“Global Headlight Market to reach a market value of USD 10.5 Billion by 2030 growing at a CAGR of 5.8%”
The Global Headlight Market size is expected to reach $10.5 billion by 2030, rising at a market growth of 5.8% CAGR during the forecast period.
The increasing demand for headlights in Asia Pacific can be attributed to many factors, including stringent safety regulations, focus on energy efficiency, growing demand for EVs, consumer preferences, aftermarket demand, technological advancements, and regulatory environment. Therefore, the Asia Pacific segment captured $2,808.4 million revenue in the market in 2022. These factors drive the need for more efficient, reliable, and innovative solutions in the regional automotive sector.
Automakers constantly strive to differentiate their vehicles by offering unique features and designs, including advanced lighting systems. Consumers are often drawn to vehicles with striking and innovative lighting designs, driving demand for these features. The focus is also on integrating lighting into other vehicle components, such as the grille or body panels, to create a seamless and cohesive design. Hence, such developments will augment the expansion of the market in the coming years.
Additionally, the automotive sector is experiencing significant growth globally, driven by several factors. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total number of registrations or sales of new passenger cars was 57,485,378 in Q1-Q4 2022. The highest contributor to this number was Asia/Oceania/Middle East with 37,504,121 followed by Europe with 12,640,455. The same source stated that the total registrations or sales of new commercial vehicles were 24,143,155 in Q1-Q4 2022.
However, limited consumer awareness can hinder the adoption of newer, more advanced technologies, such as LED and HID headlights. Many consumers may be unaware of these technologies' benefits, such as improved visibility, energy efficiency, and longer lifespan. As a result, they may opt for traditional halogen lights simply because they are more familiar with them, leading to slower market growth for LED and HID headlights.
On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. The commercial vehicles segment recorded a 42.38% revenue share in the market in 2022. Economic growth is a major demand driver for commercial vehicles as businesses expand operations and require more vehicles to transport goods and materials. Strong economic growth can increase demand for commercial vehicles and related components, including headlights.
Based on technology, the market is characterized into xenon, LED, and halogen. The LED segment garnered the 47.23% revenue share in the market in 2022. With a lifespan of 20,000 to 50,000 hours, LED headlights are extremely durable. Consumers can save money on maintenance and replacement expenses throughout the vehicle's lifetime due to this durability. This reduces the requirement for frequent replacement.
Based on sales channel, the market is segmented into OEM and aftermarket. The aftermarket segment acquired a 12.68% revenue share in the market in 2022. Many consumers customize or upgrade their vehicles with aftermarket parts, including headlights. Aftermarket headlights can offer unique designs, improved performance, and advanced features that may not be available from OEMs, driving sales in this segment.
By vehicle propulsion, the market is divided into ICE vehicle and electric vehicle. The ICE vehicle segment witnessed the 86.53% revenue share in the market in 2022. The availability of infrastructure, such as gas stations and repair facilities, to support ICE vehicles can impact their demand. Consumers may prefer ICE vehicles due to their convenience in regions with infrastructure for EVs.
Free Valuable Insights: Global Headlight Market size to reach USD 10.5 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded a 22.96% revenue share in the market in 2022. North American consumers are increasingly preferring SUVs and trucks, which typically require larger and more powerful headlights. This trend has led to an increase in demand for headlights for these types of vehicles.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 6.4 Billion |
| Market size forecast in 2030 | USD 10.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.8% from 2023 to 2030 |
| Number of Pages | 367 |
| Number of Tables | 810 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Sales Channel, Vehicle Propulsion, Vehicle Type, Technology, Region |
| Country scope |
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| Companies Included | Hyundai Mobis Co., Ltd. (Hyundai Motor), Valeo SA, Continental AG, KOITO MANUFACTURING CO., LTD, Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Stanley Electric Co. Ltd., ams-OSRAM AG, Koninklijke Philips N.V., De Amertek Corporation |
By Sales Channel
By Vehicle Propulsion
By Vehicle Type
By Technology
By Geography
The Market size is projected to reach USD $10.5 billion by 2030.
Rapidly expanding global automotive sector are driving the Market in coming years, however, Limited consumer awareness of various types of headlights restraints the growth of the Market.
Hyundai Mobis Co., Ltd. (Hyundai Motor), Valeo SA, Continental AG, KOITO MANUFACTURING CO., LTD, Robert Bosch GmbH, HELLA GmbH & Co. KGaA, Stanley Electric Co. Ltd., ams-OSRAM AG, Koninklijke Philips N.V., De Amertek Corporation
The OEM segment is generating the maximum revenue in the Market by Sales Channel in 2022; thereby, achieving a market value of $8.8 Billion by 2030.
The Passenger Cars segment is leading the Market by Vehicle Type in 2022; thereby, achieving a market value of $5.9 Billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.7 Billion by 2030.
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