Vehicle Light Adjustment Chip Market  Size (2023 -2030)

The global vehicle light adjustment chip market size was valued at USD 3.4 billion in 2023 and is anticipated to expand at a CAGR of 5.2% from 2023 - 2030.

Market Overview:

Vehicle Light Adjustment Chips are the most recent convenience in today’s automobiles. These minimize the need for the user to manually switch on or switch off the headlights in most situations. The Vehicle Light Adjustment Chips acts like the human eye to external light levels and automatically turns the lights on and off when required. Such a system provides both safety and convenience.

COVID-19 Impact on the Vehicle Light Adjustment Chip Market:

The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has stretched out around the globe at a very rapid pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst-hit countries in terms of the number of positive cases and reported deaths. The COVID-19 outbreak has severely affected economies and industries in various countries due to lockdowns and business shutdowns. The Vehicle Light Adjustment Chip market suffered a downfall during the pandemic outbreak. It impacted the market due to remote working and the adoption of work-from-home culture because of the lockdowns imposed across the world as there were restrictions on public movements and most people preferred to stay indoors. This has further de-escalated the market for vehicle light adjustment chips. Major players in the market are focusing on maintaining and producing revenues to meet up customer expectations and requirements leading to an increased number of developments in the Vehicle Light Adjustment Chips market.

Market Drivers:

Increasing urbanization along with the disposable income among the middle-class population is bolstering the market growth:

With a rise in the population, rapidly increasing urbanization, improvement in standards of living, and growing disposable income among the middle-class population, the amount and type of spending have also increased, driving the demand for automatic applications to keep up with the changing market dynamics. Therefore, the vehicle light adjustment chips market has also seen a rapid rise in demand owing to its features that allow automatic light adjustments making it efficient and easy to use.  

The rapid drop in the cost of technology has made it more affordable making it a key factor to boost the market growth:

Technologies associated with secure embedded chips have become more and more affordable with their presence in every industry, making it possible for individuals and small automotive businesses to adopt them. Due to it being highly popular and with growing industry knowledge, it has become very inexpensive to incorporate it into the organization, making the market grow exponentially.

Government initiatives and policies in developing nations align with the interests of organizations fuelling the market growth:

The inclination of government toward innovation and technology and the formulation of such policies and initiatives to promote them, especially in developing nations, is one of the major factors fuelling the growth of the global vehicle light adjustment chips market size in the upcoming years.

Market Restraints:

Underdeveloped information and communication technology infrastructure in the less developed and developing nations hinder the growth of global market size:

Developed countries have undoubtedly facilitated the infinite potential of the internet and ICT in every stratum of society. This had resulted in significant cost reduction and increased standard of living for their citizens. However, many underdeveloped and developing nations are yet to gain all the potential of ICT due to reasons such as poor technical infrastructure, legal deficiencies, social barriers, or lack of skilled human resources.

Inadequacy in the supply of semiconductors is restraining the market growth:

Semiconductors are a prime component of embedded chip systems. The global supply chain is facing disruptions as a result of the cold trade war between the United States and China. Tariffs and restrictions were imposed on each other, causing demand and supply chain disruptions. This has thereby impacted multiple sectors and industries, causing a semiconductor shortage. The COVID-19 outbreak also inflicted havoc on the semiconductor supply chain. Taiwan is a major supplier of semiconductors and due to the above-stated factors, it has hampered the global growth of the vehicle light adjustment chip market. 

 VEHICLE LIGHT ADJUSTMENT CHIP COVERAGE:

This research report on the Vehicle Light Adjustment Chip Market has been segmented and sub-segmented based on the Type, Application, Region, and Companies.

Vehicle Light Adjustment Chip Market – Type.

• High Beam

• Low Beam

Based on type, the vehicle light adjustment chip market has been segmented into 2 segments – High Beam and Low Beam.

Vehicle Light Adjustment Chip Market – Application.

• Car

• Electric Car

• Motorcycle

• Others

Based on application, the vehicle light adjustment chip market has been segmented into 4 segments – Car, Electric Car, Motorcycle, and Others.

Vehicle Light Adjustment Chip Market – Region.

• North America

• Europe

• Asia-Pacific

• South America

• Middle-East and Africa

Based on region, the vehicle light adjustment chip market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.

Expanding vehicle production and the collaborations between automotive sectors and semiconductor producers are augmenting the Asia Pacific vehicle light adjustment chip market. This may be because the demand for premium and luxury cars is growing globally, which is compelling the automotive industry to fix more electronic components and augment the Asia-Pacific market.

Vehicle Light Adjustment Chip Market – Companies.

1. Infineon

2. Onsemi

3. Linear Technology

4. NXP Semiconductors

5. Texas Instruments

6. RENESAS

7. OSRAM

8. Epistar

9. Tyntek

10. Seoul Semiconductor

11. Lumileds

Key players are investing their capital in R&D to meet international standards. New feature launches, collaborations and mergers with governments, and expansion in booming countries are among the strategic action plans that corporations are pursuing to improve their market position.