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Transportation Lighting Market To Cross Valuation Of US$ 13 Bn By 2031

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Transportation Lighting Market To Cross Valuation Of US$ 13 Bn By 2031

December 28
16:20 2021
Transportation Lighting Market is estimated to expand at a CAGR of 3.6% from 2021 to 2031, New shifts in public transportation of Asia Pacific and Europe are grabbing the attention of stakeholders in the value chain

Transparency Market Research delivers key insights on the global transportation lighting market. In terms of revenue, the global transportation lighting market is estimated to expand at a CAGR of 3.6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global transportation lighting market.

Companies are expanding their range of transportation lighting by adding different technologies. Manufacturers are increasing their partnerships with different international and local distributors to have a better reach in every region.

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In terms of lighting technology, LED lighting is majorly used for transportation lighting. Cost effectiveness and energy efficiency offered by LEDs coupled with significant innovation have substantial impact on the growth of LEDs across the globe, which is likely to further help in the growth of the transportation lighting market.

Based on installation, new installation holds a major share of the transportation lighting market due to increase in construction and developments projects. However, retrofitting is also taking over the transportation lighting market owing to upgrade of old systems.

In terms of application, expanding roadways infrastructure and railway infrastructure for better connectivity across the globe have fueled the demand for transportation lighting.

In terms of end-use, road and area end-use segments are expected to grow due to investment in roadways projects and renovation of existing infrastructure.

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The global market for transportation lighting has been divided into North America (U.S., Canada, and Rest of North America), Europe (Austria, Balkan, Belgium, France, Germany, Hungary, Italy, Netherlands, Nordics, Poland, Portugal, Spain, Switzerland, U.K., and Rest of Europe), Asia Pacific & Middle East & Africa (Australia, South Africa, and Rest of Asia Pacific), and Rest of the World. The global transportation lighting market is dominated by Asia Pacific & Middle East & Africa.

Development of smart cities, growing population, and rising investments in infrastructure development are expected to contribute to the regional growth of transportation lighting.

The in the transportation lighting market in Asia Pacific & Middle East & Africa is expected to witness significant growth during the forecast period due to investment in several new transportation infrastructure projects and upgrading of lighting systems in Australia, China, India, and the Middle East.

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Key players operating in the global transportation lighting market are ABB, AGC Lighting, Cree Lighting, Eaton, Intertek Group plc, Kenall Manufacturing, LEDiL, Signify Holding B.V., Transportation Solutions and Lighting, Inc., WSP USA, etc.

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