Automotive Intelligence Battery Sensor Market Size, Share, Leading Players, Competitive Analysis, Growth, Global Industry Forecast To 2023
The global automotive intelligent lighting system market, according to a report published by Market Reseach Future (MRFR), is slated to attain a substantial market valuation at a striking CAGR over the review period.
Drivers and Restraints
The global automotive intelligent lighting system market is anticipated to grow in accord with the automotive industry. Growth in automobile sales has resulted in a rising demand for intelligent lighting systems. In addition to this, the augmented adoption of pedestrian and passenger safety structures, such as lane departure warning systems in vehicles, and advanced driver-assistance systems (ADAS), is anticipated to play a crucial role in the advancement of the global automotive intelligent lighting systems market.
On the other hand, one of the main factors hampering the growth of the market is the higher cost related to the manufacturing and installation of intelligent lighting systems in vehicles. Therefore, the implementation of these lights in some of the cost-sensitive markets such as India is relatively low. However, with the rising awareness regarding the importance of safety features in automobiles and strict regulations concerning the same, the scenario in developing countries is anticipated to change over the forecast period.
The global market for automotive intelligent lighting system is segmented based on technology, type of light, vehicle type, end-use, and region. Based on technology, the automotive Intelligent lighting system market is segmented into LED, Xenon, and Halogens. On the types of light, the automotive intelligent lighting system market is segmented into intelligent ambient lighting and adaptive headlight. The global market is segmented based on vehicle type into light commercial vehicle, passenger car, and heavy commercial vehicle. Based on end-use, the market is bifurcated into OEM and aftermarket.
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Based on the region, the global market automotive intelligent lighting system is segmented into North America, Asia-Pacific, Europe, and the Rest of the World.
North America is one of the significant regions in the global automotive intelligent lighting system market and is slated to register a significant market share over the review period. This is accredited to the established automotive industry in the region, which a higher demand for technologically advanced lighting systems.
Europe is one of the noteworthy regions in the global market for automotive intelligent lighting system and anticipated to account for a substantial share of the market over the forecast period. This regional market is dominated by developed countries such as France, Germany, and the UK, with established automotive sectors, and has been at the vanguard of technological advancements in the global automotive industry. The presence of some of the global automotive giants, including KGaA Hueck & Co., Magneti Marelli S.p.A., and Osram Continental GmbH, also creates favorable conditions for the growth of the European automotive intelligent lighting system market.
Asia-Pacific is estimated to grow at the highest CAGR over the next five years. This region is considered to grow due to the improving standards of living, resulting in higher expenditure on automobiles. Also, the emerging economies such as India and China have provided potential growth opportunities to global players to intelligent plants and manufacturing facilities in this region.
The major market players identified by MRFR in the global automotive intelligent lighting system market, such as Magneti Marelli S.p.A. (Italy), Hella KGaA Hueck & Co. (Germany), Osram Continental GmbH (Germany), Teknoware Oy (Finland), ), ELBA SA (Romania), KOITO MANUFACTURING CO., LTD. (Japan), HYUNDAI MOBIS (Korea), Grupo Antolin (Spain), ICHIKOH INDUSTRIES, LTD. (Japan), and STANLEY ELECTRIC CO., LTD. (Japan).
The market players of the global market for automotive intelligent lighting systems are expected to invest extensively in research and development projects owing to the competitive nature of the market. This is touted to create a scope of growth opportunities in the near future.