Market Research Future (MRFR) has launched a new release on the global COVID-19 impact on Automotive Adaptive Lighting Market. The report presents a thorough overview of the global COVID-19 impact on Automotive Adaptive Lighting Market on the back of a detailed analysis of the market’s historical growth trajectory and leading segments. The market’s historical growth trajectory is assessed in detail in the report in order to understand the major factors underlying the market’s growth in the study period.
The growing on-road safety concerns is promoting the sales of smart automobiles. This is noted to be a major factor that is expected to boost the growth of the global COVID-19 impact on Automotive Adaptive Lighting Market growth, reveals Market Research Future (MRFR). MRFR states that the market is expected to expand at a CAGR of 8.18% over the forecast period (2015-2023) and scale to a valuation of USD 2,795.7 million by 2023.
Toyota, one of the leading Japanese multinational automobile manufacturers, its top-selling Corolla gets a makeover, incorporates adaptive front-lighting system.
Increase in number of road-accidents is encouraging automobile manufactures to incorporate adaptive lighting solutions in their products. Alongside, the growing awareness among end-users is anticipated to reinforce the growth of the global market of automotive adaptive lighting. The emergence of laser technologies is likely to impel the global COVID-19 impact on Automotive Adaptive Lighting Market growth. Other factors such as easy reach for adaptive lighting equipment, hike in disposal income, and the product gaining better recognition are expected to propel the market growth.
However, the fast-paced expansion of the global COVID-19 impact on Automotive Adaptive Lighting Market is anticipated to be hindered by certain factors. The high purchase price and maintenance cost are expected to limit the global market growth.
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The global market of automotive adaptive lighting has been segmented on the basis of vehicle type, technology, and end market. Based on the technology, the market has been segmented into LED, Halogen, and Xenon. The LED segment is likely to dominate over the review period. Expansion of the LED segment can be attributed to lower price, easy availability, and extended shelf- life. Based on the vehicle type, the market has been segmented into Commercial vehicle and Passenger vehicle. The passenger vehicles segment is projected for holding the major share for the global market. Surge in demand for passenger cars is, in turn, leading to escalation of their sales, thus, likely to spur growth of the market. Based on the end market, the global market has been segmented into OEMs and aftermarket.