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Headlights Market Overview:
Headlights Market size is estimated to reach $12.5 billion by 2030, growing at a CAGR of 6.3% during the forecast period 2023-2030. Increasing demand for durable and low-cost headlights, rising demand for the commercial vehicles due to increase in trades and also demand for passenger vehicles are propelling the Headlights Market growth.
Additionally, the significant investments by the government and private manufacturers to introduce vehicles with new technology, loaded with full specs are creating substantial growth opportunities for the Headlight Market. According to Statistics, China's automobile registrations climbed to approximately 23 million units in 2022. Simultaneously, the changing lifestyle of the consumers for luxury and the strict rules and standards in night driving are some of the major Headlight Market opportunities. These factors positively influence the Headlights industry outlook during the forecast period.
Market Snapshot:
Headlights Market - Report Coverage:
The “Headlights Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Headlights Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The pandemic resulted in an overall decrease in consumer spending on automobiles and a decline in vehicle sales globally. Many automobile component suppliers had to reduce production due to lockdown and supply chain disruptions caused by the pandemic. As the pandemic progressed, people began to rely more on personal vehicles for transportation, leading to a gradual recovery in the aftermarket demand for automotive parts. The post-pandemic outlook for the headlights market appears to be driven by factors such as the recovery of the automotive industry, technological advancements, safety regulations during the forecast period.
● Russia is a major supplier of key metals and minerals, and export sanctions have severely impacted commodity demand and prices. Several OEMs in Eastern Europe had paused and slowed their production due to a lack of parts from Ukraine-based suppliers, which had impacted the market a lot. OEMs including Toyota, Ford, Volvo, Jaguar-Land Rover, General Motors, and BMW had ceased export operations to Russia, with many of them suspending Russian joint ventures in response to the invasion.
Key Takeaways:
● Fastest Growth of Asia Pacific Region
Geographically, in the global Headlights Market share, Asia Pacific is analyzed to grow with the highest CAGR of 7.4% during the forecast period 2023-2030. The Asia-Pacific region accounts for 60 percent of the world’s population and is home to some of the fastest-growing nations, including China and India. There is a strong presence of major manufacturers who continuously invest in new and innovative product launches and technologies, which are the major factors propelling market growth in this region. For instance, in April 2022, Tata Motors announced plans to invest Rs. 24,000 crore ($3.08 billion) in its passenger vehicle business over the next five years.
● Passenger Vehicles to Register the Fastest Growth
The passenger vehicle headlight market is projected to grow at a 6.5% CAGR during the forecast period of 2023–2030.As the global population grows and disposable incomes rise, more individuals are able to afford and purchase passenger vehicles. This leads to an overall increase in demand for passenger vehicles. In 2022, global new car registrations reached 66.2 million units, as sales recovered in the last quarter of the year. However, demand is still trending well below pre-pandemic levels.
● Automotive industry growth is driving the market
The automotive industry is experiencing growth globally, driven by factors such as increasing population, urbanization, and improving economic conditions. This expansion, especially in emerging economies, leads to an increased demand for headlights as vehicles require proper lighting for safe operation. The Government of India expects the automobile sector to attract US$ 8-10 billion in local and foreign investments by 2023. In January 2023, MG Motor India announced plans to invest $100 million to expand capacity, eyeing 70 percent growth in 2023.
● Rising demand for energy-efficient and eco-friendly headlights
The growing awareness regarding environmental conservation is driving the demand for energy-efficient and eco-friendly headlights. This has led to the development of new technologies such as LED that are more energy-efficient and eco-friendly than traditional xenon and halogen bulbs. In May 2022, the University of Oxford stated that LED lights are 75–80% more energy-efficient in comparison with traditional lighting like incandescent and fluorescent lights. Around 95% of the energy in LED luminaries gets converted into light, and just 5% is wasted as heat. This has increasingly led to LED headlight demand rising rapidly.
● High Replacement Cost hinders the market growth
Modern headlights use complex electrical and mechanical systems that can increase the production cost of the component. Headlights need to be compatible with the make and model of the vehicle. Finding the right fit can be challenging, leading to higher costs for the component, and replacing headlights can be a complicated and time-consuming process, leading to higher labour costs.
Headlights Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Headlights Market. The top 10 companies in this industry are listed below:
- Koninklijke Philips N.V. (Philips Lighting N.V.)
