Automotive Fog Lights Market Is Expected to Grow At 6.92% CAGR by 2023. Increasing Sales of Automobiles Drive the Automotive Fog Lights Market in APAC. Global Automotive Fog Lights Market segmented by Technology (Halogen, LED and HID), Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), End Market (OEM and Aftermarket) and Region.
The key players dominating the global fog lights market include Magneti Marelli (Italy), General Electric (U.S.), Stanley Electric Co. Ltd. (Japan), OSRAM (Germany), HELLA KGaA Hueck & Co (Germany), Valeo S.A. (France), Autolite (India) Ltd. (India), Warn Industries, Inc. (U.S.), J.W. Speaker (U.S.)., and PIAA Corporation (U.S.).
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Market Overview
The worldwide automotive fog lights market has been witnessing significant growth over the recent years predominantly owing to increased sales of new vehicles. Fog lights are one of the most significant parts in a vehicle as they enable clear visibility in darkness and assists in providing a better view of the road conditions through dark. Fog lights are mounted on bumpers and are positioned at the bottom of head lights. According to the exhaustive research conducted by Market Research Future, the global automotive fog lights market is estimated to generate revenue of USD 3,928.5 million by 2023. The market is likely to expand at 6.92% CAGR during the forecast period. The surge in sales of new vehicles has primarily surged because of the availability of diverse and competitive options for finance. The quick availability of finance has made the purchase of vehicles easier. This in turn has augmented the demand for fog lights in the automotive industry. Another key factor driving the vehicle sales, is the increase in the amount of global middle-class consumers coupled with macroeconomic development. As per the reports published by OICA, the sales of new vehicles have witnessed a sharp rise from 2013 to 2016. The number of vehicles sold generated a revenue of 85.6 million in 2013 while it was almost 93.8 million in 2016. Additionally, with the worldwide economy experiencing an unprecedented amount of shift, key emerging economies such as India, China, Indonesia, and Thailand are gradually evolving as manufacturing hubs for the worldwide automotive players. Consequently, the surging affluence in the developing economies is helping more and more people with the ability to afford their own vehicles. This trend is particularly prevalent in emerging Asian economies such as India and China. With the aim of tapping this increasing demand for consumer automobiles, key global automotive players such as BMW, Volkswagen, Ford, and Toyota, among others, are entering into new developing markets for business growth. As the worldwide auto-manufacturers consistently enter into emerging and already emerged markets, the demand for automotive fog lights is anticipated to develop at a rapid pace. However, as safety concerns are gradually coming up, the government is putting additional efforts to amend its regulations. This is leading to increased manufacturing of customized automotive fog lights manufacturers to cater to increasing end user lighting needs.
Market Segmentation:
Market Research Future has segmented the global automotive fog lights market based on technology, vehicle type, and end market. Based on technology, the market has been segmented into LED, Halogen, and HID. Based on vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. Based on end market, the market has been segmented into OEM and aftermarket. The automotive manufacturers mostly purchase the automotive fog lights from the OEMs. When maintenance or replacements is needed, the end users prefer OEMs rather than the aftermarket. Consequently, the OEM witnessed largest market share during 2016. Aftermarket is the second leading market for global automotive fog lights market by end market. Aftermarket is generally the secondary market for automotive concerned with manufacturing, distribution, retailing and installation of vehicle parts.
Regional Analysis:
Currently, Asia-Pacific is dominating the global automotive fog lights market. It has accounted for the key share of automotive fog lights market followed by Europe and North America. Primary factors that have propelled the automotive fog lights market are the increasing awareness about road safety, rapidly surging sales of new vehicles, shifting demand towards aftermarket services, increased focus on fog light by key players in developing countries, and others.
Table of Content:
TABLE 1 GLOBAL AUTOMOTIVE FOG LIGHTS MARKET, BY TECHNOLOGY, 2015-2023 (USD MILLION)
TABLE 2 GLOBAL AUTOMOTIVE FOG LIGHTS MARKET, BY VEHICLE TYPE, 2015-2023 (USD MILLION)
TABLE 3 GLOBAL AUTOMOTIVE FOG LIGHTS MARKET, BY END MARKET, 2015-2023 (USD MILLION)
TABLE 4 GLOBAL AUTOMOTIVE FOG LIGHTS MARKET, BY REGION, 2015-2023 (USD MILLION)
TABLE 5 NORTH AMERICA AUTOMOTIVE FOG LIGHTS MARKET, BY COUNTRY 2015-2023 (USD MILLION)
TABLE 6 NORTH AMERICA AUTOMOTIVE FOG LIGHTS MARKET, BY TECHNOLOGY 2015-2023 (USD MILLION)
TABLE 7 NORTH AMERICA AUTOMOTIVE FOG LIGHTS MARKET, BY VEHICLE TYPE 2015-2023 (USD MILLION)
TABLE 8 NORTH AMERICA AUTOMOTIVE FOG LIGHTS MARKET, BY END MARKET 2015-2023 (USD MILLION)
TABLE 9 US AUTOMOTIVE FOG LIGHTS MARKET, BY TECHNOLOGY 2015-2023 (USD MILLION)
TABLE 10 US AUTOMOTIVE FOG LIGHTS MARKET, BY VEHICLE TYPE 2015-2023 (USD MILLION)
TABLE 11 US AUTOMOTIVE FOG LIGHTS MARKET, BY END MARKET 2015-2023 (USD MILLION)
TABLE 12 CANADA AUTOMOTIVE FOG LIGHTS MARKET, BY TECHNOLOGY 2015-2023 (USD MILLION)
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