The Global Automotive Adaptive Lighting Market is Poised to Reflect 8.18% CAGR by 2023

 

As per Market Research Future (MRFR), the global automotive adaptive lighting market is projected to grow over USD 2,795.7 million at an estimated CAGR of 8.18% from 2015 to 2023 (forecast period). The report shows the market opportunities and market implications that arose as a result of the COVID-19 pandemic.

Lighting is an essential part of the automotive industry due to an increasing preference for the environment and increased safety. The growth in technological advancement in the automotive industry has moved from the use of a gas discharge based light source to a Light emitting diode. Laser technology is the most common type of light source used in the market for adaptive lighting. The decline in the price of LEDs and the increasing rise in technology has led to the automotive adaptive lighting market's growth. The decline in the price of LEDs has led to an increase in the use of adaptive lighting in high-end luxury cars.

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Market Dynamics

The global automotive adaptive lighting market has expanded to a large extent from the changing paradigms in government regulations and the perspective of end-users towards enhanced safety in automobiles. Despite the uncertainty caused by the 2008 global economic downturn, the automotive industry returned to its pre-crisis annual growth rate after 2014, with a number of driving trends, such as growing demand for passenger vehicles, growing urban population, the expansion of global auto manufacturers to new emerging markets, and rising disposable incomes of the middle class.

In the coming years, the global automotive adaptive lighting industry has a very broad market. MRFR analysts have estimated that the automotive industry is going to expand at a rapid pace, and the rapid rise in passenger car sales and technological advances has also been an increasing momentum.

The automotive adaptive lighting market is entirely dependent on the automotive industry. As a result, the rising or declining demand of the automotive industry has a direct effect on the market. Sales of new vehicles have been steadily growing over the last few years. Consequently, the demand for automotive adaptive lighting has also increased. The rise in sales of new vehicles was primarily due to the competitive and varied financing options available. The availability of finance has eased the purchasing of vehicles, which has led to an increase in the use of automotive lighting. The macro-economic development and growth of global middle-class consumers are another factor responsible for the rise in vehicle sales.

 

Market Segmentation

The global automotive adaptive lighting market has been segmented based on technology, vehicle type, and end market.

Based on technology, the global automotive adaptive lighting market has been segmented by Halogen, LED, and Xenon. LED is expected to lead the global adaptive lighting market due to the decreasing cost, easy availability, and longer life.

By vehicle type, the global automotive adaptive lighting has been segmented into Passenger vehicle and Commercial vehicle. Passenger vehicles held the largest market share for the global automotive adaptive lighting market. Rising demand for passenger car among a large pool of population, expansion of global auto-manufacturers into new emerging markets acts as a significant factor for the growth of this segment.

By end-market, the global automotive adaptive lighting has been segmented into OEMs and aftermarket.

 

Regional Analysis

Regionally, the global automotive adaptive lighting market has been segmented into North America, Europe, Asia Pacific, and the Rest of the world. 

Europe has been the largest automotive adaptive lighting market, trailed by the Asia Pacific and North America. Major factors driving the automotive adaptive lighting market are increased sales of new vehicles, increased focus on R&D for automotive lighting, and rapid urbanization led to the growth of the automotive industry, among others. On the flip side, higher costs of automotive adaptive lighting and underdeveloped aftermarket services for automotive adaptive lighting are factors that impede the market. Despite these factors, the market for adaptive lighting in the automotive sector is expected to display a strong market figure due to technical developments and rising demand for passenger vehicles.

 

Key Players

The industry giants in automotive adaptive lighting market include HELLA KGaA Hueck & Co. (Germany), Stanley Electric (Japan), Koito Manufacturing Co., Ltd (Japan), Zizala Lichtsysteme GmbH (Austria), North American Lighting (U.S.) Varroc Lighting Systems (U.S.), OSRAM Licht AG, Valeo Group (France), Magneti Marelli (Italy), and SL Corporation (South Korea).

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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