July 21, 2021
According to the research report titled ‘Global Headlight Control Module Market by Technology (Halogen, LED, Xenon), By function (On/Off, Bending/Cornering, High Beam Assist, and Headlight Leveling), Vehicle Type (Passenger car, light commercial vehicles) Regional Forecasts 2021-2027’, available with Market Study Report LLC, global headlight control module market was worth USD 3.8 billion in 2020 and is expected to register 4.3% CAGR with a valuation of USD 5.1 billion over 2021-2027.
Increasing sales and production of SUV and premium vehicles as well as surging concerns regarding road safety, rising preference for electric vehicles, and soaring discretionary income are propelling the growth of global headlight control module market.
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According to estimates by Statista, sales volume of sport utility vehicles (SUVs) is anticipated to double itself from 26.5 million units in 2017 to over 50 million units in 2023. Additionally, ability of headlight control modules to switch between high and low beam based on incoming traffic on highways is leading to its adoption by manufacturers, hence augmenting the industry outlook.
For the unversed, headlight control module regulates light in vehicles. This electrical component offers automated high beam, assists and operates horns and headlights.
Moreover, technologically advanced lightning systems in vehicles, rapid urbanization, and changes in consumer preferences are catalyzing the growth of the market space.
On the contrary, issues related with replacement and repair of complete LED lighting bulb is likely to hamper the market scenario during the analysis timeframe.
In terms of function, worldwide headlight control module industry is classified into high beam assist, on/off function, headlight levelling, and bending/cornering. Based on technology, the market space is fragmented into LED, halogen, and xenon, whereas the vehicle type is bifurcated into light commercial vehicles, and passenger cars.
From regional frame of reference, Asia Pacific industry is anticipated to record a strong growth rate over 2021-2027, creditable to bolstering automotive sales, increasing per capita income of consumers, coupled with high adoption of SUV in developing nations, as well as emphasis on technological improvements by the automakers, particularly lighting.
Leading companies in global headlight control module marketplace include Aptiv plc, ZKW Group, Lear Corporation, KOITO Manufacturing Co. Ltd., Magneti Marelli S.p.A, Renesas Electronics Corporation, NXP Semiconductors N.V., The Hyundai Motor Company, Keboda Technology Co. Ltd., and Osram Licht AG among others.