According to a new market research report published by Credence Research “Automotive Adaptive Lighting Market (Technology – Halogen, LED and Xenon; Vehicle Class – Passenger Vehicles, LCV and HCV) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”,the global automotive adaptive lightingmarket is projected to cross the US$ 3.55 Bn mark by 2023.
Market Insights
The conventional light systems used in automobiles do not provide sufficient illumination on curve roads. This makes the illumination unreliable resulting into high possibility of collision on curve roads. According to the U.S. National Highway Traffic Safety Administration, despite the fact only 25% of the overall traffic travels occurs during night time, over 50% of the total number of accidents occur during dark.Thus, it becomes highly essential to develop effective and advanced lighting solutions that can eliminate the need for prediction by drivers on turnings. Adaptive lighting system, also called as adaptivefront lighting system (AFS) helps improving visibility of driver during night and hence ensures better safety.
The most significant factor fueling the adaptive lighting systems market is the steadily rising automotive industry worldwide. These lighting systems are currently popular only in high-end and medium-end cars. Rising middle/upper-middle class population has led to strong demand for medium and high-end cars, especially in the Asia Pacific region. Due to increasing regulations across the industry for driver safety, adaptive lighting systems may soon find large room in low end cars as well. This is another major factor expected to bolster the market growth in the coming years. As a result, the overall automotive lighting industry is estimated to witness robust growth during the forecast period.
The complete report is available at http://www.credenceresearch.com/report/automotive-adaptive-lighting-market
Apart from high costs, virtually, there can be observed few market restraints and challenges having significant impact over the market. Some of the major factors influencing the market growth are fluctuating prices of raw materials and slowing automotive industry across different countries.However, the overall impact of the aforementioned factors is estimated to remain low in the coming years. Thus, the automotive adaptive lighting systems market is estimated to continue witnessing strong growth during the forecast period.
Competitive Insights:
The demand for automotive adaptive systems, being an integral component of automobiles, is dependent over the automotive industry. Additionally, with the rising competition in the overall automotive industry, automotive and accessories manufacturers increasingly focus on cutting down their costs related to raw materials, OEMs and manufacturing. Thus, products offering lowest cost at the manufacturing end are bound to register the highest growth in the overall automotive adaptive lighting systems market during the forecast period. Apart from the cost, another factor affecting the attractiveness of product segment is the durability, luminosity and less energy consumption.
Key Trends:
- Development of more advanced lighting system equipped with various adapting combinations
- Strengthening global sales channel in order to maintain and expand the sales
- Shift towards advanced lighting technologies such as LED and Laser
- Lighting systems for specific automotive manufacturers
- Partnerships with lighting technology providers, automotive component suppliers and other organizations related to the automotive industry
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