Train Interior LED Lighting Market Size, Share, Key Manufacturers & growing at CAGR 8.6% during the period, 2017-2027

 

Global Train Interior LED Lighting Market

Global Train Interior LED Lighting market was valued at US$ 1,700.0 Mn in 2020 and it is expected to reach at US$ 3,005.0 Mn by 2027, growing at CAGR 8.6% during the period, 2017-2027.

The rise in focus of government on energy saving solutions, rise in utility rebates, and Growing display and large screen backlighting market are the factors that propel the market. Also, growth of smart lighting and high efficacy LED drive the growth of the LED market. However, high initial cost restricts the growth of the market.

The increasing stringency of regulations in terms of inefficient lighting technologies and growing government efforts toward sustainable development are the key growth drivers. An aggressive decline in the prices of Light-Emitting Diode (LED), along with the transformation in energy policies across the globe, has been boosting the market growth. Moreover, attractive incentives & rebates provided by the governments for the use of LED lighting in several countries will leverage the demand.

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Governments offer incentives & rebates on replacement of traditional lamps with LED products, and this allows to improve adoption of LED products across the world. Smart illuminations are also expected to provide lucrative opportunities for application in industrial & commercial areas. They have the capability to adjust light using control zones. Smart city schemes have become predominant in the U.S. and several European nations with a rising focus on strategies to lessen peak power demand and overall energy consumption.

LEDs are considered costly just because of the high initial capital cost in comparison to conventional lighting technologies. Further, cost includes circuitry & power supplies required. However, this is the perspective when talking of the initial investment; however, the total cost (considering the lifetime of LED) would be lower than conventional technologies. The total cost of ownership of LEDs including the maintenance and energy cost is lower than that of the halogen and incandescent sources. However, the high investments in initial level restricts initial acceptance of LEDs. Hence, it restricts the adoption of the LED market. 

APAC is the fastest-growing region in the train interior LED lighting solution market, and it is expected to retain the pace throughout the forecast period. The major factor responsible for driving the train LED lighting growth in the region is the sustained surge in the urbanization rate and population in developing countries. Government initiatives for the deployment of smart lighting products, along with toughening regulations for energy efficiency, are being implemented, especially in countries such as China and India. The increase in adoption of smart lighting products, along with the strong government focus on developing smart cities, is further driving the LED lighting market growth.

Europe Train interior LED lighting market was valued at US$ 525.9 Mn in 2020 and it is expected to reach at US$ 862.3 Mn by 2027, growing at a CAGR of 7.4% over the forecast period. This growth can be attributed to the increasing demand for comfort & luxury features in rolling stock interiors; government mandates for lighting applications; and increase in different railway projects such as metro train, high-speed train, and refurbished train.

Asia Pacific dominated the market and accounted for more than 30% of the global revenue share in 2019. The market is expected to create significant opportunity over the forecast period due to ongoing transformation and infrastructure expansion projects in the countries such as India, China. 

North America is estimated to be grow at moderate rate. The growth is driven by the increasing proposals of high-speed train projects. The emergence of high-speed train as the major mode of rail transportation in North America will drive the LED train lighting market in the region.

Market Segmentation

The global train interior LED lighting market is segmented into rolling stock such as Diesel Locomotive, DMU, Electric Locomotive, EMU, Metro,Light Rail/Trams/Monorail, Passenger Coaches, and Freight Wagon, by application such as Cabin Lights, Door Lights, Emergency Lighting Systems, Reading Lights, Toilet Lights, Train Headlights, Train Indicator Lights, Train Led Spotlights, Train Main Lights, Marker Lights, and Vestibule Lights. 

Also, the global train interior LED lighting market is Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are listed in this report such as Teknoware, GE, Toshiba, Hitachi, Dräxlmaier, Osram, Grupo Antolin, Koito Europe Ltd, Federal-Mogul, LPA Group, etc.

Market Taxonomy

By Rolling Stock

  • Diesel Locomotive
  • DMU
  • Electric Locomotive
  • EMU
  • Metro
  • Light Rail/Trams/Monorail
  • Passenger Coaches
  • Freight Wagon

 

By Application

  • Cabin Lights
  • Door Lights
  • Emergency Lighting Systems
  • Reading Lights
  • Toilet Lights
  • Train Headlights
  • Train Indicator Lights
  • Train Led Spotlights
  • Train Main Lights
  • Marker Lights
  • Vestibule Lights

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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About Us

QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which help our clients outperform their competition.

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