The global xenon lights market reached a value of US$ 9.5 Billion in 2018. Xenon lights use a xenon gas-charged and sealed system to produce clean, white and bright light. Also known as high-intensity discharge (HID) lights, they offer high light output, consume low energy, emit less heat and have a longer service life. Xenon bulbs burn relatively more brightly than the glowing filament design bulbs, which helps to improve visibility. Moreover, these lights are cost-effective as compared to their counterparts like other halogen and LED lights. As a result, they are widely used in searchlights, projectors and to simulate natural sunlight for specialized applications across industries and research institutes.
Growing applications of xenon lights across various industries are influencing the growth of the market. These lights are extensively used in the automotive industry to enhance the design and appearance of modern cars. They also assist in improving visibility and indicating the position of other vehicles while driving. Moreover, design-oriented driving enthusiasts use xenon lights to customize the underbody and interior of their cars. The increasing production of vehicles on account of the rising global population is contributing to the market growth. Apart from this, xenon lights are used in interior lighting designs owing to the growing trend of ambient lighting. Some of the other factors contributing to the market growth are inflating income levels, changing living standards and rising purchasing power. According to the estimates by IMARC group, the market value is expected to reach US$ 18.8 Billion by 2024, exhibiting a CAGR of 12% during the forecast period (2019-2024).
Breakup by Application:
Automotive headlights account for the majority of the total market share as the use of these lights improves visibility while driving.
On the geographical front, Asia-Pacific holds the leading position in the market, accounting for the dominant share. Growing population, improving infrastructure and reduced vehicle production costs are the major factors impelling the growth of the market in the region.
The competitive landscape of the market has also been analyzed with the detailed profiles of the key player operating in the market. Some of the key players include:
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