According to a new report, published by KBV research, 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.
It is anticipated that the increasing prevalence of electric vehicles (EVs) will generate fresh prospects for the headlight industry. As reported by the International Energy Agency, the electric vehicle industry experienced a substantial surge in growth in 2022, with sales surpassing 10 million units. In 2022, 14% of all newly sold vehicles were electric, up from approximately 9% in 2021.
Additionally, Global sales were dominated by three markets. China maintained its lead once more, contributing to approximately 60% of worldwide electric vehicle sales. China currently houses over 50% of all-electric vehicles currently in operation on a global scale, and the nation has already surpassed its 2025 sales target for new energy vehicles.
The OEM segment is generating the maximum revenue in the Global Headlight Market by Sales Channel in 2022; thereby, achieving a market value of $8.8 Billion by 2030. Headlights are an important design element of vehicles, contributing to their overall aesthetic appeal. Automakers design headlights to be more attractive to consumers, driving sales of headlights with unique designs. Moreover, the production of vehicles by OEMs directly impacts the demand for headlights. As more vehicles are produced, there is a greater need for headlights to be installed in these vehicles, leading to higher sales for OEMs.
The Electric Vehicle segment is registering a CAGR of 6.9% during (2023 - 2030). Increasing concerns regarding air pollution and climate change fuel the demand for electric vehicles, which emit nothing at the tailpipe. Consumers increasingly choose EVs as a more environmentally friendly alternative to traditional internal combustion engine vehicles. Numerous governments across the globe provide subsidies and incentives, including rebates, tax credits, and access to carpool lanes, to promote the adoption of electric vehicles. These incentives can significantly reduce the EV cost, driving demand for these vehicles. Therefore, as the demand for these vehicles increases, the demand for headlights will also increase.
The Passenger Cars segment is leading the Global Headlight Market by Vehicle Type in 2022; thereby, achieving a market value of $5.9 Billion by 2030. Various factors influence the demand for passenger cars, which can impact the demand for different headlights in the market. As consumers continue to seek vehicles with advanced features and automakers strive to meet regulatory requirements and consumer preferences, the demand for headlights, especially advanced lighting systems like LED headlights, is expected to remain strong.
The Halogen segment is experiencing a CAGR of 6% during (2023 - 2030). Halogen headlights are widely available and easy to replace, requiring no special tools or expertise. This convenience makes them popular for consumers who prefer to perform simple maintenance tasks themselves. Also, halogen headlights are a simple, reliable lighting option, requiring no complex electronics or control systems. This simplicity can appeal to consumers looking for a straightforward and dependable lighting solution.
Full Report: https://www.kbvresearch.com/headlight-market/
The Asia Pacific region dominated the Global Headlight 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. The Europe region is poised to grow a CAGR of 5.3% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 5.6% during (2023 - 2030).
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