COVID-19 Impact on LED Fog Lamp Market 2020 Growth But Future Outlook Remains Positive
Market Research Future (MRFR), highlights that the “Global LED Fog Lamp Market 2020” Predicted to Touch USD 2 Billion, Securing a Significant Market Valuation at a Decent CAGR of 9%
The global LED fog lamp market size is predicted to touch USD 2 billion at a 9% CAGR between 2019- 2025 states the recent Market Research Future (MRFR) analysis. LED fog lights are used at the time of foggy climate. These lights are usually placed on the rear side, lowdown, or the front of the car. These are used in all forms of vehicles, including heavy commercial vehicle, light commercial vehicle, and passenger car.
Various factors are propelling the global LED fog lamp market share. As per the current MRFR report, such factors include booming automotive aftermarket industry, implementation of strict safety regulations, better fog penetrating capabilities compared to other light sources, and improved drivers’ safety. Additional factors adding market growth include a fall in LED prices, burgeoning demand for energy-efficient lighting systems, and rising government support.
On the contrary, lack of knowledge regarding LED fog lamps as well as their impact, high product cost, and government procedures and regulations are factors that may limit the global LED fog lamp market growth over the forecast period. Besides, the ongoing COVID-19 outbreak has hit the market growth severely due to disruption in the supply chain, delaying the process of manufacturing, thereby impacting the automotive industry.
The MRFR report provides an inclusive segmental analysis of the global LED fog lamp market report based on position, color, sales channel, and vehicle type.
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Leading players profiled in the global LED fog lamp market report include JDM Astar (US), Koito Manufacturing (Japan), SL Corporation (South Korea), IPF Corporation (Japan), Robert Bosch GMBH (Germany), Magneti Marelli S.P.A (Italy), Philips (the Netherlands), Valeo SA (France), Hella Group (Germany), and Osram (Germany).
Based on the region, the global LED fog lamp market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Rest of the World (RoW). Of these, the APAC region will have the lions share in the market over the forecast period. Better penetration, affordable costs, presence of major economies such as India, Japan, and China, the region being the hub for the manufacturing of cars, are adding to the global LED fog lamp market growth in the region. India & China have the largest market share.
The global LED fog lamp market in North America is predicted to have sound growth over the forecast period. The presence of top automobile companies is adding to the global LED fog lamp market growth in the region. Canada and the US have the utmost share in the market for the persistence of fogs all throughout.
The global LED fog lamp market in Europe is predicted to have healthy growth over the forecast period for the government implementing strict vehicle monitoring, making safety the priority and foggy conditions for prolonged periods. Germany and the UK have the utmost share in the market.
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