Categories: Market Research

Headlight Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Headlight Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Headlight Global Market Report 2024, The headlight market size has grown strongly in recent years. It will grow from $7.15 billion in 2023 to $7.72 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to vehicle safety regulations, aesthetic and design preferences, improvements in lighting efficiency, urbanization and nighttime driving, rise in premium and luxury vehicle sales..

The headlight market size is expected to see strong growth in the next few years. It will grow to $10.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to integration with advanced driver assistance systems (adas), focus on energy efficiency and sustainability, increasing demand for customization, influence of electric and autonomous vehicles.. Major trends in the forecast period include implementation of energy-efficient and smart lighting, advancements in laser headlight technology, compliance with lighting regulations and standards, development of augmented reality (ar) head-up displays, rising adoption of advanced driver assistance systems (adas)..

An increase in the sale of passenger vehicles is expected to propel the growth of the headlight market going forward. Passenger vehicles refer to a category of vehicles that are designed primarily for the transportation of passengers. The increase in the sale of passenger vehicles emphasizes the need for effective and advanced headlights to ensure safe and optimal driving conditions during low-light situations and adverse weather. For instance, in March 2022, according to the European Automobile Manufacturers’ Association (ACEA), a Belgium-based trade association representing the interests of European automobile manufacturers, the sale of passenger cars in the USA reached 11.9 million units in 2021, reflecting a 5.5% increase compared to 2020. Therefore, the increase in the sale of passenger vehicles will drive the growth of the headlight market.

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The headlight market covered in this report is segmented –

1) By Technology: Light Emitting Diode (LED), Xenon, Halogen

2) By Vehicle Type: Passenger Cars, Commercial Vehicles

3) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket

Major companies operating in the headlight market are focused on developing advanced technologies, such as EVIYOS 2.0 adaptive lighting systems, to gain a competitive advantage in the market. The integration of advanced technologies such as EVIYOS 2.0 adaptive lighting systems in headlights involves the utilization of sensors, electronic control units, actuators, and intricate algorithms to enhance visibility while minimizing glare for oncoming traffic, contributing to safer driving experiences. For instance, in July 2023, Osram GmbH, a Germany-based lighting products manufacturer, launched an adaptive lighting system for automotive forward lighting, EVIYOS 2.0, an intelligent multipixel LED that provides adaptive headlight operation. The technology offers fully adaptive and dynamic headlight operation and the capability to project high-resolution images and safety warnings onto the road surface, thereby enhancing road safety by providing better visibility of hazards.

The headlight market report table of contents includes: