Global Growth

The electric tractor market is estimated to grow from USD 0.7 billion in 2024 to USD 3.4 billion by 2030 at a CAGR of 28.3% during the forecast period. The electric tractor market is increasing due to advancements in battery technology, stringent emission norms, precision agriculture, and incentives for electric tractors. Hence, these factors are driving the electric tractor market.

• Published: May 2024

Solar Encapsulation Market Size & Share - Global Future Growth Expectations

The global Solar Encapsulation Market is projected to reach USD 7.2 billion by 2028 from an estimated USD 4.9 billion in 2023, at a CAGR of 8.0% during the forecast period. The solar encapsulation market refers to the industry segment that deals with the production, distribution, and sale of materials used to encapsulate solar photovoltaic (PV) modules. Solar encapsulation materials are essential components in solar panel manufacturing, as they provide protection to the delicate solar cells from external environmental factors such as moisture, dust, UV radiation, and mechanical damage.

• Published: May 2024

Rodenticides Market - Emerging Trends and Industry Evolution

The rodenticides market is projected to reach USD 7.7 billion by 2029 from USD 5.8 billion by 2024, at a CAGR of 5.9% during the forecast period in terms of value. The rodenticides industry is undergoing rapid growth due to a variety of factors. The expansion of urban areas and industries typically leads to a rise in rodent populations, driven by factors like heightened waste production and habitat disruption. Consequently, this increases the demand for rodenticides to manage these pest infestations. Similarly, fluctuations in weather conditions, including temperature, precipitation, and seasonal changes, can impact rodent populations by influencing their breeding patterns and habitat selection. Instances of extreme weather events may further increase rodent activity, consequently affecting the demand for rodenticides.

• Published: May 2024

Electric Tractor Market Size & Share - Future Growth Expectations

The electric tractor market is estimated to grow from USD 0.7 billion in 2024 to USD 3.4 billion by 2030 at a CAGR of 28.3% during the forecast period. The electric tractor market is increasing due to advancements in battery technology, stringent emission norms, precision agriculture, and incentives for electric tractors. Hence, these factors are driving the electric tractor market.

• Published: May 2024

Solar Encapsulation Industry - Emerging Growth Trends and Their Impact on Industry, Globally

The global Solar Encapsulation market is projected to reach USD 7.2 billion by 2028 from an estimated USD 4.9 billion in 2023, at a CAGR of 8.0% during the forecast period. Government regulations that encourage research and development and applications such as thin film solar are critical to the growth of the solar encapsulation market. Furthermore, due to the widespread commercialization of solar technology in the region, Japan and South Korea are the leading country-level markets in the Asia Pacific.

• Published: May 2024

Nuclear Power Plant Control System Industry - Emerging Trends Impacting Global Growth

The global nuclear power plant control system market is expected to reach USD 825 million by 2028 from an estimated USD 636 million in 2023, at a CAGR of 5.3% during the forecast period. The major factors driving the growth of this market include growing demand for clean energy, global nuclear power expansion and government support & stringent safety regulations.

• Published: May 2024

Nuclear Power Plant Control System Market Size & Share - Future Growth

The global nuclear power plant control system market is expected to reach USD 825 million by 2028 from an estimated USD 636 million in 2023, at a CAGR of 5.3% during the forecast period. The major factors driving the growth of this market include growing demand for clean energy, global nuclear power expansion and government support & stringent safety regulations.

• Published: May 2024

Heat Pump Water Heater Market Size & Share - Global Future Growth Expectations

The global heat pump water heater market is projected to reach USD  10.2 billion by 2028 from an estimated USD 5.2 billion in 2023, at a CAGR of 14.4% during the forecast period. The market for heat pump water heaters is expanding quickly due to growing consumer awareness of environmental sustainability and energy efficiency. When compared to conventional electric water heaters, heat pump water heaters use either ground temperature or ambient air to heat the water, which results in significant energy savings.

• Published: May 2024

Digital Agriculture Market Size & Share - Future Growth Expectations

The global digital agriculture market is on a trajectory of significant growth, with an estimated value forecasted to reach USD 39.8 billion by 2029 from the 2024 valuation of USD 24.2 billion, exhibiting an optimistic Compound Annual Growth Rate (CAGR) of 10.4%. This trend involves the increased availability of digital agriculture tools to smallholder farmers, especially in developing nations, thanks to the rise of mobile internet and cloud computing. As a result, these farmers are empowered to enhance their livelihoods and actively participate in the digital economy.

