Transparency Market Research has published a new report titled, “Global Automotive Laser Headlight Market (Vehicle Type: Passenger Vehicle and Commercial Vehicle; Sales Channel: OEM and Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” According to the report, the global Automotive Laser Headlight market is projected to surpass US$ 27 Bn by 2027, expanding at a CAGR of above 34.11% during the forecast period.
Global Automotive Laser Headlight Market:
- According to the report, the global automotive laser headlight market is expected to expand steadily at a CAGR of 34.11% owing to the rising number of accidents due to increase in traffic flow in night time
- The growth of automotive laser headlight market is witnessed due to increasing incidences of road accidents in night time, road safety awareness, government stringent policies toward the road safety and other road safety guidelines. Globally, rise in younger 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.
Expansion of Global Automotive Laser Headlight Market
- The implementation of safety systems including laser headlight by the automobile industry has rapidly increased. Since laser headlight ensure to increase the visibility of the passengers in night time, customers are frequently looking for such advanced safety features and are also willing to pay. Another factor that is contributing to the growth of this market is the stiff competition among the automobile manufacturers. The manufacturers are continuously upgrading their models so as to cater to the huge demand of innovative safety features that can be used for various applications.
- Organizations such as New Car Assessment Program (NCAP), are investing in research and development to design automobiles possessing various safety features. The increasing use of sensors due to the advancements in technology is another factor that is contributing to the growth of this market. Government initiatives for passenger safety and comfort attributes of the Sales Channel are encouraging manufacturers to implement such integrated systems that can ensure safety as well as comply with such regulations.
Based on Vehicle Type, passenger vehicle and commercial vehicle comprises the overall automotive market for automotive laser headlight. In 2018, in terms of revenue, passenger vehicle emerged as the segment leader, accounting for more than 90% of the market share. This supremacy was witnessed due to widespread use of passenger vehicle over commercial vehicle in the North America and European region for the automotive laser headlight system.
Passenger vehicle market on the other hand is expected to demonstrate highest growth rate in the future. Highest growth rate has been attributed 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.
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 2018.
Regional Analysis of Global Automotive Laser Headlight Market
Geographically, the global automotive laser headlight market has been segmented into five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe was observed to be the largest regional market globally in terms of revenue in 2018. In Germany adaptation of advance automotive technology and the presence of global manufacturer will boost the automotive laser headlight market. Europe dominated the automotive laser headlight market with more than 40% share and is expected to follow the same trend during the forecast period.
Asia Pacific is the second largest regional market for automotive laser headlight market with nearly same market share that of Europe. This is attributable to increase in the younger population and rise in income of the people.
The market for automotive laser headlight is highly consolidated and each region of the market is dominated by a select number of players. For instance, the automotive laser headlight industry in Europe is dominated by OSRAM GmbH which captures more than half of the market share. Furthermore, the Asia Pacific and North America is fragmented and is dominated by regional players. In these regions, giants such as SORAALASER and ZKW Group have significant share in the global automotive laser headlight market. The automotive laser headlight market, therefore, is characterized by the presence of Robert Bosch GmbH., Valeo, and others.
The global automotive laser headlight market has been segmented as follows:
- Global Automotive Laser Headlight Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Global Automotive Laser Headlight Market, by Sales Channel
- Global Automotive Laser Headlight Market , by Region
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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