Press release
Driving Safety and Style : Exploring the Evolving Headlight Market From 2022 to 2031
Asia-Pacific is expected to dominate the global headlight market. Asia-Pacific has been a region with constant developments that have higher growth opportunities as compared to any other region due to its highest population and its developing countries. In terms of vehicle production, Asia-Pacific accounted for around 57% of total automotive production in 2020 of the global vehicle production, and is expected to continue this trend in the recent years.
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Automotive manufacturers are developing new products to address stringent emission regulations. Greater demand for luxury vehicles, heavy dependence on road for freight movement, and rise in production and sale of vehicles drive the growth of the automotive headlight market.
COVID-19 Impact Analysis
The spread of the COVID-19 pandemic has negatively impacted the headlight market, owing to commute restrictions, and is expected to weaken the financial performance of the market players. It has impacted the overall economy, and contributors such as market participants are formulating strategic cost-saving plans.
Majority of the manufacturing facilities headlights were shut down during the pandemic due to commute restrictions, workforce unavailability, and short supply of raw material due to supply chain disturbance.
The sale of headlights is directly associated with automotive production and sales activities across the globe. Production loss is anticipated to increase if the lockdown in countries is extended. The global automotive production has witnessed decline by 16% in 2020 as compared to automotive production in 2019. Moreover, the global sales of automotive has witnessed drop by around 14% (Y-o-Y) from 90.42 million units in 2019 to 77.97 million units in 2020.
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KEY FINDINGS OF THE STUDY
By technology, the LED segment is anticipated to exhibit significant growth in the near future.
By vehicle type, the passenger cars segment is anticipated to exhibit significant growth in the near future.
By vehicle propulsion, the electric vehicles segment is anticipated to exhibit significant growth in the near future.
By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.
By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global headlight market include Continental AG, De Amertek Corporation, Hella GmbH & Co. KGAA, Hyundai Mobis Co., Ltd., Johnson Electric Holdings Limited, J.W. Speaker Corporation, Marelli Holdings Co., Ltd, Robert Bosch GmbH, Stanley Electric Co., Ltd., and Valeo.
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Electric Passenger Car Lithium-Ion Battery Management System Market : https://www.alliedmarketresearch.com/electric-passenger-car-lithium-ion-battery-management-system-market-A07205
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