• Published: May 2024

Digital Agriculture Industry - Forthcoming Trends to Fuel the Global Growth

The digital agriculture market is set to surge from USD 24.2 billion in 2024 to USD 39.8 billion by 2029, growing at a CAGR of 10.4%. One key factor fueling this growth is the increasing accessibility of digital agriculture tools to smallholder farmers, particularly in developing nations, thanks to the proliferation of mobile internet and cloud computing. This trend empowers farmers to enhance their livelihoods and participate more actively in the digital economy.

• Published: May 2024

Heat Pump Water Heater Industry - Emerging Growth Trends and Their Impact on Industry, Globally

The global heat pump water heater market is projected to reach USD  10.2 billion by 2028 from an estimated USD 5.2 billion in 2023, at a CAGR of 14.4% during the forecast period. Heat pump water heaters are becoming more and more popular among individuals and companies as a way to cut electricity costs and lessen their environmental impact in response to growing worries about carbon emissions. Government laws and subsidies that support energy-efficient appliances also hasten industry expansion. The market for heat pump water heaters is expected to grow as production costs come down and technology progresses. This industry will serve both residential and commercial customers looking for economical and environmentally responsible hot water solutions.

• Published: May 2024

Taste Modulators Market Size & Share - Future Growth Expectations

• Published: May 2024

Hydrogen Compressors Market Size & Share - Global Future Growth Expectations

The global hydrogen compressors market size was valued USD 2.1 billion in 2023 and is poised to reach USD 2.6  billion by 2028; it is expected to record a CAGR of 4.5% during the forecast period. The market is expanding as a result of factors like the government's efforts to cut carbon emissions, the growing emphasis on renewable energy, and improvements in hydrogen infrastructure. Furthermore, technical advancements targeted at enhancing compressor dependability and efficiency are driving market expansion.

• Published: May 2024

Pet food ingredients Market Size & Share – Industry’s Projected Expansion

The Pet food ingredients market size is estimated at USD 34.2 billion in 2023 and is projected to reach USD 47.4 billion by 2028, at a CAGR of 6.8% from 2023 to 2028.

• Published: May 2024

Hydrogen Compressors Industry - Impact of Emerging Trends on Future Growth

The global hydrogen compressors market size was valued USD 2.1 billion in 2023 and is poised to reach USD 2.6  billion by 2028; it is expected to record a CAGR of 4.5% during the forecast period. The growing need for hydrogen as a clean energy source is driving a substantial growth in the market for hydrogen compressors. Because they compress hydrogen gas to high pressures for storage and delivery, hydrogen compressors are essential to many industries, including manufacturing, energy, and transportation.

• Published: May 2024

Pet Food Ingredients Industry - Latest Regulatory Trends Impacting the Global Market

The pet food ingredients industry size is projected to reach USD 47.4 billion by 2028 from USD 34.2 billion by 2023, at a CAGR of 6.8% during the forecast period in terms of value.

• Published: May 2024

Automotive V2X Industry - Forthcoming Trends to Fuel the Global Growth

The global automotive V2X market is projected to grow from USD 0.5 billion in 2023 to USD 9.5 billion by 2030, at a CAGR of 51.9%. The demand for automotive Vehicle-to-Everything (V2X) technology is expected to increase significantly, driven by factors such as the growing demand for autonomous vehicles and escalating concerns regarding environmental pollution. The market's expansion is further influenced by the increasing need for connected car technology. Robust governmental support for V2X technology, coupled with advancements in 5G technology, is foreseen to create novel opportunities within this market.

• Published: May 2024

Taste Modulators Industry - Forthcoming Trends to Fuel the Global Growth

The taste modulators industry is expected to reach USD 2.0 billion in 2028 from USD 1.4 billion in 2023, at a CAGR of 7.4% during the forecast period. The taste modulators market is growing due to rising health consciousness, addressing the demand for healthier options by reducing sugar, salt, and fat. The surge in obesity and diabetes cases fuels the need for sugar-free and reduced-calorie products, often utilizing taste modulators.

• Published: May 2024

Organic Fertilizers Industry - Forthcoming Trends to Fuel the Global Growth

The organic fertilizers market reached a value of US$ 7.9 billion in 2024 and is projected to grow at a CAGR of 11.5% from 2024 to 2029, reaching US$ 13.6 billion by 2029. This growth is driven by the interplay between the negative impacts of chemical fertilizers and the increasing demand for environmentally friendly food options, which is driving the expansion of the organic fertilizers industry.

• Published: May 2024

Organic Fertilizers Market Size & Share - Future Growth Expectations

The organic fertilizer market is expected to reach $13.6 billion by 2029 at a CAGR of 11.5% from 2024. This surge is fueled by two key trends: a rise in consumer demand for organic food and growing concerns about the harmful effects of chemical fertilizers. As people seek out eco-friendly options, the organic fertilizer industry is flourishing.

