Automotive Laser Headlight Market to Record Sturdy Growth by 2025
According to the research report, the global automotive laser headlight market is expected to be worth US$359.29 bn by the end of 2025 from US$1.09 bn in 2016. During the forecast period of 2017 and 2025, the global market for automotive laser headlights is expected to rise at a whopping CAGR of 69.77%.
The automotive laser headlight market has been segmented into three categories: by vehicle type, by sales channel, and by region. In terms of vehicle, the automotive laser headlight market has been classified into passenger vehicle and commercial vehicle.
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In terms of revenue, passenger vehicle segment held the largest market share in 2016, owing to the increased in demand for passenger vehicle embedded with hi-tech features on account of increased disposable income over the couple of years growing in the emerging nations. The increasing disposable incomes, especially in the developing economies of the world is expected to play an integral role in the adoption of automotive laser headlights in passenger cars. Commercial vehicles are likely to be slow adopters of automotive laser headlights due to their high cost.
By sales channel, the automotive laser headlight market has been segregated into OEM and aftermarket. In terms of revenue, the OEM market segment of the automotive laser headlight market constituted more than 90% market share in 2016. OEMs will be the first ones to integrate this innovative technology. Meanwhile, as the demand for automotive laser headlights picks up pace its demand in the aftermarket is also expected to shoot up. However, until 2025, the OEM segment is projected to lead the global market.
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In 2016, Europe dominated the automotive laser headlight market with more than 40% share and is expected to follow the same trend during the forecast period. Germany is at the forefront with significant adoption of this innovative technology. The well-established automobile manufacturers in the developed parts of Europe are expected to keep this regional market ahead of others. Europe and North America are well known for being the pioneers of automotive technologies.
Hence, it is highly probable that growing technological advancements will be deployed in these region in significant numbers, considering the acceptance from end customers. Asia Pacific too is expected to show tremendous progress as the emerging economies offer lucrative opportunities to the automotive sector. A wide base of younger population with a higher purchasing power in countries such as Japan, India, and China are expected to propel the automotive laser headlight market of Asia Pacific.
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Key players in the automotive laser headlight market are expected to benefit from the formation of strategic alliances with global players in the automotive laser headlight detection market. Prominent players in the automotive laser headlight market are OSRAM, Robert Bosch, Valeo, SORAALASER, ZKW Group and others.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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