- ams OSRAM AG (OSRAM)
- NAO Electronic Technology Co., Ltd.(NAOEVO)
- Faurecia SE (Hella)
- SUMITOMO ELECTRIC INDUSTRIES, LTD. (KOITO MANUFACTURING)
- Marelli holdings co. ltd. (Magneti Marelli S.p.A.)
- Valeo
- Fahren (Fahren Ursprung, Fahren Scourge)
- BEAMTECH
- Stanley Electric
Scope of the Report:
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1. Headlight Market - Overview
1.1 Definitions and Scope
2. Headlight Market - Executive Summary
3. Headlight Market – Comparative analysis
3.1 Market Share Analysis - Major Companies
3.2 Product Benchmarking - Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis - Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Headlight Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Headlight Market – Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Headlight Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Headlight Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Headlight Market - By Type (Market Size – US$ Million/Billion)
8.1 LED
8.2 Halogen
8.3 Xenon
9. Headlight Market - By Category (Market Size – US$ Million/Billion)
9.1 Conventional Headlights
9.2 Adaptable Headlights
10. Headlight Market - By Drive Train (Market Size – US$ Million/Billion)
10.1 Internal Combustion Engine
10.2 Pure Electric
10.3 Hybrid Electric
11. Headlight Market - By Vehicle Type (Market Size – US$ Million/Billion)
11.1 Passenger Vehicles
11.2 Light Commercial Vehicles
11.3 Heavy Commercial Vehicles
11.4 Specialty Vehicles
11.5 Others
12. Headlight Market - By Sales Channel (Market Size – US$ Million/Billion)
12.1 OEMs
12.2 Speciality stores
12.3 Hypermarket/Supermarket
12.4 Aftermarket
12.5 Online Stores
13. Headlight Market - By Geography (Market Size - US$ Million/Billion)
13.1 North America
13.1.1 The U.S.
13.1.2 Canada
13.1.3 Mexico
13.2 Europe
13.2.1 UK
13.2.2 Germany
13.2.3 France
13.2.4 Italy
13.2.5 Spain
13.2.6 Russia
13.2.7 Rest of Europe
13.3 Asia-Pacific
13.3.1 China
13.3.2 India
13.3.3 Japan
13.3.4 South Korea
13.3.5 Australia & New Zealand
13.3.6 Rest of Asia-Pacific
13.4 South America
13.4.1 Brazil
13.4.2 Argentina
13.4.3 Chile
13.4.4 Colombia
13.4.5 Rest of South America
13.5 Rest of the World
13.5.1 Middle East
13.5.2 Africa
14. Headlight Market - Entropy
15. Headlight Market – Industry / Segment Competition landscape Premium Premium
15.1 Market Share Analysis
15.1.1 Market Share by Product Type – Key Companies
15.1.2 Market Share by Region - Key Companies
15.1.3 Market Share by Country - Key Companies
15.2 Competition Matrix
15.3 Best Practices for Companies
16. Headlight Market – Key Company List by Country Premium Premium
17. Headlight Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
17.1 Koninklijke Philips N.V. (Philips Lighting N.V.)
17.2 ams OSRAM AG (OSRAM)
17.3 NAO Electronic Technology Co., Ltd.(NAOEVO)
17.4 Faurecia SE (Hella)
17.5 SUMITOMO ELECTRIC INDUSTRIES, LTD. (KOITO MANUFACTURING)
17.6 marelli holdings co. ltd. (Magneti Marelli S.p.A.)
17.7 Valeo
17.8 Fahren (Fahren Ursprung, Fahren Scourge)
17.9 BEAMTECH
17.10 J.W. Speakers Corporation
* "Financials would be provided to private companies on best-efforts basis."
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The Headlights Market is projected to grow at 6.3% CAGR during the forecast period 2023-2030.
Global Headlights Market size is estimated to be $8.1 billion in 2023 and is projected to reach $12.5 billion by 2030.
The leading players in the Headlights Market are NAO Electronic Technology Co., Ltd., Faurecia SE, SUMITOMO ELECTRIC INDUSTRIES, LTD., Marelli holdings co. ltd., Valeo and others.
New innovations with advanced technologies along with consumer preference towards LEDs with sleek designs over halogens are some of the major Headlights Market trends in the industry which will create growth opportunities for the market during the forecast period.
Increasing demand for durable and low-cost headlights, rising demand for the commercial vehicles due to increase in trade and the rising passenger vehicles market are the driving factors of the market. Introducing vehicles with Adaptive headlight systems and increasing sales of luxurious vehicles are creating substantial growth opportunities for the Headlight Market.