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The automotive LED headlamps market share is expected to increase by USD 2.34 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 14.13%.
This automotive LED headlamps market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive LED headlamps market segmentation by application (passenger cars, commercial vehicles, and others) and geography (APAC, North America, Europe, South America, and MEA). The automotive LED headlamps market report also offers information on several market vendors, including Hella GmbH & Co. KGaA, Koito Manufacturing Co. Ltd., Koninklijke Philips NV, LG Electronics Inc., Lumax Industries Ltd., OSRAM GmbH, Samsung Electronics Co. Ltd., Stanley Electric Co. Ltd., Valeo SA, and Varroc Engineering Ltd. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The need for energy-efficient lighting systems is notably driving the automotive LED headlamps market growth, although factors such as the adoption of laser lighting in automobiles may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive LED headlamps industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive LED Headlamps Market Driver
The need for energy-efficient lighting systems is notably driving the automotive LED headlamps market growth. Growing environmental concerns and government initiatives primarily drive the EV market. The efficiency of lighting systems plays a vital role in automobile safety. Hence, OEMs and suppliers of automotive headlamps are increasingly focused on providing an efficient lighting system in vehicles.
The automotive headlamps market is undergoing a significant shift, with the demand for automotive halogen headlights experiencing a decline. This trend is primarily driven by the emergence of advanced lighting systems, including LED and high-intensity discharge (HID) lamps. Although these technologies come with a higher price tag than halogen headlights, their benefits, such as energy efficiency, extended range, increased light output, and longer lifespan, are compelling. In terms of light output, LED headlamps outperform halogen headlights by illuminating greater distances. These factors are expected to fuel the growth of the global automotive LED headlamps market throughout the forecast period. Despite the decline in demand for halogen headlights, they continue to be a cost-effective solution for many automotive applications. However, the market trend is clearly moving towards more advanced and efficient lighting technologies.
Key Automotive LED Headlamps Market Trend
The introduction of laser headlamps is the key market trend driving the automotive LED headlamps market growth. The adoption of laser technology in headlamps is a breakthrough for the automotive industry. The laser technology will provide extremely focused light, which will enhance the driver's control over the vehicle, especially during low-light conditions. The primary benefit of these headlamps with laser technology is that the drivers get the longest visibility range compared with any other currently available headlight technologies. This offers increased road traffic safety. Also, the adoption of laser technology will reduce the size of headlamps enabling automotive designers to enhance vehicle designs. The technology is already found in BMW i8 and Audi R8 LMX and is expected to be adopted in other vehicles during the forecast period. Laser headlamps are more powerful than LED headlamps and thus better substitutes. Therefore, the increase in the adoption of this technology in the future would negatively impact the global automotive LED headlamps market.
Key Automotive LED Headlamps Market Challenge
The major challenge impeding the automotive LED headlamps market growth is the adoption of laser lighting in automobiles. Automotive headlamp technologies are evolving continuously. Developments in automotive headlamps are mainly concentrated on improving efficiency by reducing power consumption. These lights involve the projection of a blue laser onto a diode, which produces diffused white light. Their size is ten times smaller than LEDs. Laser headlights have a strong luminance and long-range when compared with other lighting products in the market. This enables manufacturers to keep laser headlights small and compact, without affecting the light intensity. The illumination range of halogen headlights is just over 90 meters, while it is more than 500 meters in laser headlights. In addition, laser headlights offer enhanced visibility, resulting in improved traffic safety. The adoption of laser headlights will increase in the luxury car segment, which will be a challenge for the global automotive LED headlamps market.
This automotive LED headlamps market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes the global automotive LED headlamps market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive LED headlamps market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive LED headlamps market encompasses successful business strategies deployed by the key vendors. The automotive LED headlamps market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive LED headlamps market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive LED headlamps market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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