According to a new report published by Allied Market Research, titled, “Headlight Market,” The headlight market was valued at $6.7 billion in 2021, and is estimated to reach $12.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031.
Asia-Pacific is expected to dominate the global headlight market. Asia-Pacific has been a region with constant developments that have higher growth opportunities as compared to any other region due to its highest population and its developing countries. In terms of vehicle production, Asia-Pacific accounted for around 57% of total automotive production in 2020 of the global vehicle production, and is expected to continue this trend in the recent years.
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Automotive manufacturers are developing new products to address stringent emission regulations. Greater demand for luxury vehicles, heavy dependence on road for freight movement, and rise in production and sale of vehicles drive the growth of the automotive headlight market.
COVID-19 Impact Analysis
The spread of the COVID-19 pandemic has negatively impacted the headlight market, owing to commute restrictions, and is expected to weaken the financial performance of the market players. It has impacted the overall economy, and contributors such as market participants are formulating strategic cost-saving plans.
Majority of the manufacturing facilities headlights were shut down during the pandemic due to commute restrictions, workforce unavailability, and short supply of raw material due to supply chain disturbance.
The sale of headlights is directly associated with automotive production and sales activities across the globe. Production loss is anticipated to increase if the lockdown in countries is extended. The global automotive production has witnessed decline by 16% in 2020 as compared to automotive production in 2019. Moreover, the global sales of automotive has witnessed drop by around 14% (Y-o-Y) from 90.42 million units in 2019 to 77.97 million units in 2020.
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KEY FINDINGS OF THE STUDY
- By technology, the LED segment is anticipated to exhibit significant growth in the near future.
- By vehicle type, the passenger cars segment is anticipated to exhibit significant growth in the near future.
- By vehicle propulsion, the electric vehicles segment is anticipated to exhibit significant growth in the near future.
- By sales channel, the aftermarket segment is anticipated to exhibit significant growth in the near future.
- By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global headlight market include Continental AG, De Amertek Corporation, Hella GmbH & Co. KGAA, Hyundai Mobis Co., Ltd., Johnson Electric Holdings Limited, J.W. Speaker Corporation, Marelli Holdings Co., Ltd, Robert Bosch GmbH, Stanley Electric Co., Ltd., and Valeo.
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Electric Passenger Car Lithium-Ion Battery Management System Market : https://www.alliedmarketresearch.com/electric-passenger-car-lithium-ion-battery-management-system-market-A07205
Electric Passenger Car Traction Motor Market : https://www.alliedmarketresearch.com/electric-passenger-car-traction-motor-market-A07206
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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