Automotive Adaptive Lighting Market,Revenue Growth,Trends and Forecast, 2016-2023
Recent report published by Research Nester titled “Automotive Adaptive Lighting Market: Global Demand, Growth Analysis & Opportunity Outlook 2023″ delivers detailed overview of the automotive adaptive lighting market in terms of market segmentation by technology, by vehicle and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The automotive adaptive lighting market is segmented by vehicle into passenger vehicles, light commercial vehicles and heavy commercial vehicles. Among these segments, the light commercial vehicles and heavy commercial vehicles have a significant role behind the growth of automotive adaptive lighting.
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This can be attributed to their usage in logistics and transport where they have to carry products and consignments at night due to stringent government regulations to reduce the traffic congestion during daytime combined with the rising concern of people regarding safety on roads.
The global market for automotive adaptive lighting is expected to derive the sales of 152.5 Million units of automotive adaptive lighting and is further projected to reach USD 2.95 Billion by the end of 2023, expanding at a CAGR of 10.2% over the period 2016-2023. This can be attributed to increasing sales of high-end luxury cars. Further, the increasing demand for improved and technically advanced automotive adaptive lighting is estimated to boom the automotive adaptive lighting market by noteworthy revenue by the end of 2023.
In the regional segment, Asia Pacific and Europe are collectively expected to contribute the market share over the period 2016-2023. This can be attributed to rising economy and positive growth in automobile industry in both the regions. Asia Pacific is estimated to account for 45.5% of market share in terms of revenue by 2023, expanding at a CAGR of around 8.2% over the forecast period. Further, the stringent government regulations to install safety features in vehicles to hone road safety are driving the market of automotive adaptive lighting across the globe.
Automobile Industry Reflects Significant Opportunities
Rapid growth in automobile industry across the globe is one the major factor that is believed to supplement the growth of the automotive adaptive lighting market. Further, factors such as advancements in automotive lighting technology, emergence of automobiles and strict government regulations to reduce road accidents are expected to benefit the expansion of automotive adaptive lighting market.
However, high cost and availability of sub-standardized lighting systems is likely to hamper the growth of the automotive adaptive lighting market in the near future.
This report also provides the existing competitive scenario of some of the key players of the automotive adaptive lighting market which includes company profiling:
Zizala Lichtsysteme GmbH,
OSRAM, Varroc and Stanley Electric Co.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive adaptive lighting market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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This post was originally published on Aerospace Industry