U.S. Lightning Product Market is Anticipated to Witness High Growth Owing to Increasing Electric Vehicle Adoption 

The U.S. lighting product market comprises various lightning products including rechargeable and non-rechargeable lighting devices that are used for various applications such as automotive, residential, commercial, industrial and others. Lightning products provide illumination in residential buildings, infrastructure projects, commercial spaces and others. They help save energy and are more economical than traditional lighting options. The lightning product market in the U.S. is driven by growing electric vehicle sales and stringent government regulations regarding energy conservation.

The Global U.S. lighting product Market is estimated to be valued at US$ 294.57 Bn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 To 2031.
 
 Key Takeaways
 Key players operating in the U.S. lighting product are BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys. BYD Company Limited dominated the market in 2022 with a market share of around 20%.
Lightning products are being used across various residential, commercial and industrial applications. The increasing demand for energy-efficiency and sustainability is opening doors for new opportunities for companies operating in the U.S. Lightning Product Market Share. Lightning product manufacturers are focusing on expanding their global footprint by entering into strategic partnerships with regional players.
 
 Furthermore, companies are investing heavily in the research and development of novel lightning technologies such as flexible lighting and organic lightning to cater to the changing consumer preferences and supplement the growth of the U.S. lightning product market.
 
 Market Drivers:
 Increasing adoption of electric vehicles: The uptake of electric vehicles is growing rapidly in the U.S. This is leading to a surge in demand for advanced lighting batteries that power electric vehicles. The boom in electric mobility will drive the demand for next-gen lightning products in the country.
 
 Market Restraints:
 High production costs: The manufacturing of advanced lightning products requires costly raw materials and technologies. This increases the overall production costs. The high costs may restrict the lightning products' uptake in price-sensitive applications until costs are lowered.

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