Portland, OR, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global LED fog lamp market generated $727.44 million in 2020, and is projected to reach $2.68 billion by 2030, witnessing a CAGR of 15.2% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Surge in implementation of the government regulations and changing concerns toward road safety drive the growth of the global LED fog lamp market. However, high cost of the LED fog lamps and decrease in production and sale of automotive restrain the market to some extent. On the other hand, rise in adoption of the vehicle electrification and entering into contracts and agreements with automotive OEMs present new opportunities in the upcoming years.
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COVID-19 Scenario of LED Fog Lamp Market:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of LED fog lamp industries, thereby adversely affected the production facilities.
- It further disrupted the supply chain, leading to difficulty in the supply of raw materials and finished goods. This, in turn, affected the market demand and reduced sales.
- However, there are most probable chances of sales momentum for the LED fog lamp from 2022, owing to green mobility initiatives post-pandemic.
The report offers detailed segmentation of the global LED fog lamp market based on position, sales channel, vertical type, and region.
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Based on position, the front segment held the highest market share in 2020, holding more than three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the rear segment is estimated to register the highest CAGR of 16.9% from 2021 to 2030.
Based on sales channel, the OEM segment held the largest market share in 2020, holding around three-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the aftermarket segment is projected to register the highest CAGR of 16.5% from 2021 to 2030.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the global LED fog lamp market, and is estimated to continue its dominant share by 2030. However, this region is projected to manifest the fastest CAGR of 17.2% during the forecast period.
Leading players of the global LED fog lamp market analyzed in the research include DLAA Industrial Co., Ltd, Hella KGaA Hueck & Co., IPF Co. Ltd., KOITO MANUFACTURING CO., LTD., Koninklijke Philips N.V., Marelli., Osram Licht AG, PIAA Corporation, Sammoon Lighting Co., Ltd, Valeo.
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