LONDON--(BUSINESS WIRE)--The automotive LED headlamps market is expected to grow by USD 2.35 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Over the last few years, the demand for electric vehicles (EVs) has increased considerably due to the growing need to reduce vehicular emissions to safeguard the environment. Germany, the UK, China, the US, the Netherlands, and Sweden are major contributors to the growth of EVs. EVs are energy-efficient vehicles. These vehicles are fitted with LED headlamps that consume less energy and enhance the vehicle's performance. Thus, the increasing penetration of electric vehicles will boost the growth of the automotive LED headlamps market during the forecast period.
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As per Technavio, the introduction of laser headlamps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive LED Headlamps Market : Introduction of Laser Headlamps
The introduction of LED headlamps has led to significant developments in the automotive lighting market by increasing the efficiency and lifespan of automotive headlamps and reducing energy consumption. Moreover, the adoption of laser technology in headlamps is a breakthrough for the automotive industry as it provides extremely focused light, which helps to enhance the driver's control over the vehicle, especially during low-light conditions. Also, the adoption of laser technology will reduce the size of headlamps enabling automotive designers to enhance vehicle designs. Thus, the introduction of laser headlamps is expected to drive the growth of the automotive LED headlamps market during the forecast period.
“Other factors such as the introduction of adaptive front-lighting system and the growing adoption of LED matrix technology will have a significant impact on the growth of the automotive LED headlamps market value during the forecast period,” says a senior analyst at Technavio.
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Automotive LED Headlamps Market: Segmentation Analysis
This market research report segments the automotive LED headlamps market by application (passenger cars, commercial vehicles and others), and geographic segmentation (APAC, Europe, MEA, North America and South America).
The APAC region LED the automotive LED headlamps market in 2019, followed by North America, Europe, South America and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as growth of luxury cars and EVs and rise in the number of high net worth individuals (HNWIs) in the region.
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Some of the key topics covered in the report include:
- Passenger cars
- Commercial vehicles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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