New York, Oct. 07, 2021 (GLOBE NEWSWIRE) -- LED Fog Lamp Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “LED Fog Lamp Market Research Report, by Color, Position, Sales Channel, Vehicle Type and Region - Forecast till 2030” the market is projected to be worth USD 3.11 billion by 2030, registering a CAGR of 16.24% during the forecast period (2021 - 2030)., The market was valued at USD 910.27 million in 2021.
Key Players
Leading players profiled in the global LED fog lamp industry report include –
- 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)
- JDM Astar (US).
- among others.
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The global LED fog lamp market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
Industry Updates
Leading auto maker Honda has launched Amaze facelift that will bring the much-needed interior and exterior updates that adds some new features yet remains mechanically unchanged. It will get automatic LED projector headlamps with integrated LED front fog lamps and LED daytime running lamps.
Market Research Future’s Review on LED Fog Lamp Market
COVID-19 Analysis
The COVID-19 outbreak has hit the LED fog lamps market severely via disrupting the supply chain, delay in the manufacturing, and impacting the automotive industry. The transportation and automotive industry is among the most exposed sectors to the COVID-19 crisis and is currently amidst unprecedented uncertainty. The pandemic had an adverse effect on the supply chain and also the LED fog lamp demand across the globe. The concern of the industry has moved on from being centered on supply chain disruption from China to the overall slump in demand for LED for lamps.
Browse In-depth Market Research Report (185 pages) on LED Fog Lamp
https://www.marketresearchfuture.com/reports/led-fog-lamp-market-8219
LED Fog Lamp Market Drivers
Growing Need for Energy Efficient Lighting Systems to Boost Market Growth
The burgeoning need for energy-efficient lighting systems will boost the LED fog lamp market value over the forecast period.
Additional factors adding market growth include the developing automotive aftermarket industry, implementation of strict safety regulations, improved driver’s safety, and fall in LED prices.
LED Fog Lamp Market Opportunities
Better Penetrating Capabilities to offer Robust Opportunities
LED lights have better qualities which other lights fail to. LED’s possess better penetrating capabilities over other light sources that make it a preferred choice. This will offer robust opportunities for the market in the forecast period.
LED Fog Lamp Market Restraints
Lack of Knowledge to act as a Market Restraint
Lack of knowledge regarding LED fog lamps and their impact coupled with severe impact on human eyes that can cause irreparable damage may impede the global LED fog lamp market share over the forecast period.
LED Fog Lamp Market Challenges
High Initial Investment to act as Market Challenge
High initial investment coupled with issues with government procedures and regulations may act as market challenge over the forecast period.
Market Segmentation
The global LED fog lamp market has been segmented based on position, color, and sales channels.
By sales channel, the OEM segment will lead the market over the forecast period.
By color, the white LED fog lamps will dominate the market over the forecast period.
By position, the front fog LED lights will spearhead the market over the forecast period.
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Regional Analysis
APAC to Remain Forerunner in LED Fog Lamp Market
The APAC region will remain the forerunner in the market over the forecast period. The region being the hub for the manufacture of automobiles, the presence of emerging economies such as Japan, China, and India that are the key contributors, China being the world’s most significant automobile manufacturer, India being a potential consumer and manufacturer of automobiles, India being the fastest expanding market catering to the rising domestic needs, increase in the demand for LED fog lamps, India being a global sourcing hub of auto components for leading Tier 1 suppliers and OEMs, more than 90% top auto component suppliers having their presence in India and cutting down its dependence on imports with high levels of localization, better penetration, and affordable costs are adding to the global LED fog lamp market growth in the region.
North America to Have Admirable Growth in LED Fog Lamp Market
North America will have admirable growth in the market for the presence of major automobile companies, the persistence of foggy conditions all through Canada and maximum parts of the US, the market growing directly in proportion to the number of vehicles being purchased, and the presence of top automobile companies are adding to the global LED fog lamp market growth in the region. The US and Canada have the utmost market share.
Segmentation of Market covered in the research:
LED Fog Lamp Market Research Report: By Color (White, Yellow, Others), By Position (Front, Rear), By Sales Channel (OEM, Aftermarket) and By Vehicle Type (Passenger car, Light commercial vehicle, Heavy Commercial vehicle) – Forecast to 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
