Report Details:
15 Companies Covered
185 Pages
Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global LED Fog Lamp Market.
LED Fog Lamp Market Synopsis
As per the analysis by the Market Research Future Reports (MRFR), the global LED fog lamp market is estimated to expand at a CAGR of 16.24% with a value of USD 3.11 Billion by the end of the review period from 2022 to 2030.
The fog light is used during the foggy climate. It is generally placed at the front, lowdown, or rear side of the vehicle. The fog lights are different from driving headlights and are designed especially during the severe fog. The increasing safety concerns for the driver are one major factor that drives the global LED lamp market 2020. The LED lights possess qualities that other lights fail to. The LED has better penetrating capabilities than the other light sources, which makes it a preferred choice. Apart from this, the strict rules and regulations implemented by the government of several countries have also resulted in the expansion of the market.
Moreover, there has been tremendous growth in the automotive industries, especially in developing nations. With the rise in demand for automobiles, the market for LED fog lamps has propelled at a global level. However, due to the lack of sufficient knowledge about the LEDs, the market may face hindrances. Moreover, the LEDs have a severe impact on human eyes and may cause irreparable damage.
Browse In-depth Detailed Research Report [Table of Content, List of Figures, List of Tables] of LED Fog Lamp Market Trends
Market Segmentation
The global LED fog lamp market is segregated on the basis of sales channels, color, position, and region.
On the basis of the sales channel, the global LED fog lamp market can be classified into OEM and aftermarket. Among these, the OEM is the larger segment and is a significant influencer in the developed countries.
On the basis of color, the global LED fog lamp market can be classified into yellow, white, and others. Among all, the white LED fog lamp vertical is the fastest expanding vertical.
On the basis of position, the global LED fog lamp market can be classified into the front and rear. Between these segments, the front fog LED lights to lead the market and is the largest segment.
On the basis of region, the global LED fog lamp market can be classified into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
Regional Analysis
Among the regions analyzed, the Asia-Pacific region is the fastest-growing market for LED fog lamps owing to affordable costs and better penetration. Today, the APAC region is the hub for the manufacture of automobiles. The emerging economies like India, China, and Japan are the major contributors to the expansion of the market. China is the world’s most significant automobiles manufacturers. India is a potential consumer as well as a manufacturer of automobiles. As a result, the LED fog lamps are the fastest expanding market in India and meet the rising domestic demands.
North America has a dense presence of automobiles, which makes it a capable market for LED fog lamps. The presence of established automobiles companies has driven the market significantly. Countries like Canada and the US have played a significant role in propelling the market.
The European roads experience dense fog. The government has implemented strict vehicle monitoring making safety as their priority. It results in the expansion of LED lamp market in the region. Countries like the UK and Germany have contributed considerably to the expansion of the market.
Key Players
The major players in the global LED fog lamp market are Osram (Germany), Hella Group (Germany), Valeo SA (France), Philips (the Netherlands), Magneti Marelli S.P.A (Italy), Robert Bosch GMBH (Germany), IPF Corporation (Japan), SL Corporation (South Korea), Koito Manufacturing (Japan), and JDM Astar (US).