LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive LED headlamps market to grow at a CAGR of over 30% during the period 2018-2022, according to their latest report.
The introduction of laser headlamps is one of the major trends being witnessed in the market. The automotive lighting industry has observed considerable growth over the past 10 years. The introduction of LED headlamps has made substantial changes in the automotive lighting market by increasing the efficiency and lifespan of automotive headlamps and reducing the energy consumption. Adoption of laser technology in headlamps is a breakthrough for the automotive industry. The laser technology will provide extremely focused light that will improve the driver's control over the vehicle, particularly during low-light conditions. Also, the adoption of laser technology will reduce the size of headlamps allowing automotive designers to enhance vehicle designs.
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In this report, Technavio analysts highlight the need for energy-efficient lighting systems as a key factor contributing to the growth of the global automotive LED headlamps market:
Need for energy-efficient lighting systems
The increasing environmental concerns and government initiatives are driving the EV market. The efficiency of lighting systems plays an important role in automobile safety. Thus, OEMs and suppliers of automotive headlamps are increasingly focused on providing an efficient lighting system in vehicles. The automotive headlamps market is witnessing a decline in the halogen headlamp demand because of the evolution of advanced lighting systems such as LED and high-intensity discharge (HID) lamps. Even though LED and HID are expensive when compared with halogen lamps, features such as low energy consumption, high range, increased light output, and extended lifespan increase their popularity.
According to a senior analyst at Technavio for automotive components, “The lifespan of LED headlamps is considerably higher than halogen headlamp. In case of light output, LED headlamps can illuminate a greater distance when compared to halogen headlamp. These factors will drive the global automotive LED headlamps market during the forecast period.”
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Global automotive LED headlamps market segmentation
This market research report segments the global automotive LED headlamps market into the following applications (passenger cars and CVs) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the passenger cars segment held the largest market share in 2017, accounting for over 89% of the market. But, the market share of this segment is expected to decrease by almost 6% during the forecast period.
EMEA was the leading region for the global automotive LED headlamps market in 2017, accounting for a market share of almost 56%. This segment is expected to project significant growth during the forecast period.
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