Acumen Research and Consulting, Recently Published Report On “Automotive Laser Headlight Market Size, Share, Company Analysis, Trends and Forecast 2019 - 2026”
LOS ANGELES, Oct. 18, 2019 (GLOBE NEWSWIRE) -- The automotive laser headlight market is expected to grow at a CAGR of around 67.9% from 2019 to 2026 and reach the market value of around 339.7 Bn by 2026.
Automotive laser headlights offer high energy efficiency, which is beneficial for the end consumers and for OEMs simultaneously, accelerating the demand of the laser headlights in automobiles. Sequentially, the rising adoption of laser headlights by automotive OEMs is further boosting the market value. However, the cost factor is a concern for the end customers as the laser headlights are costly compared to the conventional lighting systems, which is a primary factor likely to hinder the growth of the market.
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By Vehicle, the market is split into, passenger vehicles and commercial vehicles, where passenger vehicle is sub-segmented into small cars, compact cars, mid-sized cars, luxury cars, SUVs, and crossovers. The demand for passenger vehicles is anticipated to surge over the forecast period. The increasing disposable income is also pushing the individuals to adopt the more efficient and luxury automotive options, which is further propelling the growth of the segment.
By Sales Channel, the automotive laser headlight market is segmented into OEM and aftermarket. OEMs segment is expected to experience substantial growth over the forecast period owing to increasing adoption of headlights by them for improving the safety of the consumers. Along with these, OEMs are also looking for energy-efficient lighting systems, which can add benefits to the end-users, which will further propel the market growth.
The global automotive laser headlights market is studied across the regions of North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. From the aforementioned regions, Europe accounted for the largest market share owing to the presence of major players and their substantial market share. In addition, presence of large customer base for luxury vehicle in the region is further contributing to the regional market growth. Leading automotive OEMs and vehicle manufacturers are present in Europe which is driving the market. Moreover, supportive regulations towards usage of laser headlights are further augmenting the European market.
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Some of the leading competitors are OSRAM GmbH, Robert Bosch GmbH, Valeo S.A., SORAALASER, and ZKW Group among others. The major players are involved in strategic collaboration for building a strong market position. The key manufacturers are also investing in research and development activities for expanding their product portfolio and also for inventing more efficient cutting edge products.
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Some of the key observations in terms of global automotive laser headlight market include:
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