Global LED Fog Lamp Market was valued at USD 1.14 Bn in 2019 and is expected to reach at USD X.32 Bn by 2027 at a CAGR of X.3% over the forecast period 2020-2027.
Global LED Fog Lamp Market
The report covers an in-depth analysis of COVID 19 pandemic impact on Global LED Fog Lamp Market by region and on the key players’ revenue affected till April 2020 and expected short term and long-term impact on the market.
Global LED Fog Lamp Market Dynamics.
LED Fog lamps are most of the time-integrated into vehicle bumpers. LED fog lamps produce a wide beam at a short distance around 25 meters, which decreases the auto glare phenomenon generated by the diffraction on water droplets in suspension in the air. LED Fog lamps are more efficient and less energy-consuming than halogen bulbs. LED chips in fog lamps help to reduce 〖CO〗_2 emissions while offering a wider and brighter light. Thanks to its compactness, this technology also offers more freedom to stylists. Various factors such as the need for energy-efficient lighting systems, reduction in prices of LEDs, increasing government support seen for energy-efficient lighting, increasing safety norms for the drivers, and growing automotive aftermarket industry are driving the global LED fog market over the forecast period.
However, factors such as government regulations and procedures and the high cost of the product are restraining the market growth over the forecast period. For instance, in the few European countries, LED lighting is reserved for interior and off-road use only. LED fog lamps are not ECE homologated and are not for use on public roads in the European Union. When someone uses LED fog lamps on public roads, there is a risk of losing a driver’s license and car insurance, as well as legal penalties.
Global LED Fog Lamp Market is segmented by Colour, by Position, by Sales Channel, by Vehicle Type, and by Region. By passenger segment held 56.76% of market share in 2019 and is expected to keep its dominance over the forecast period owing to increasing production of passenger cars across the world. Beautiful, stylishly designed LED fog lamps give an unmistakable modern look to the passenger car. LED fog lamps turn the vehicle into a real eye-catcher, attracting glances from all around. The passenger vehicle segment is followed by Light commercial vehicles and heavy commercial vehicles with xx% and xx% of market share respectively. Light commercial vehicles are now required to have fog lamps if they operate in certain areas of Europe, where the visibility of fog is more. This directive is driving the market for this segment. By sales channel, an aftermarket sales channel dominated the global market in 2019 and is expected to keep its dominance over the forecast period owing to the normal operational lifetime of the LED fog light is very less and it is essential to change it subsequently.
By geography, APAC held major market share in 2019 and is expected to keep its dominance over the forecast period. APAC region is emerging as the hub for the manufacture of automobiles. Over the last 10 years, automotive sales in emerging markets, such as China, India, and Japan and South Korea is robust than many developed countries China, for example, is the largest market as measured by vehicle sales, and it has also been the fastest-growing market in the world. Along with vehicle sales, the demand for LED fog lamps is also rapidly increasing. India is a global sourcing hub of auto components for major OEMs and Tier 1 suppliers. Ninety of the world’s top 100 auto component suppliers have a presence in India, and the country has also cut down its dependence on imports with high levels of localization.
APAC is followed by North America and Europe. North America is expected to hold xx% of market share over the forecast period owing to the presence of major automobiles companies that have driven the market significantly.
The COVID-19 pandemic is hitting the LED fog lamps market severely by disrupting the supply chain, delaying the manufacturing, and affecting the automotive industry. The automotive & transportation industry is amongst the most exposed sectors to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 has adverse impact on the supply chain and LED fog lamp demand across the globe. The industry’s concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for LED fog lamps. Report covers in-depth analysis of key development, marketing strategies, supply-side, and demand-side indicators and company profiles of market leaders, potential players, and new entrants. These Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches, and patent to increase their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of the Global LED Fog Lamp Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global LED Fog Lamp Market dynamics, structure by analyzing the market segments and project Global Mild Hybrid Vehicles Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global LED Fog Lamp Market make the report investor’s guide.
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Scope of Global LED Fog Lamp Market
Global LED Fog Lamp Market Segmentation by Colour
Global LED Fog Lamp Market Segmentation by Position
Global LED Fog Lamp Market Segmentation by Sales Channel
Global LED Fog Lamp Market Segmentation by Vehicle Type
Light commercial vehicle
Heavy Commercial vehicle
Global LED Fog Lamp Market Segmentation by Region
Global LED Fog Lamp Market Major Players
Magneti Marelli S.p.A.
Robert Bosch GmbH
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