LaserLight for Automotive Market Analysis
The global LaserLight for Automotive Market will grow at a 30.5% CAGR during the forecast period, states the latest Market Research Future (MRFR) analysis. Laser headlights, put simply, are automotive components that are used to light the road surface for better safety and also avoid the risk of accidents.
Various factors are fuelling the global LaserLight for Automotive Market growth. As per the recent MRFR market estimates, such factors include the growing adoption of innovative safety features in passenger cars that is increasing the need for automotive laser headlights, increasing number of incidents across the globe, increasing sales of luxury cars which are built with advanced lighting systems, increasing awareness about energy-efficient lighting systems, the inclination for comfort and safety features, rise in the sale and production of cars worldwide, favorable government initiatives to improve safety attributes, fuel efficiency of cars that prompt manufacturers to integrate such systems that will ensure safety and comply with the regulations, rise in accidents especially at night, increasing usage of sensors due to technological advancements, and demand for safer and compact vehicles.
On the flip side, high price, less accessibility, impact of the COVID-19 pandemic, and less awareness regarding technology may limit the global LaserLight for Automotive Market growth in the forecast period.
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Key Players
Eminent players profiled in the global LaserLight for Automotive Market report include Koninklijke Philips N.V. (Netherlands), Palomar Technologies (US), KOITO MANUFACTURING CO., LTD (Japan), ZKW Group (Germany), Robert Bosch (Germany), Hella KGaA Hueck & Co (Germany), SLD Laser (Germany), Marelli Holdings Co, Ltd, (Italy),and Valeo (US), among others.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global LaserLight for Automotive Market based on sales channel, power type, technology type, and vehicle type.
· By vehicle type, this market has been bifurcated into commercial and passenger vehicles. Among these, the commercial vehicle segment will lead the market over the forecast period at a high CAGR.
· By power type, the market is bifurcated into 60W, 40W, as well as 35W. Among these, the 35W power type segment will dominate the market over the forecast period at a significant CAGR.
· By technology, the market is bifurcated into conventional & intelligent. Among these, intelligent technology segment will spearhead the market over the forecast period.
· By sales channel type, the market is bifurcated into aftermarket & OEM. Among these, the OEM sales channel type will have the lions share in the market over the forecast period.
Regional Analysis
By region, the global LaserLight for Automotive Market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Among these, Europe will reign the market over the forecast period. The region being the leader in automotive technologies, rising technological developments, adoption of laser headlights, continuous rise in production of cars, the presence of many industry players, many existing players having a good market share, strong customer base especially for luxury cars, increasing investments by key players, the presence of emerging economies worldwide, the presence of well-established automobile manufacturers in the developed parts of the country, and increasing technological developments are adding to the growth of the market in the region.
In the Asia Pacific region, the global laser headlight market will have admirable growth over the forecast period. Consistent increase in the production of cars, the presence of several leading automotive industries in Japan, India, and China, the presence of emerging economies which offer lucrative opportunities to the auto sector, huge base of younger population having high purchasing power especially in Japan, China, and India are fuelling market growth in the region.
In North America, the market will have favorable growth over the forecast period for the region being a pioneer especially of automotive technologies, increasing technological advances, as well as major acceptance from end customers are fueling market growth in the region.
In Rest of the World, the market will have stable growth in the forecast period.
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