ALBANY, New York, March 9, 2018 /PRNewswire/ --
Rising demand for optimized lighting systems in all kinds of vehicles, ranging from passenger cars to luxury SUVs, across a number of regional markets are presenting promising growth avenues before companies operating in the global automotive adaptive front lighting market. The vendor landscape is becoming increasingly crowded and competitive and companies are focusing on collaboration with other peers, product innovations, and geographical expansion as the means for strengthening their hold on the market, observes Transparency Market Research in a recent report.
Some of the leading companies in the market are Texas Instruments Incorporated, Magneti Marelli S.p.A, HELLA GmbH & Co. KGaA., Hyundai Mobis, Valeo, Koito Manufacturing co., ltd., De Amertek Corp, Continental AG, Denso Corporation, Neolite ZKW, Stanley Electric CO., LTD., Robert Bosch GmbH, Fraunhofer-Gesellschaft, and Johnson Electric.
According to the report, the global automotive adaptive front lighting market was valued at US$7.71 bn in 2016, by revenue, and is expected to rise to a valuation of US$354.11 bn by 2025, exhibiting an unprecedented CAGR of 52.20% during the report's forecast period. In terms of volume, the market generated a demand of 36.53 mn units in 2016 and is expected to reach 157.29 million units by 2025, expanding at a CAGR of 18.29% from 2017 to 2025.
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Europe and Asia Pacific to Remain Most Promising Regional Markets
In terms of technology, the segments of xenon adaptive front lighting and LED adaptive front lighting segment cumulatively accounted for the majority of the share of the global market. Laser headlight segment is an emerging segments and is likely to hold the largest revenue share of automotive adaptive front lighting market in next few years.
Geographically, the highest share of the global market was held by Europe followed by Asia Pacific in 2016. Collectively, these regions held over 82% of the overall revenue opportunity of the global market in the said year. The vast rise in demand for passenger vehicles, the significant rise in uptake of technologically advanced vehicles in emerging countries in Asia pacific, and the massive rise in adoption of mass production methods such as assembly line production in the region's automotive manufacturing sector are the major factors driving the growth of the market in the Asia Pacific region.
Swelling Sales of Advanced and Passenger Cars Globally to Drive Market
Growth of the automotive adaptive front lighting market can be chiefly credited to the rapidly expanding automotive industry, constant growth in the demand for advanced commercial vehicles, and swelling passenger car sales embedded with the innovative technologies, supplemented by the vast rise in purchasing power of consumers in developing nations. This rise in demand is estimated to increase in the near future, thereby further augmenting the demand growth of the automotive adaptive front lighting market.
Other key factors driving the global automotive adaptive front lighting market are the vast rise in miles driven in everyday commute, on account of the rising hub and spoke architecture of metropolitan cities and suburban areas, a significant rise in accident cases during night hours, and dynamic changes in weather condition. The market is also expected to benefit from the rising interest of global manufacturers in self-driving vehicles, which require optimized vision to be able to take driving decisions effectively. Moreover, the market is also expected to benefit from the paradigm shift in working hours, primarily in emerging economies such as India, and South East Asian countries, which has led to a vast increase in night-time commutation. This is, in turn, necessitates lighting systems that provide optimized vision to the driver in all kinds of lighting conditions.
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This analysis of the global automotive adaptive front lighting market is based on a recent market research report by Transparency Market Research, titled "Automotive Adaptive Front Lighting Market (Technology - Xenon Headlight, LED headlight, Laser headlight, OLED headlight; Vehicle Type - Passenger Vehicles and Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2025."
- Asia Pacific and Europe account for a massive share in global revenues
- Changing weather conditions also drive increased demand for automotive adaptive front lighting
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For the study, the market has been segmented as follows:
Automotive Adaptive Front Lighting Market, by technology
Automotive Adaptive Front Lighting Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Automotive Adaptive Front Lighting Market, by Geography:
The market is broadly segmented on the basis of geography into:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- South Africa
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