Executive Summary of Daytime Running Lights Market

The global daytime running lights market is witnessing significant growth due to the rising demand for improved road safety and increased awareness about the benefits of DRLs. The increasing demand for luxury vehicles and the growing trend of vehicle customization are driving the growth of the automotive lighting market, including the daytime running lights market. The Asia-Pacific region is expected to dominate the market due to the growing demand for passenger cars and commercial vehicles.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The following are some of the key market insights for the global daytime running lights market:

• The global daytime running lights market is expected to grow significantly due to the rising demand for improved road safety and increased awareness about the benefits of DRLs.
• The Asia-Pacific region is expected to dominate the market due to the growing demand for passenger cars and commercial vehicles.
• LED DRLs are expected to dominate the market due to their energy efficiency and longer lifespan compared to other types of DRLs.
• The aftermarket segment is expected to witness significant growth due to the increasing demand for customization and the availability of a wide range of DRL products.
• The increasing demand for luxury vehicles and the growing trend of vehicle customization are driving the growth of the automotive lighting market, including the daytime running lights market.

Market Drivers

The following are some of the key market drivers for the global daytime running lights market:

1. Rising demand for improved road safety

The rising demand for improved road safety is driving the growth of the global daytime running lights market. DRLs have become increasingly popular due to their ability to enhance a vehicle’s visibility and reduce accidents during the day. With the increasing awareness about the benefits of DRLs, the demand for DRLs is expected to continue to rise.

2. Increasing demand for luxury vehicles

The increasing demand for luxury vehicles is driving the growth of the automotive lighting market, including the daytime running lights market. Luxury vehicles are often equipped with advanced safety features, including DRLs, to enhance their safety and appeal to consumers.

3. Growing trend of vehicle customization

The growing trend of vehicle customization is driving the growth of the aftermarket segment of the daytime running lights market. With a wide range of DRL products available in the market, consumers are increasingly customizing their vehicles with unique and personalized DRLs to make their vehicles stand out.

Market Restraints

The following are some of the key market restraints for the global daytime running lights market:

1. High Cost of Advanced DRLs

One of the key market restraints for the global daytime running lights market is the high cost of advanced DRLs. Advanced DRLs, such as LED DRLs, are more expensive compared to conventional DRLs, making them less accessible to price-sensitive consumers.

2. Stringent Government Regulations

Stringent government regulations are also a market restraint for the global daytime running lights market. In many countries, it is mandatory to have DRLs installed in vehicles, which has increased the demand for DRLs. However, regulations regarding the type of DRLs that can be installed in vehicles and their specifications may limit the growth of the market.

Market Opportunities

The following are some of the key market opportunities for the global daytime running lights market:

1. Growing Demand for Electric Vehicles

The growing demand for electric vehicles presents a significant opportunity for the daytime running lights market. As the demand for electric vehicles grows, the demand for advanced lighting systems, including DRLs, is also expected to increase.

2. Increasing Adoption of Advanced DRLs

The increasing adoption of advanced DRLs, such as LED DRLs, presents a significant opportunity for the daytime running lights market. With the increasing awareness about the benefits of advanced DRLs, the demand for these products is expected to increase, driving the growth of the market.

Market Dynamics

The global daytime running lights market is driven by various factors, including rising demand for improved road safety, increasing demand for luxury vehicles, and growing trend of vehicle customization.

However, the market is also restrained by factors such as high cost of advanced DRLs and stringent government regulations. Despite these challenges, the market presents several opportunities, including the growing demand for electric vehicles and the increasing adoption of advanced DRLs.

Regional Analysis

The Asia-Pacific region is expected to dominate the global daytime running lights market due to the growing demand for passenger cars and commercial vehicles in the region. The increasing demand for luxury vehicles in the region is also driving the growth of the market. North America and Europe are also significant markets for daytime running lights due to the high adoption rate of advanced safety features in vehicles.

Competitive Landscape

Leading companies in the Daytime Running Lights market:

1. Hella GmbH & Co. KGaA
2. OSRAM GmbH (AMS AG)
3. Philips (Signify N.V.)
4. Valeo SA
5. KOITO MANUFACTURING CO., LTD.
6. Stanley Electric Co., Ltd.
7. ZKW Group GmbH
8. Varroc Lighting Systems
9. SL Corporation
10. Magneti Marelli S.p.A. (CK Holdings Co., Ltd.)

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The global daytime running lights market can be segmented based on product type, vehicle type, sales channel, and region.

