LOS ANGELES, Oct. 18, 2019 (GLOBE NEWSWIRE) -- The automotive laser headlight market is expected to grow at a CAGR of around 67.9% from 2019 to 2026 and reach the market value of around 339.7 Bn by 2026.
Automotive laser headlights offer high energy efficiency, which is beneficial for the end consumers and for OEMs simultaneously, accelerating the demand of the laser headlights in automobiles. Sequentially, the rising adoption of laser headlights by automotive OEMs is further boosting the market value. However, the cost factor is a concern for the end customers as the laser headlights are costly compared to the conventional lighting systems, which is a primary factor likely to hinder the growth of the market.
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By Vehicle, the market is split into, passenger vehicles and commercial vehicles, where passenger vehicle is sub-segmented into small cars, compact cars, mid-sized cars, luxury cars, SUVs, and crossovers. The demand for passenger vehicles is anticipated to surge over the forecast period. The increasing disposable income is also pushing the individuals to adopt the more efficient and luxury automotive options, which is further propelling the growth of the segment.
By Sales Channel, the automotive laser headlight market is segmented into OEM and aftermarket. OEMs segment is expected to experience substantial growth over the forecast period owing to increasing adoption of headlights by them for improving the safety of the consumers. Along with these, OEMs are also looking for energy-efficient lighting systems, which can add benefits to the end-users, which will further propel the market growth.
The global automotive laser headlights market is studied across the regions of North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. From the aforementioned regions, Europe accounted for the largest market share owing to the presence of major players and their substantial market share. In addition, presence of large customer base for luxury vehicle in the region is further contributing to the regional market growth. Leading automotive OEMs and vehicle manufacturers are present in Europe which is driving the market. Moreover, supportive regulations towards usage of laser headlights are further augmenting the European market.
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Some of the leading competitors are OSRAM GmbH, Robert Bosch GmbH, Valeo S.A., SORAALASER, and ZKW Group among others. The major players are involved in strategic collaboration for building a strong market position. The key manufacturers are also investing in research and development activities for expanding their product portfolio and also for inventing more efficient cutting edge products.
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Some of the key observations in terms of global automotive laser headlight market include:
- Audi has started working on the development of advanced LASER headlights for some of its new models including Audi A8. Laser high beam is the company’s cool new technology breakthrough, through which Audi can provide better illumination in dark roads. However, the company hasn’t received approval from US regulatory. However, it is looking forward to the pending government approval.
- The luxury cars of the future are expected to equip with the Lasers Headlights, as a Japanese scientist, Shuji Nakamura Nobel Prize awarded in Physics for inventing blue LEDs. Moreover, he is working on a new design, which is brighter than the conventional LEDs and also more cost and energy-efficient from the existing ones.
- Osram GmbH has released second-generation laser headlights for cars. The product is based on the blue multi-mode laser diodes, which can double the range with high beams as compared to the existing systems. It offers higher light output from the light source as compared to the LEDs.
- SLD Laser has announced the production launch of LaserLight in 2019, which are designed for the automotive and specialty lighting applications.
- The company has shown a number of laser light products at Consumer Electronics Show or International CES in Las Vegas including cutting edge laser headlight technology. SLD Laser has shown off high-power night-into-day laser headlight technology at CES in 2019. The company has shown the demo in the desert. Moreover, Baja racers can use this technology for the time but it takes time to penetrate the consumer market.
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