Increased adoption to improve safety level to provide strong opportunities for adaptive headlight market
New York, U.S., April 28, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “adaptive headlight market“Information by Type, by Vehicle Type, by Sales Channel and by Region – Forecast to 2027” market size will reach USD 4,388.9 million, growing at a compound annual growth rate of 20.42 % by 2026.
Rising adoption to improve the level of security in line with laws and regulations will provide strong opportunities for the market over the forecast period. Polestar will introduce Pixel LED headlights, a new technologically superior lighting system, in the premium compact electric vehicle category on its Polestar 2 fastback in December 2020. During the forecast period 2021-2026, the growth rate high of the automotive industry, combined with advanced product launches, will generate growth opportunities for the adaptive headlight market.
The Dominant Key Players in the Adaptive Headlight Market Covered are:
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Exclusively encompassed USP market:
Rising Motor Vehicle Sales to Support Market Growth
The demand for automotive cars is increasing across the globe owing to economic development and rising purchasing power, which is fueling the growth of the automotive adaptive headlight market. According to a report released by the Society of Indian Automobile Manufacturers (SIAM) in December 2020, passenger car sales increased by 4.65% to 264,898 units in November. Moreover, the demand for electric vehicles is increasing rapidly due to the environmental benefits and the government’s attempts to encourage the adoption of electric vehicles. The growing demand for vehicles is impacting the need for adaptive headlights, prompting market players to come up with more advanced solutions. Polestar will introduce Pixel LED headlights, a new technologically superior lighting system, in the premium compact electric vehicle category on its Polestar 2 fastback in December 2020. During the forecast period 2021-2026, the growth rate height of the automotive industry, combined with advanced product launches, will generate growth opportunities for this market.
High cost to act as market restriction
Even though the adaptive headlight market is growing, one of the main challenges it faces is the high cost of this product. An automotive adaptive headlight is not a cheap component of a vehicle. Although LED headlights have many advantages, their high manufacturing costs and ultimate price limit their use to high-end or luxury vehicles. Accordingly, throughout the forecast period 2021-2026, these hurdles are expected to hinder the expansion of the adaptive headlight market.
High investment in R&D to meet the market challenge
The high investment in research and development might pose a challenge for the market during the forecast period.
Browse In-Depth Market Research Report (112 Pages) on Adaptive Headlight Market:
Market Segmentation Covered by Research:
The global adaptive headlights market is split on the basis of sales channel, vehicle type and type.
By type, halogen segment will lead the adaptive headlight market during the forecast period.
By vehicle type, passenger cars will dominate the adaptive headlight market over the forecast period.
By sales channel, OEM will spearhead the adaptive headlight market during the forecast period.
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North America leads the adaptive headlight market
Due to the high growth rate of the automotive sector in this region, North America held a substantial share of the adaptive headlight market share in 2020 and is expected to grow at a CAGR of 5.89% from 2021 to 2026. The expansion of this market is fueled by the emergence of developing countries such as China, India, Japan and others, as well as increased purchasing power, high investments in the production of electric vehicles and increased government initiatives for the use of adaptive headlights. According to a report by Invest India, the Indian government plans to manufacture electric vehicles for 30% of all vehicles in India by 2030. In June 2019, Indonesia’s Coordinating Ministry of Maritime Affairs announced an investment plan $2 billion by Toyota Motors, a Japanese automaker, for the development of electric cars in the country. The growth of this market will be fueled by such investments. During the forecast period, North America is expected to be a major revenue generator. During the forecast period, this market is expected to grow at a CAGR of 8.1%. The adaptive headlight market is driven by factors such as technical developments and increased need for safety and security. Due to the need for better vision at night and in adverse weather conditions, energy-efficient LED light sources are gaining popularity among vehicle owners. Car manufacturers were prompted to use LED lighting in their vehicles as a result of this. North America has one of the largest productions of adaptive LEDs and adaptive high beams due to the involvement of heavy hitters in the automotive adaptive headlight industry, such as North American Lighting and General Electric Company. In North America, the market for adaptable headlights has grown due to the growing demand.
Europe to Witness Substantial Growth in Adaptive Headlight Market
Europe will witness substantial growth in the adaptive headlight market over the forecast period. The presence of numerous OEM automakers in the region, as well as global auto brands, is driving the market demand. In this region, there has been a sharp increase in M&A activity, site relocations and integration transactions. The region’s economic growth has a direct impact on sales of passenger cars and commercial vehicles. Manufacturers want to improve their autonomy throughout the value chain. Europe is expected to experience strong growth throughout the projection era, thanks to the presence of major automotive suppliers such as BMW and Audi. Additionally, the increased demand for adaptive LED headlights and adaptive high beams has been boosted by increased automotive safety and stricter emission laws across the country, which is fueling the growth of the market. Countries like Germany, France and Spain are major contributors in this area.
Impact of COVID-19 on the global adaptive headlight market
Supply chain disruptions, fluctuations in demand share, economic situations, as well as the immediate and long-term impact of the novel coronavirus have negatively impacted the growth of the adaptive headlight market. Such an epidemic brought economic activity to a standstill, thus plunging the world economy into a very deep recession. Additionally, with roots originating in China, supply chains around the world are facing unprecedented shutdowns and disruptions. Following the easing of lockdowns and restrictions across the globe, the market is expected to return to normal in the coming days.
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