Global Automotive Adaptive Lighting Market is primarily impelled by rapid growth in automobile industry, according to our research report “Global Automotive Adaptive Lighting Market Outlook 2023”.
The global automotive adaptive lighting market study is segmented into technology type. Among this segment, LED lighting segment is projected to gain traction during the forecast period on account of rapid adoption of low cost and advanced lighting systems in automobile manufacturing industries. There is a need of advanced lighting systems in heavy-duty vehicles as transportation & logistics sector is increasing across the globe. The passenger vehicle segment accounted the largest demand share of 61.5% in 2015 and is expected to maintain its dominance over the forecast period i.e. 2016-2023.
The global automotive adaptive lighting market reached USD 810.2 Million in 2015 and further, the market is expected to register a CGAR of 10.2 % over the forecast period i.e. 2016-2023. Expansion of automobile sector across the globe and growing demand for advanced, low cost and energy efficient lighting systems in this sector is driving the market of automotive adaptive lighting globally. Moreover, growing need of modular and daytime self-adjusting lighting systems and increasing sales of high-end luxury cars across the globe is expected to fuel the growth of automotive adaptive lighting market in near future.
Geographically, Asia-Pacific region is expected to account the maximum share of revenue by 2023 followed by Europe region during the forecast period on the back of rapid growth in automobile industry in the region. Positive GDP growth and rising personal disposable income of the population in robust economies such as China, India and others would allow the population to buy luxury cars are some of the major growth driver for the automotive adaptive lighting market.
Advancement in Lighting Technology:
The advancements in lighting technology and their systems which are much more efficient than conventional ones are driving the market of automotive adaptive lighting. Moreover, long life span of LED lights, ease of availability and low costs associated with the replacement of these lights are the factors which are bolstering the demand for LED lighting technology across the globe. Manufacturers of automotive adaptive lighting are developing new and advance lighting systems which adapt the lighting ambient and weather conditions.
Expansion of Automobile Sector:
Automobile industries and manufacturers are shifting towards advanced and energy efficient lighting systems in in order gain attraction of more consumers thus increase the sales of vehicles. Further, increasing sales of passenger vehicles across the globe and rapid adoption of advanced lighting system is expected to trigger the demand for automotive adaptive lighting.
Although, installing adaptive lighting systems in vehicles increases the overall cost of these vehicles which creates a major challenge for this industry. Moreover, high cost of automotive adaptive lighting and availability of sub-standardized lighting systems are expected to hamper the growth of automotive adaptive lighting market.
The report titled “Global Automotive Adaptive Lighting Market Outlook 2023” delivers detailed overview of the Global Automotive Adaptive Lighting Market in terms of market segmentation by Technology, by Vehicle.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Global Automotive Adaptive Lighting Market which includes company profiling of HELLA, KOITO, Magneti Marelli and Valeo, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Automotive Adaptive Lighting Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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