Global Xenon Lights Market Expected to Reach US$ 18.8 Billion by 2024: IMARC Groupby Zayn Mathew Market Research Reports
According to IMARC Group’s latest report, titled “Xenon Lights Market: Global Industry Trends, Share, Size, Growth, Forecast and Opportunity 2019-2024”, the global xenon lights market reached a value of US$ 9.5 Billion in 2018. 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 market 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$ 18.8 Billion by 2024, exhibiting a CAGR of 12% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/xenon-lights-market
Insights on Market Segmentation:
Market Breakup by Application:
1. Automotive Headlights
2. Theatre and Movie Projectors
3. Interior Lighting
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.
Market Breakup by Region:
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, Asia-Pacific represents the leading market, holding the majority of the market 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.
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Created on Aug 7th 2019 00:17. Viewed 502 times.
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