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Automotive Light Bars Market Anticipated To Increase At 5% CAGR To End Up With A Market Of US$ 1,400 Mn By 2029
Automotive light bars are cost-effective vehicle lights that are substantially fitted in commercial vehicles. Automotive light bars, as considered under the scope of the research, have been mainly categorized on the basis of vehicle type, technology, installation, sales channel, and region/country.
Future Market Insights’ study, titled, 'Automotive Light Bars Market: Global Industry Analysis 2014–2021 and Opportunity Assessment 2022–2029', analyses the global automotive light bars market, and offers an in-depth analysis of the concerned market for the upcoming ten years.
In 2014, the global automotive light bars market was pegged at US$ 664.3 Mn. It is expected to be valued at over US$ 800 Mn at the end of 2022. The automotive light bars market is expected to grow at a CAGR of more than 5% during the projected period of 2022-2029, and reach a value of nearly US$ 1,400 Mn by 2029 end.
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Front Installation Applications Continue to Generate Substantial Demand for Automotive Light Bars
Light commercial vehicles (LCVs) are expected to account for over half of the global automotive light bars market, as commercial vehicles run more miles and late nights, thus, visibility and cost-efficiency are important factors. Also, the inclination of long distance commuters towards commercial vehicles is anticipated to strengthen the unit sales of automotive light bars during the forecast period.
Technology-wise, HID xenon and LED type automotive light bars will reportedly hold over 25% of the global automotive light bars market share. LED automotive light bars offer powerful illumination that is particularly optimum for off-road applications.
On the basis of installation, the automotive light bars market has been segmented into front, side, rear, and interior. Since automotive light bars are mostly used as headlamps or fog lights, front installation of automotive light bars is anticipated to retain prominence in the global automotive light bars market.
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East Asian Markets Emerging Highly Lucrative for Key Players
According to the report, East Asia will account for over a fourth of the market share in the global automotive light bars market owing to the growing vehicle commercial fleet because of increasing export and import activities. In terms of market value share, Europe is expected to be next in the run in the automotive light bars market.
By country, China and India are expected to be the emerging countries in the automotive light bars market as a result of enhanced economic conditions, increasing passenger and driver safety regulations, and expanding vehicle fleet.
The automotive industry is highly competitive, owing to the presence of several established players, which makes the automotive light bars market fairly consolidated. Due to the presence of a number of local and regional automotive light bar manufacturers, the automotive industry is exceedingly competitive.
The global automotive light bars market is estimated to be considerably fragmented. Manufacturers of automotive light bars are likely to remain focused on R&D investments, particularly in emerging countries such as China and India.
Automotive Light Bars Market by Category
Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Technology:
- Halogen
- HID
- LED
Sales Channel:
- OEMs
- Aftermarket
Installation:
- Front
- Side
- Rear
- Interior
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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Some of the key players active in the global automotive light bars market are HELLA GmbH & Co. KGaA, OSRAM Licht AG, FEDERAL SIGNAL CORPORATION, Truck-Lite Co., LLC, Grote Industries, Inc., Whelen Engineering Company Inc., ECCO SAFETY GROUP, PIAA Corporation, Putco Inc., KC HiLiTES Inc., Whacker Technologies, and Haztec International Ltd, among others.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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