According to “Automotive Fog Lights Market 2019 Global Industry Analysis To 2023” research report published by Market Research Future, The Global Automotive Fog Lights Market to grow at 6.92% CAGR and reach USD 3998 million during 2019 to 2023. Automotive Fog Lights Market is segmented by Technology (Halogen, LED and HID), By Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), End Market (OEM and Aftermarket) and Region – Forecast till 2023.
Automotive Fog Lights Market Key Players Analyzed in Report:
The major player operating in the market are General Electric (U.S.), Magneti Marelli (Italy), Stanley Electric Co. Ltd. (Japan), HELLA KGaA Hueck & Co (Germany), OSRAM (Germany), Valeo S.A. (France), Warn Industries, Inc. (U.S.), Autolite (India) Ltd. (India), PIAA Corporation (U.S.) and J.W. Speaker (U.S.).
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Global Automotive Fog Lights Market Synopsis:
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.
Based on end market, it is segmented as OEM and Aftermarket. Most of the automotive manufacturers purchase automotive Fog Lights from the OEMs and after that they assembles it into the 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. Aftermarket is generally the secondary market for automotive concerned with manufacturing, distribution, retailing and installation of vehicle parts.
Currently, Asia-Pacific is the leading market and has accounted for largest share for automotive fog lights market followed by North America and Europe. Major factors that have driven the 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.
Fog lights are one of the most important parts in vehicle as they are used for clear visibility in darkness and helps in viewing the better road condition in darkness. Fog lights are placed bottom of head lights and mounted on bumpers. The global automotive fog lights market revenue is forecast to reach USD 3,928.5 Million in 2023 with a CAGR 6.92% in the forecast period.
Table of Contents:
1. Executive Summary
2. Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Vehicle Type
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Sales Channel
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
4. Market Dynamics
4.1. Introduction
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Trends
Continued…
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