Global Automotive Adaptive Lighting Market Information Report, By Technology (Halogen, Led, Xenon and Other), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), By End Market (OEM and Aftermarket) and By Region - Forecast To 2023
Market Scenario:
Lighting is a very important part of the automotive industry due to the growing preference of the environment concern and increased safety. The increase in the development of technology in automotive industry have transformed from the use of gas discharge based light source to Light emitting diode. The laser technology is the most common type of light source used in adaptive lighting market. The decline in the price of LED and growing increase in technology have led to the growth of the automotive adaptive lighting market. The decline in the price of LED have led to increase in use of the adaptive lighting in the high end-luxury cars.
The global automotive adaptive lighting market has been largely benefiting from the changing paradigms in government regulations and end-users perspective towards enhanced safety in automobiles. In spite of a turbulence caused by the global economic slowdown of 2008, the automotive market gained back the pre-crisis annual growth rate after 2014. With several driving trends such as growing demand of passenger vehicles, growing urban population, expansion of global auto-manufacturers into new emerging markets, and rising disposable income of middle class population. The global automotive adaptive lighting market is poised to grow over USD 2,795.7 million by 2023 at an estimated CAGR of 8.18% through the forecast period.
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Global automotive adaptive lighting market has very broad market in coming recent years. MRFR analysts has predicted that automotive industry is about to grow at a rapid pace, moreover, the speedy rising sales of passenger cars and technological innovations have also been a growth momentum.
The automotive adaptive lighting market is completely dependent on the automobile industry. Thus, the increasing or decreasing demand of the automotive industry directly has an impact on the market. Over the last couple of years, the sales of new vehicles have been continuously increasing. As a result, the demand for automotive adaptive lighting has also increased. The increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, due to which there has been a rise in the use of automotive lighting. Another factor responsible for the increase in vehicle sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 9.38 million.
The prominent players in the automotive adaptive lighting include HELLA KGaA Hueck & Co. (Germany), Koito Manufacturing Co., Ltd (Japan), Magneti Marelli (Italy), Stanley Electric (Japan), North American Lighting (U.S.) Varroc Lighting Systems (U.S.), Zizala Lichtsysteme GmbH (Austria), OSRAM Licht AG, Valeo Group (France), and SL Corporation (South Korea).
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The global automotive adaptive lighting market by region has been segmented into North America, Europe, Asia-Pacific and Rest of the world. This market has seen a substantial growth over the past few years and it has been experienced that the market will remain on the same growth level till forecast period. Among the regions covered, Europe has accounted the largest market for automotive adaptive lighting market followed by Asia-Pacific and North America. Major factors that have driven the automotive adaptive lighting market are increase in sales of new vehicles, increasing focus on R&D for automotive lighting, accelerating urbanization led to growth of automobile industry and among others. On the other side, factor that are hindering the market are higher cost of automotive adaptive lightings and underdeveloped aftermarket services for automotive adaptive lighting. Despite this factors, the automotive adaptive lightings market is expected to show a good market figure owing to technological advancements and increasing demand for passenger vehicles.
The market has been segmented based on technology, vehicle type and end market. On the basis of technology the market is segmented by Halogen, LED, and Xenon. LED, by technology segment is expected to dominate the global adaptive lighting market due to the decreasing cost, easily availability and the longer life. On the basis of vehicle type, it is segmented into Passenger vehicle and Commercial vehicle. Passenger vehicles accounted the largest market share for global automotive adaptive lighting market. Rising demand of passenger car among large pool of population, expansion of global auto-manufacturers into new emerging markets acts as a major factor for the growth of this segment whereas, the end market has been segmented into OEMs and aftermarket.
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