The growing on-road safety concerns is promoting the sales of smart automobiles. This is noted to be a major factor that is expected to boost the growth of the global Adaptive Lighting Market Revenue growth, reveals Market Research Future (MRFR). MRFR states that the market is expected to expand at a CAGR of 8.18% over the forecast period (2015-2023) and scale to a valuation of USD 2,795.7 million by 2023.
Toyota, one of the leading Japanese multinational automobile manufacturers, its top-selling Corolla gets a makeover, incorporates adaptive front-lighting system.
Increase in number of road-accidents is encouraging automobile manufactures to incorporate adaptive lighting solutions in their products. Alongside, the growing awareness among end-users is anticipated to reinforce the growth of the global market of automotive adaptive lighting. The emergence of laser technologies is likely to impel the global Adaptive Lighting Market Revenue growth. Other factors such as easy reach for adaptive lighting equipment, hike in disposal income, and the product gaining better recognition are expected to propel the market growth.
However, the fast-paced expansion of the global Adaptive Lighting Market Revenue is anticipated to be hindered by certain factors. The high purchase price and maintenance cost are expected to limit the global market growth.
The global market of automotive adaptive lighting has been segmented on the basis of vehicle type, technology, and end market. Based on the technology, the market has been segmented into LED, Halogen, and Xenon. The LED segment is likely to dominate over the review period. Expansion of the LED segment can be attributed to lower price, easy availability, and extended shelf- life. Based on the vehicle type, the market has been segmented into Commercial vehicle and Passenger vehicle. The passenger vehicles segment is projected for holding the major share for the global market. Surge in demand for passenger cars is, in turn, leading to escalation of their sales, thus, likely to spur growth of the market. Based on the end market, the global market has been segmented into OEMs and aftermarket.
By region, the Adaptive Lighting Market Revenue has been analyzed across North America, Asia-Pacific, Europe, and Rest of the world (RoW). The Europe market is poised to hold the largest share of the global market over the evaluation period. The Adaptive Lighting Market Revenue in Asia Pacific, followed by North America, is expected to exhibit a remarkable growth over the assessment period.
The rising need for smart automobiles and hike in the per capita income are two factors that are expected to promote the growth of the Asia Pacific market. In addition, the growing population and increase in urban migration are surging the need for effective transportation. This, in turn, is expected to work in favor of the regional market. In Europe, the robust growth of the market can be attributed to the increase in focus on research and developmental activities fostering the production of automobiles, empowered with better safety measures. Furthermore, the increasing demand for smart automobiles among people is likely to boost the growth of the Europe market.
MRFR has listed some of the prominent key players that are operating in the Adaptive Lighting Market Revenue. They are; SL Corporation (South Korea), HELLA KGaA Hueck & Co. (Germany), Magneti Marelli (Italy), Koito Manufacturing Co., Ltd (Japan), North American Lighting (U.S.), Stanley Electric (Japan), Varroc Lighting Systems (U.S.), OSRAM Licht AG, Valeo Group (France), and Zizala Lichtsysteme GmbH (Austria). The residence of high-cash automotive giants and stiff competition among them are expected to amplify the market growth.