Based on product type, the market can be segmented into:

• Halogen DRLs
• LED DRLs
• Xenon DRLs
• Others

Based on vehicle type, the market can be segmented into:

• Passenger Cars
• Commercial Vehicles

Based on sales channel, the market can be segmented into:

• OEMs
• Aftermarket

Category-wise Insights

1. LED DRLs are the Most Popular Product Type

LED DRLs are the most popular product type in the global daytime running lights market. LED DRLs are highly energy efficient, have a longer lifespan, and offer better visibility compared to other types of DRLs, making them a popular choice among consumers.

2. Passenger Cars are the Largest Vehicle Type Segment

Passenger cars are the largest vehicle type segment in the global daytime running lights market. The increasing demand for passenger cars, especially in the Asia-Pacific region, is driving the growth of the market.

3. Aftermarket is the Fastest Growing Sales Channel

The aftermarket segment is the fastest growing sales channel in the global daytime running lights market. The increasing demand for customization and the availability of a wide range of DRL products are driving the growth of the aftermarket segment.

Key Benefits for Industry Participants and Stakeholders

The following are some of the key benefits for industry participants and stakeholders in the global daytime running lights market:

1. Increased Safety

The installation of DRLs in vehicles increases safety by improving visibility and reducing the risk of accidents during the day. This benefits industry participants and stakeholders by reducing the risk of liability and increasing customer satisfaction.

2. Growth Opportunities

The growing demand for DRLs presents significant growth opportunities for industry participants and stakeholders in the market. This includes manufacturers, distributors, and retailers of DRL products.

3. Customization Options

The availability of a wide range of DRL products in the market provides customization options for consumers, increasing the demand for DRLs and benefiting industry participants and stakeholders.

SWOT Analysis

The following is a SWOT analysis of the global daytime running lights market:

Strengths:

• Increased awareness about the benefits of DRLs
• Growing demand for luxury vehicles
• Availability of a wide range of DRL products

Weaknesses:

• High cost of advanced DRLs
• Stringent government regulations

Opportunities:

• Growing demand for electric vehicles
• Increasing adoption of advanced DRLs

Threats:

• Intense competition among market players
• Fluctuations in the automotive industry

Market Key Trends

The following are some of the key trends in the global daytime running lights market:

1. Adoption of LED DRLs

LED DRLs are becoming increasingly popular due to their energy efficiency, longer lifespan, and better visibility compared to other types of DRLs.

2. Integration of DRLs with other Safety Features

DRLs are being integrated with other safety features, such as automatic emergency braking and lane departure warning, to enhance the safety of vehicles.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the global automotive industry, including the daytime running lights market. The pandemic has resulted in a decline in vehicle sales and disrupted supply chains, leading to a slowdown in the production and sales of DRLs. However, with the easing of restrictions and the resumption of economic activities, the market is expected to recover in the post-pandemic period.

Key Industry Developments

The following are some of the key industry developments in the global daytime running lights market:

1. Valeo Launches New Range of LED DRLs

In 2021, Valeo launched a new range of LED DRLs with advanced features, including automatic intensity adjustment based on ambient light conditions.

2. Hella Launches New Range of LED DRLs

In 2020, Hella launched a new range of LED DRLs with improved visibility and energy efficiency compared to other types of DRLs.

Analyst Suggestions

The following are some of the key analyst suggestions for the global daytime running lights market:

1. Focus on Innovation

Industry participants and stakeholders should focus on innovation and the development of advanced DRL products to meet the growing demand for safety features in vehicles.

2. Increase Customization Options

Industry participants and stakeholders should increase customization options for consumers, such as offering a wider range of DRL products and installation options.

Future Outlook

The global daytime running lights market is expected to continue to grow in the coming years due to the rising demand for improved road safety and the increasing adoption of advanced DRLs.

The Asia-Pacific region is expected to dominate the market due to the growing demand for passenger cars and commercial vehicles in the region. Industry participants and stakeholders should focus on innovation and increasing customization options to meet the growing demand for DRLs in the market.

Conclusion

The global daytime running lights market is witnessing significant growth due to the rising demand for improved road safety and increased awareness about the benefits of DRLs. Despite challenges such as high cost and stringent government regulations, the market presents significant opportunities, including the growing demand for electric vehicles and the increasing adoption of advanced DRLs. LED DRLs are the most popular product type, and passenger cars are the largest vehicle type segment.

The aftermarket segment is the fastest growing sales channel in the market. Industry participants and stakeholders should focus on innovation and increasing customization options to meet the growing demand for DRLs in the market. The future outlook for the market is positive, with continued growth expected in the coming years. Overall, the global daytime running lights market plays a crucial role in improving road safety and enhancing the overall driving experience.