Automotive Fog Lights Market Scope
The global Automotive Fog Lights Market revenue is forecast to reach USD 3,928.5 million in 2023 with a CAGR 6.92% during the forecast period.
The resurgence of car sales in recent years coupled with financing options for new and old cars can bode well for the market. According to the OICA, the sales of vehicles had reached a benchmark of 93.8 million in 2016. The large number of subsidies and incentives given to automotive manufacturers has led to dedicated facilities in Thailand, India, and China. Moreover, construction of highways and large roadways has created the need for fog lights. Safety concerns for passengers, rise in number of accidents, and rising government regulations can bode well for the market.
However, the underdevelopment of aftermarket services can hamper market growth.
General Electric, J.W. Speaker, Warn Industries, Inc., HELLA KGaA Hueck Co, Stanley Electric Co. Ltd., Magneti Marelli, Valeo S.A., Autolite Ltd., OSRAM, and PIAA Corporation are key players of the global automotive fog lights market.
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By technology, it is segmented into HID, LED, and halogen. The LED segment is expected to dominate the market owing to emphasis on style and range of mounting brackets developed to cater to all types of vehicles.
By vehicle type, it is segmented into heavy commercial vehicle, light commercial vehicle, and passenger vehicle.
Based on end market, it is segmented into OEM and aftermarket. Most of the automotive manufacturers purchase Automotive Fog Lights Market from OEMs get it assembled from automotive manufacturers. At the time of replacements or maintenance, most of the end users prefer to go for OEM rather than aftermarket. Thus, OEM accounted the largest market share in 2016. Aftermarket is the second leading market for global automotive fog lights market by end market. It can gain momentum owing to awareness of fog lights and developments in extending life cycle of fog lights.
Automotive fog lights are used to illuminate roads of paths in foggy climatic conditions. It provides visibility to the vehicle and highlights its intentions to other vehicles. The global automotive fog lights market report by Market Research Future (MRFR) takes a look at various trends and insights for the period of 2017 to 2023 (forecast period). The sudden outbreak of the COVID-19 virus and its impact on the supply chain are detailed in the report.
Currently, Asia Pacific (APAC) is the leading market and has accounted for largest share for automotive fog lights market followed by North America and Europe. The development of automotive hubs in the region and procurement of commercial and passenger vehicles can drive the regional market demand for automotive fog lights. Other factors driving the global automotive fog lights market are rapidly increasing sales of new vehicles, rising concern over road safety, major development on fog light by key players in emerging economies, shifting preference for aftermarket services and others. Recently, Maruti Suzuki launched the newest iteration of Vitara Brezza installed with LED Fog Lamp Market Share and large scuff plates.
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North America is expected to capture a large market share till the end of the forecast period owing to sales of commercial and passenger vehicles. Rise in urbanization and development of towns and cities can influence the installation of fog lights in latest vehicles and propel market demand.
Table Of Content
1 Executive Summary
2.1 Definition 14
2.2 Scope Of The Study 14
2.3 Assumptions 14
2.4 Market Structure 15
3 Research Methodology
3.1 Research Process 16
3.2 Primary Research 17
3.3 Secondary Research 17
3.4 Market Size Estimation 17
3.5 Forecast Model 19
4 Market Dynamics
4.1 Market Drivers 20
4.1.1 Increase In Sales Of New Vehicles 20
4.1.2 Expansion Of Global Auto-Manufacturers Into New Emerging Markets 21
4.1.3 Accelerating Urbanization Led To Growth Of Automobile Industry 21
4.2 Market Restraints 22
4.2.1 Increasing Pricing Pressures 22
4.2.2 Underdeveloped Aftermarket Services 22
4.3 Opportunities 23
4.3.1 Advanced Automotive Industry Technology 23
5 Market Factor Analysis
5.1 Porter’s Five Forces Analysis 24
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