Passenger Car Segment to Dominate Global Adaptive Front Light Market
Favorable government policies, surging demand for safety features, technological advancements and high sales of automobiles to boost global adaptive front light market through 2023.
According
to TechSci Research report, “Global
Adaptive Front Light Market By Vehicle Type, By Technology, By Region, Competition,
Forecast & Opportunities, 2013 – 2023”, global adaptive front light market is projected to grow at
a CAGR of around 13% during 2018-2023, on the back of increasing inclination of
manufacturers towards adaptive front light systems. Moreover, government
regulations towards the safety of passengers and technological advancements are
aiding the market growth. Another factor positively influencing the market growth
is high disposable income and high sales of automobiles. Moreover, growing
acceptance of intelligent lighting and declining prices of LED are driving the
global adaptive front light market.
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In terms of vehicle type, passenger car segment
dominated the market in 2017 and is anticipated to continue its market dominance
through 2023, on account of high sales of used and new passenger cars and
increasing average lifetime of passenger cars. The automotive lighting market
is on a transitional shift from traditional lighting technologies to Xenon,
LED, laser and OLED. Due to the early inception of Xenon, the technology
segment acquired the majority share in 2017. However, due to lowering prices of
LED, LED technology segment is expected to grow at the highest CAGR through
2023.
Prominent automotive lighting giants such as Koito Manufacturing co., ltd., STANLEY
ELECTRIC CO., LTD., Magneti Marelli S.p.A, Valeo S.A., Varroc Lighting Systems,
Inc., HELLA GmbH & Co. KGaA, Johnson Electric Holdings Limited, OSRAM Licht
AG, Neolite ZKW Lightings Pvt. Ltd. & Hyundai Mobis Co., Ltd.., among
others are continuously enhancing and expanding their product offerings to
attract more customers towards their products. In 2017, Europe & CIS region
dominated the global adaptive front light market, backed by technological
advancements and presence of major players in the region. Asia-Pacific is
expected to register fastest growth in global adaptive front light market in
coming years, owing to high production and sales in developing economies such
as China and India.
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“Rapid
growth in automotive industry, swelling passenger car sales embedded with the
latest technologies and growing purchasing power of consumers across the globe
are expected to drive the growth of global adaptive front lighting market.
Moreover, factors like low carbon dioxide from LED or Xenon front light when
compared with traditional halogen light are anticipated to have a positive
impact on the market in coming years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Adaptive
Front Light Market By Vehicle Type, By Technology, By Region, Competition,
Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of global
adaptive front light market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in global adaptive
front light market.
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