LONDON--(BUSINESS WIRE)--The global automotive projector headlamps market is expected to post a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global automotive projector headlamps market size is the increasing popularity of bi-xenon and bi-LED headlamps. The demand for automotive safety systems is increasing owing to the rising number of road accidents and uncertain road conditions. This is increasing the need for good road visibility, which is encouraging automotive OEMs to shift from halogen headlamps to xenon or LED headlamps. Xenon or LED headlamps provide better visibility of the road than halogen lamps. The bi-xenon and bi-LED projector headlamps improve road visibility and increase the efficiency in the utilization of available luminance from headlamps. Thus, the growing popularity of bi-xenon and bi-LED headlamps is expected to fuel the growth of the automotive projector headlamps market during the forecast period.
As per Technavio, the development of laser headlamps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive projector headlamps market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Projector Headlamps Market: Development of Laser Headlamps
The automotive headlamps market is witnessing significant technological innovations aimed at improving efficiency and reducing power consumption. The development of laser headlamps is a recent innovation, which is gaining immense traction as it provides farther and brighter road visibility while consuming half the power compared with LED projector lamps. Such reduced power consumption would benefit their usage in automotive headlamps, especially in electric vehicles where power consumption plays a critical role. Thus, the development of laser headlamps will fuel the growth of the automotive projector headlamps market during the forecast period.
“Apart from the development of laser headlamps, other factors such as the development of adaptive front lighting systems, and the emergence of high luminance LED for projection headlamps will have a significant impact on the automotive projector headlamps market growth during the forecast period,” says a senior analyst at Technavio.
Global Automotive Projector Headlamps Market: Segmentation Analysis
This market research report segments the global automotive projector headlamps market by type (halogen, LED, and others), and geographic regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive projector headlamps market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the automotive projector headlamps market in APAC can be attributed to the growing popularity of electric vehicles (EVs), increasing demand for luxury vehicles, and the growing penetration of projector headlamps in entry-level and mid-segment vehicles in the region.
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