ALBANY, New York, January 24, 2018 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Automotive Laser Headlight Market: (By Vehicle Type: Passenger Vehicle and Commercial Vehicle; By Sales Channel: OEM, Aftermarket) - Global Industry analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025", the global Automotive Laser Headlight market was valued at US$ 1.09 Bn in 2016 and is expected to propagate at a CAGR of 69.77% during the forecast period from 2017 to 2025 to reach US$ 359.29 Bn in 2025.
Increased night time and weekend driving have led to the substantial demand for clear vision during nighttime which in turn has led to the augmented demand for laser headlights. Automotive laser headlight market across the globe is witnessing transformation in commercial vehicle and passenger vehicle. Increasing incidences of road accidents during night time, growing road safety awareness and government stringent policies toward the road safety and other road safety guidelines are all attributing towards the growth of automotive laser headlight market. Demographic factors unlike rise in young population is also being considered as one of the major factor that is likely to boost the demand for automotive laser headlight as aged population is more susceptible to retinal breaks and require effective care.
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In 2016, in terms of revenue, passenger vehicle segment had largest market share, accounting for 100% of the market share. This supremacy was witnessed due to the deployment done chiefly in the passenger vehicles comparative to commercial vehicles. High cost of laser lights deviated its integration in commercial vehicles comparative to passenger vehicles.
Passenger vehicle market segment on the other hand is expected to demonstrate highest growth rate in the future. Highest growth rate has been attributed owing to high accuracy, reduced cost and long distance visibility. Increase in incidences of road accident in night time and change in government policies toward the road safety are other reasons that are predicted to boost the growth rate of Passenger Vehicle market.
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By sales channel, the automotive laser headlight market has been segregated into OEM and aftermarket. In terms of revenue, the OEM segment constituted more than 90.3% market share in 2016. Laser headlight is one of the innovative technologies that is likely to be integrated by OEMs firstly. However, the growing acceptability of laser headlight across the globe in the coming two to five years would lead to the betterment of the product demand, which in turn would reinforce the aftermarket demand.
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The automotive laser headlight market is highly consolidated with the presence of large sized manufacturers namely, OSRAM GmbH, Robert Bosch GmbH, Valeo S.A., SORAALASER, ZKW Group among others. OSRAM considerably has a larger market share relative to other manufacturers. There is a probability of high adoption of laser headlight technology primarily in the luxury vehicles in the coming two to four years owing to the driving assistance benefits conferred by it to aged population and night time travelers. This in turn would encourage several automotive lighting suppliers like Phillips and Hella foray into manufacturing laser headlights.
Global Automotive Laser Headlight market is segmented as follows:
Global Automotive laser headlight Market: By Vehicle (US$ Mn) (Million Units)
- Passenger Vehicle
- Commercial Vehicle
Global Automotive laser headlight Market: By Sales Channel (US$ Mn) (Million Units)
Global Automotive laser headlight Market: By Region/Country/Sub-region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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