The North America collimating lens market exhibited a valuation of USD 83.83 million in 2021 and is anticipated to witness a growth rate of 5.2%, reaching USD 133.47 million during the forecasted period. The primary catalyst behind this growth is the escalating demand for LED lighting systems across various industrial applications within the region.
LED lighting systems find applications in diverse industrial settings, including streetlights, parking garage lighting, outdoor area lighting such as walkways, refrigerated case lighting, modular lighting, and task lighting. The region's increased emphasis on technological advancements and growing environmental concerns are fueling the demand for LED lighting systems. The adoption of LED lighting is not only a technological shift but also aligns with sustainability goals, making it an attractive choice for various applications. Government agencies in North America are actively promoting the adoption of LED lighting systems, contributing to the surge in demand for collimating lenses that enhance the performance of these systems.
Moreover, the automotive industry in North America is experiencing a surge in demand for collimating lenses due to the widespread use of LED headlamps in various types of vehicles. The American Chemistry Council reports that approximately 50% of a vehicle's structure is comprised of plastic. This significant usage of plastic is a notable aspect in the context of collimating lenses, as they are integral to enhancing the performance of LED headlamps in automotive applications. In tandem with the global shift towards electric vehicles (EVs), the North American market is witnessing a burgeoning demand for collimating lenses.
The Canadian government, for instance, has set ambitious goals for automakers, aiming for a 10% share of electric vehicles in new vehicle sales by 2025, a 30% share by 2030, and ultimately achieving a 100% share by 2040. To incentivize the adoption of EVs, various provinces, such as Quebec, have introduced attractive incentive programs. Quebec, for example, is offering an $8000 discount for each electric vehicle sold, encouraging consumers to embrace the shift towards electric mobility.
As the North American collimating lens market continues to evolve, the integration of LED lighting systems across industries and the push towards sustainable practices are anticipated to be key drivers. The collaborative efforts of government agencies, coupled with the increasing adoption of electric vehicles, further solidify the region's position as a significant player in the collimating lens market. The demand for collimating lenses is expected to remain robust, driven by ongoing technological advancements, environmental considerations, and the transition towards energy-efficient lighting solutions in various sectors.
