According to a new market research report published by Credence Research “Automotive Fog Lights Market (By Position (Front, Rear), By Product Type (LED Lights, HID, Halogen), By Color (White, Yellow), By Channel (OEMs, Aftermarket), By Vehicle Type ( Passenger Cars, LCV, HCV, Off-road)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall automotive fog lights market worldwide was valued at US$ 667.0 Mn in 2018 and is set to grow with 9.7% CAGR during the forecast period.
As the automotive industry is growing so is the market for related accessories including fog lights. As per OICA, 97 Mn cars have been sold in 2017 which is a huge number and thus helping the automotive accessories market growth. This in turn is boosting the automotive fog lights industry. The market is highly driven by the rising awareness related to automotive safety systems coupled with technological advancement in fog lights. Due to enforcement of government policies and growing popularity of fog lights, we are expecting a continued growth in the market in the coming years.
Based on product type, Halogen segment is the largest segment of fog lights contributing to more than 40% of the global market value. Traditionally, LED lights were limited to rear lighting in vehicles; with product enhancement and superior benefits, LEDs have emerged among the mainstream technology for overall automotive lighting. LED lights offer more brightness, improved driving comfort and a classy look to the vehicle and hence are expected to hold a bright future in automotive fog lights market.
Based on the geography, Europe governs the overall automotive fog lights market worldwide contributing to over 42% of the global market size. Larger market size is primarily due to mandatory installation of front and rear fog lights across the region. We are expecting a rapid growth in the Asia pacific region due to growing automotive production & sales along with improving government policies towards automotive safety. In a recent statement, International Road Federation (IRF) urged the Asian governments to make front and rear fog lights mandatory in all vehicles. As a result, the Asia Pacific region will lead the market in the forecast period.
Some of the major companies profiled in the report include OSRAM Licht AG, Hella KGaA Hueck & Co., Philips, Warn Industries, Inc., Stanley Electric Co. Ltd, Magneti Marelli S.p.A., Autolite India, PIAA Corporation, Inc., J.W. Speaker, Phoenix Lamps Ltd. and others.
Browse the full report at https://www.credenceresearch.com/report/automotive-fog-lights-market
The Global Automotive Fog Lights Market is Segmented into:
|Segmentation||By Position (2019–2027; US$ Mn)|
|By Type of Fog Lights (2019–2027; US$ Mn)|
|By Color Type (2019–2027; US$ Mn)|
|By Channel (2019–2027; US$ Mn)|
|By Vehicle (2019–2027; US$ Mn)|
|By Geography Segment (2019–2027; US$ Mn)|
* Complete segmentation list is on report page