• Published: May 2024

Automotive Transmission Industry - Forthcoming Trends to Fuel the Global Growth

The automotive transmission market is estimated to grow from USD 62.4 billion in 2023 to USD 84.2 billion by 2028 at a CAGR of 6.2% over the forecast period. The increasing consumer preference for convenience and comfort, coupled with government initiatives promoting electric and hybrid vehicles, are the key drivers for the automotive transmission industry. This trend highlights the rapid expansion of the automotive transmission market, driven by technological advancements. These advancements are crucial for meeting changing consumer preferences and government regulations.

• Published: May 2024

Power Rental Industry - Emerging Trends to Fuel the Global Growth

The global power rental market is expected to reach USD 14.2 billion by 2029 from USD 10.8 billion in 2024, at a CAGR of 5.6% during the forecast period. The major factors driving the growth of this market include Rapid industrialization in emerging countries of Asia Pacific, integration of power rental generators with renewable energy resources, increasing demand for power supply.

• Published: May 2024

Power Rental Market Size & Share - Future Growth Expectations

The global power rental market size is expected to reach USD 14.2 billion by 2029 from USD 10.8 billion in 2024, at a CAGR of 5.6% during the forecast period. The major factors driving the growth of this market include Rapid industrialization in emerging countries of Asia Pacific, integration of power rental generators with renewable energy resources, increasing demand for power supply.

• Published: May 2024

Automotive Transmission Market Size & Share - Future Growth Expectations

The automotive transmission market is estimated to grow from USD 62.4 billion in 2023 to USD 84.2 billion by 2028 at a CAGR of 6.2% over the forecast period. The increasing consumer preference for convenience and comfort, coupled with government initiatives promoting electric and hybrid vehicles, are the key drivers for the automotive transmission industry. This trend highlights the rapid expansion of the automotive transmission market, driven by technological advancements. These advancements are crucial for meeting changing consumer preferences and government regulations.

• Published: May 2024

Electric Coolant Pump Industry - Forthcoming Trends to Fuel the Global Growth

The electric coolant pump market for electric vehicles is projected to reach USD 3.9 billion by 2030 from an estimated USD 1.9 billion in 2024 at a CAGR of 12.8%  during the forecast period. The base year for the report is 2023, and the forecast period is from 2024 to 2030.

• Published: May 2024

Electric Coolant Pump Market Size & Share - Future Growth Expectations

The electric coolant pump market is projected to grow from USD 1.9 billion in 2024 to USD 3.9 billion by 2030 at a CAGR of 12.8% during the forecast period. Stringency in emission norms to cut down vehicular emissions and increasing demand for electric vehicles globally are expected to be the primary reasons for the growing electric coolant pump market.

• Published: May 2024

Automotive Ethernet Industry - Forthcoming Trends to Fuel the Global Growth

The global automotive ethernet market size is projected to grow from USD 2.2 billion in 2023 to USD 5.5 billion by 2028, at a CAGR of 19.7%. Factors such as the increasing complexity of in-vehicle systems, such as advanced driver assistance systems and infotainment, necessitating higher data bandwidth and reliable communication are expected to increase the demand for automotive ethernet. Additionally, the adoption of autonomous driving technologies, standardization efforts for interoperability, and the demand for cost-effective and secure networking solutions contribute to the expanding market for automotive ethernet during the forecast period.

• Published: May 2024

Biomarkers Market Size & Share - Future Growth Expectations

The global automotive ethernet market size is projected to grow from USD 2.2 billion in 2023 to USD 5.5 billion by 2028, at a CAGR of 19.7%. Factors such as the increasing complexity of in-vehicle systems, such as advanced driver assistance systems and infotainment, necessitating higher data bandwidth and reliable communication are expected to increase the demand for automotive ethernet. Additionally, the adoption of autonomous driving technologies, standardization efforts for interoperability, and the demand for cost-effective and secure networking solutions contribute to the expanding market for automotive ethernet during the forecast period.

• Published: May 2024

Automotive Lighting Industry - Forthcoming Trends to Fuel the Global Growth

The Automotive Lighting market is projected to grow from an estimated USD 22.5 billion in 2023 to reach USD 30.4 billion by 2030 at a CAGR of 4.4% during the forecast period. The Automotive Lighting market will witness rapid growth owing to the continuous advancement in LED technologies and the rising adoption of these advanced lighting technologies in mid-range and high-end vehicles. Leading lighting manufacturers are highly focused on launching advanced products with innovative technologies, which will serve the rising demand from end users. Increasing awareness about on-road safety and demand for proper vehicle lighting, which improves the vehicle's aesthetic appeal, is fueling the demand for automotive lighting.

• Published: May 2024