Pune, India, January 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Adaptive Headlights Market.
Global Market for Adaptive Headlights is estimated to reach a value of USD 4,388.9 Million by 2026, registering a 20.42% CAGR during the forecast period.
The report covers segmentation and drivers for a better glimpse of the market in the next few years. The increasing sale of premium vehicles and SUVs leads to further investments into the development of advanced adaptive headlight systems worldwide. This leads to advancements in terms of new product development and innovation, resulting in higher market penetration, increased availability, and decreased prices. Such a situation is driving industrial growth, especially in cost-sensitive developing countries. The demand for adaptive headlights is limited in certain regions where the vehicle's cost is still a more prominent factor than the safety of the driver and vehicle. However, the scenario is changing with a rise in the number of road accidents and awareness regarding vehicle safety. Such a change is expected to boost the growth of the global adaptive headlights market over the forecast period.
Global Adaptive Headlights Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Robert Bosch GmbH, General Electric, HELLA GmbH & Co. KGaA, Koito Manufacturing Co., Ltd., OSRAM Licht AG, and Valeo are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development, acquisition, and expansion as their key strategies in the global adaptive headlights market.
Global Market for Adaptive Headlights has been segmented based on Type, Vehicle Type, and Sales Channel.
Based on type, the global adaptive headlights market has been segmented into LED, xenon, and halogen. In 2019, the Halogen segment accounted for the largest market share of 49.95%, with a market value of USD 1,049.3 million. It is projected to register a 17.64% CAGR during the projected timeframe.
Based on vehicle type, the global adaptive headlights market has been divided into passenger car and commercial vehicle. In 2019, the passenger car segment accounted for a considerable market share of 68.00%, with a market value of USD 1,428.5 million. It is projected to register a 19.40% CAGR over the forecast period.
Based on sales channel, the global adaptive headlights market has been segmented into OEM and aftermarket. In 2019, the OEM segment accounted for the larger market share of 80.58%, with a market value of USD 1,692.6 million. It is projected to register a 21.40% CAGR during the projected timeframe.
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Based on region, the report on the global Adaptive Headlights market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The growing popularity of LED lights in cars, technological advancements in automotive lighting, and growing demand for passenger vehicles are the major factors that have driven the adaptive headlights market in Italy. Moreover, the increasing consumption of high-end luxury cars has also augmented the market in Italy. However, as per the Society of Motor Manufacturers and Traders (SMMT), the UK currently produces nearly 2.2 million vehicles each year and expected to rise to over three million during the forecast period. These factors are likely to drive the growth of the adaptive headlights market in Europe during the forecast period.
The growth of the auto component manufacturing industry in Asia-Pacific is mainly driven by the growing automobile manufacturing industry, especially in countries such as China, India, and Malaysia. Due to this, the global automotive component manufacturers have established their production plants and distribution networks in Asia-Pacific. The market has been experiencing rapid growth in the last two years due to the increasing usage of lighting on vehicles, increasing popularity of LED lights, and technological advancements, giving a much-needed thrust to the adaptive headlights market.