An automotive headlight is a major component of the vehicle, as it helps a driver to avoid pits and bumps on the road while driving at night or in low light conditions. It also provides visibility to the driver or rider in bad weather conditions. Lights are also utilized to enhance the esthetic appearance of the vehicle. LED lights and energy saving bulbs are employed to minimize energy consumption. The most common types of vehicle headlights include LED, halogen, and xenon.
Expansion of the global automotive industry in the last few years has fueled the associated industries, such as automotive accessories and its components industry. Rise in demand for automobiles, due to increase in disposable income and surge in customer spending on esthetics of the vehicle across the global, is projected to drive the automotive headlight aftermarket during the forecast period.
The automotive headlight is not only used for enhanced visibility, but it is also plays an important role in improving the esthetic appeal of the vehicle, provides assurance of safety, security, and better performance. Additionally, implementation of stringent laws related to safety is anticipated to propel the global automotive headlight aftermarket during the forecast period. However, increasing competitiveness from OEMs is a major factor that restrains the automotive headlight aftermarket.
The global automotive headlight aftermarket can be segmented based on vehicle type, light type, sales channel, and region. Based on vehicle type, the aftermarket can be divided into passenger vehicle, commercial vehicle, off-highway vehicle, and electric vehicle. Increase in demand for passenger vehicle across the globe fuels the automotive headlight aftermarket. Presently, demand for electric vehicles is increasing, which in turn, is driving the automotive headlight aftermarket.
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In terms of light type, the aftermarket can be segregated into halogen, LED, laser, and xenon. Halogen and LED lights are used extensively, as halogen lights provide bright light and LED lights last longer and are energy-efficient. The LED segment is projected to expand at a considerable pace during the forecast period, as these lights consume less energy. In terms of sales channel, the market can be classified into aftermarket.
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets