Portland, OR, Nov. 15, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global headlight market size generated $6.7 billion in 2021, and is expected to reach $12.0 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chains, key investment pockets, competitive scenarios, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
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Headlight Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $6.7 billion |
| Market Size in 2031 | $12.0 billion |
| CAGR | 6.1% |
| No. of Pages in Report | 273 |
| Segments Covered | Technology, Vehicle Type, Vehicle Propulsion, Sales Channel, and Region |
| Drivers | Rise in concerns regarding road |
| Government regulations for lighting | |
| Increase in disposable income | |
| Opportunities | Surge in demand for advanced technology in vehicles |
| Restraints | High cost of LEDs |
Covid-19 scenario:
- 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.
- 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 report segments the global headlight market on the basis of technology, vehicle type, vehicle propulsion, sales channel, and region.
Based on technology, the LED segment held the largest share in 2021, accounting for nearly half of the market. In addition, the segment is estimated to register the highest CAGR of 7.3% during the forecast period.
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On the basis of vehicle type, the passenger cars segment dominated the market in terms of revenue in 2021, accounting for around three-fifths of the market. In addition, the segment is estimated to register the highest CAGR of 6.7% from 2021 to 2031.
Based on vehicle propulsion, the ICE vehicle segment held the largest share in 2021, accounting for more than 90% of the market. However, the electric vehicle segment is projected to manifest the highest CAGR of 12.5% during the forecast period.
On the basis of sales channel, the OEM segment dominated the market in 2021, contributing to more than 90% of the market. However, the aftermarket segment is estimated to showcase the highest CAGR of 8.7% during the forecast period.
The global headlight market is analyzed across several regions such as North America, LAMEA, Asia-Pacific, and Europe. The market across Asia-Pacific held the lion’s share in 2021, accounting for nearly half of the market. However, the market across LAMEA is expected to register the highest CAGR of 7.7% from 2022 to 2031.
The global headlight market report includes an in-depth analysis of the prime market players such as Continental AG, De Amertek Corporation, HELLA GmbH & Co. KGaA, Hyundai Mobis Co., Ltd, Robert Bosch GmbH, Stanley Electric Co., Ltd, Valeo Sa, KOITO MANUFACTURING CO.,LTD., Koninklijke Philips N.V., J.W. Speaker Corporation, Osram Gmbh, and Zkw Group.
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The report analyzes these key players in the global headlight market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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