According to a new research report by Precedence Research, The automotive laser headlight market size is forecast to exceed US$ 18.64 billion by 2027 and is expected to grow at the highest CAGR of 18.64% from 2020-2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
Laser light is a significant innovation and the next big step forward in the automotive lighting sector since the introduction of xenon, halogen, and LED headlight technologies. This lighting technology opens up a completely new horizon in the performance and design of headlights. The brightness of these laser headlights are almost four times that of an LED. This offers an opportunity for the manufacturers to reduce the size of the headlights in the future without compromising on efficiency and light intensity. Primary benefit for drivers from laser headlights is that they have the longest range compared to any existing headlight technology. This provides improved visibility to the driver and result in increased road traffic safety.
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Growth Factors
Rising awareness for the efficient lighting solution in automotive application significantly drives the market growth for automotive laser headlight. The combination of laser and Light Emitting Diode (LED) serves as a building block for the Advanced Front Lighting Systems (AFLS) and is steadily picking pace in the laser headlight market. Applications such as sensing, lighting, computing, and software control plays a pivotal role in AFLS.
Report Highlights
- In 2020, Europe led the global automotive laser headlight market with a market value share of around 41%.The region also expected to exhibit significant growth in the coming years owing to high consumer base for luxury and premium vehicles. In addition, automotive manufacturers are mainly concentrated in the region and invest prominently in the advanced and innovative technologies to influence the positive market growth.
- The Asia Pacific expected to grow at a rapid pace over the analysis period due to increase in purchasing power and significant growth in Gross Domestic Product (GDP) in the developing nations. In addition, green revolution and increasing preference for environment-friendly mobility solutions are positively driving the market for automotive laser headlight in the region.
- By technology, intelligent laser headlight encountered the maximum revenue share in the overall market in 2020 and anticipated to propagate at a rapid rate during the forecast period. This is mainly due to the rising demand for intelligent and smarter technology.
- Passenger vehicle emerged as the global leader in the automotive laser headlight market in the year 2020 and anticipated to grow prominently over the analysis period. High production and sales of passenger vehicles across the globe is the major factor driving the growth of the segment. Moreover, increasing demand for premium and luxury cars along with rapid growth in battery-powered vehicles are the prime factors escalating the production of passenger cars globally.
- By sales channel, OEM dominated the global automotive laser headlight market with nearly 91% of market share in the year 2020 and expected to continue its dominance throughout the analysis period.
Regional Snapshots
By region, Europe led the global automotive laser headlight market with significant revenue share of nearly 40% in 2019 and experience opportunistic growth during the forecast period. Groundbreaking innovations in the laser headlights for automotive applications by the companies operating in the market are bolstering the market growth. For instance, in 2018, OSRAM GmbH developed laser-based light sources especially for automotive headlight units such as matrix headlight system. Furthermore, the company demonstrated its biometric technologies such as EVIYOS (world’s first hybrid LED), DMD laser light source (adaptive headlight), Zevo-hybrid product, LiDAR, and interior lighting that provides colorful illumination for off-road vehicles.
On the contrary, the Asia Pacific exhibits the fastest growth over the analysis period owing to rising consumer base for automotive vehicles and their aftermarket products. Further, rising disposable income triggered the demand for smart technology incorporation in the automotive parts. Stringent government norms for the enhanced driver safety are also contributing positively for the application of smart and innovative lighting solutions to assist driver while driving in harsh environment.
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Key Players & Strategies
The global automotive laser headlight market is highly competitive owing to the rapid changing consumer preference and amendments in the government regulations to enhance safety of the driver along with the vehicle. The market players are prominently investing in the product development and enhancement to cater the fluctuating market demand. For instance, in October 2019, Radiant Vision Systems, a specialized company in lighting and display technologies launched ProMetric, a range of imaging colorimeter and photometer products that deploy precise analysis of laser headlight’s performance. Furthermore, trade events are among the key platforms that are strategically used by the automotive manufacturers to promote their products.
Some of the key players operating in the market are Robert Bosch GmbH, OSRAM GmbH, SLD Laser, Valeo SA, ZKW Group, LASER Component, Koito manufacturing Co. Ltd, Palomar Technologies, Hella GmbH & Co. KGaA, Marelli Holdings Co. Ltd., and Koninklijke Philips N.V. among others.
Segments Covered in the Report
This research study comprises complete valuation of the market revenue with the help of widespread quantitative and qualitative insights, and prognoses of the market. This report presents breakdown of market into forthcoming and niche segments. Additionally, this research study gauges market revenue growth and its drift at global, regional, and country from 2016 to 2027. This report includes market division and its revenue assessment by categorizing it depending on technology, vehicle type, sales channel, and region:
By Technology
- Intelligent
- Conventional
By Vehicle Type
- Commercial Vehicle
- Passenger Vehicle
By Sales Channel
- Aftermarket
- OEM
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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