Seattle, Aug. 23, 2018 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global headlight tester market was valued at US$ 121.2 million in 2017 and is projected to exhibit a CAGR of 1.9% over the forecast period (2018 – 2026).
Key trends and analysis of the global headlight tester market:
Increasing production of vehicles worldwide is one of the major factors driving growth of the market. For instance, according to the Organization Internationale des Constructeurs automobiles (OICA), the total number of vehicles produced in 2016 was 95 million units, which increased to 97 million units in 2017, globally. Moreover, rising concern of automotive companies to increase safety of the vehicles, as well as standards set by governments for automotive parts, will further increase the demand for headlight tester in automotive industries. This will in turn drive growth of the market. For instance, in June 1987 Federal Motor Vehicle Safety Standard (FMVSS) introduced standard No.108 for headlamps. According to the standard, the maximum light output of headlamp of type 2A is 20,000 to 75,000 candela per lamp and light output for type 1A is 18,000 to 60,000 candela per lamp.
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Key Market Takeaways:
- The global headlight tester market is projected to witness CAGR of 1.9% during the forecast period, owing to increasing sales of vehicles worldwide
- Asia Pacific is expected to grow at a highest CAGR over the forecast period (2028-2026), owing to increasing production of vehicles in China, and this is expected to propel market growth over the forecast period. For instance, according to the Organization Internationale des Constructeurs automobiles (OICA), vehicle production in China was 24.5 million in 2015 and it increased up to 28.1 million in 2016. Similarly, vehicle production in India in 2015 was 4.16 million and it increased up to 4.48 million in 2016. Hence, increasing vehicle production in the region is expected to driver growth of the headlight tester market.
- Major players operating in the global headlight tester market include Anzen Motor Car, BM Autoteknik, Robert Bosch GmbH, Capelec, Chuo Electronic Measurement, Foshan Analytical Instrument, L.E.T. Automotive, MAHA Maschinenbau Haldenwang GmbH & Co. KG, Mingquan Scien-Tech, Beissbarth GmbH, and Nussbaum Automotive Solutions
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