According to the report, the global automotive laser headlight market is projected to surpass US$ 18.9 Bn by 2030, expanding at a CAGR of ~27% during the forecast period. The increase in awareness regarding road safety across the globe is a main key factor driving the automotive laser headlight market. Moreover, technological progression and development of several advanced laser lights, such as intelligent laser headlight, is anticipated to boost the automotive sector, owing to the rise in demand for high-resolution adaptive headlights. High demand for vehicles is expected to boost the adoption of sensors in vehicles during the forecast period.
According to the WHO, 1.25 million people die every year, globally, as result of road traffic accidents. Research by WHO shows that a majority of road traffic accidents, around 95%, are caused due to human error. In the U.S., the rate of deaths caused by road accidents increased by 7.7% in 2015. About 94% of road accidents in the U.S. are caused due to driving error. Automotive laser headlights play a vital role to avoid such accidents. Thus, technological developments in headlights, including night vision camera and pedestrian protection system, are likely to propel the automotive laser headlight market across the globe.
Expansion of Automotive Laser Headlight Market
Surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive laser headlight market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year.
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Based on vehicle type, the global automotive laser headlight market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to the rise in production of passenger vehicles across the globe. Rising adoption of electric passenger vehicles in major developed countries, including the U.S., China, Germany, and Japan is expected to propel the automotive laser headlight market across the globe.
In terms of technology, the intelligent laser headlight segment dominated the market, as an increase in demand for luxury vehicles, which are integrated with smart headlights, is fueling the demand for automotive laser headlight.
Regional Analysis of Automotive Laser Headlight Market
In terms of region, the global automotive laser headlight market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive laser headlight market in 2019. It is anticipated to hold a leading share during the forecast period due to rise in production and sale of vehicles in China and ASEAN. Increased demand for passenger vehicles across Asia Pacific is anticipated to boost the automotive laser headlight market in the region.
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Followed by Asia Pacific, Europe is projected to hold a major share of the global automotive laser headlight market due to the presence of major vehicle manufacturers and tier-1 suppliers who have advanced research and development facilities for laser headlights, which in turn is likely to fuel the automotive laser headlight market in Europe.
Prominent players operating in the global automotive laser headlight market include OSRAM GmbH., Robert Bosch GmbH, Valeo SA, SLD Laser, LASER Component., ZKW Group, Palomar Technologies, Koito Manufacturing Co. Ltd, Marelli Holdings Co. Ltd., Hella GmbH & Co. KGaA., and Koninklijke Philips N.V.