iCrowd Newswire – Jul 28, 2020
The global demand for adaptive lighting for automobiles has been robust in recent years. MRFR analysts have forecast that the automotive industry is about to expand at a rapid rate and that the rapidly growing sales of passenger cars and technological advances have also been a catalyst for growth. Therefore, the global automotive adaptive lighting market 2020 is expected to record a value of USD 2.795.7 million by 2023 at 8.18% through the forecast period.
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The demand for intelligent lighting for cars relies entirely on the automotive industry. Therefore the automotive industry ‘s increasing or rising demand directly impacts the market. The sales of new vehicles have been gradually growing over the last few years. As a result, the market for adaptive lighting in the automotive sector has also increased. The rise in new vehicle sales has been primarily attributed to the affordable and varied financing options available. Finance availability has eased the purchasing of cars, owing to which the use of automotive lighting has increased. Another factor responsible for speeding up car sales is the macroeconomic development and the rise in global middle-class consumers.
The global market for adaptive automotive lighting has benefited mainly from the changing paradigms in government regulations and the perspective of end-users towards increased safety in automobiles. Given a disruption triggered by the 2008 global economic recession, after 2014, the automotive industry recovered the annual growth rate from pre-crisis. For many driving trends, such as growing demand for passenger cars, increasing urbanization, expanding global car producers into new emerging markets and rising disposable income for the middle class.
The market has been analyzed based on vehicle type, technology, and end market. Based on technology, the market is segmented by LED, Halogen, and Xenon. LED is expected to dominate the global adaptive lighting market by technology segment due to declining prices, easy accessibility and longer life. This is segmented into Passenger vehicles and Commercial Vehicles depending on the size of the vehicle. Passenger vehicles held the largest market share in the global adaptive lighting market for automobiles. Increasing passenger car demand among broad population groups, the expansion of global car manufacturers into new emerging markets is a significant factor in this segment ‘s growth. In contrast, the end market has been segmented into OEMs and aftermarkets.
The global market for adaptive automotive lighting was segmented by region into North America, Europe, Asia-Pacific and the rest of the world. Throughout the past few years, this market has seen significant growth and the market has been expected to stay on the same level of growth until the projected era. Europe has the largest market for automotive adaptive lighting followed by Asia-Pacific and North America among the regions covered. Major driving factors in the automotive adaptive lighting market are increased sales of new vehicles, increased focus on R&D for automotive lighting, accelerated urbanization that has led to growth in the automotive industry and others. At the other hand, higher costs of automotive adaptive lighting and underdeveloped aftermarket services for automotive adaptive lighting are factors which hinder the market. Despite these factors, the market for adaptive lighting for automobiles is expected to display an influential market figure due to technical advancements and increased demand for passenger cars.
The prominent players in the automotive adaptive lighting include Koito Manufacturing Co., Ltd (Japan), HELLA KGaA Hueck & Co. (Germany), Magneti Marelli (Italy), North American Lighting (U.S.), Stanley Electric (Japan), Varroc Lighting Systems (U.S.), OSRAM Licht AG, Valeo Group (France), Zizala Lichtsysteme GmbH (Austria), and SL Corporation (South Korea).
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Keywords: Automotive Adaptive Lighting Market