Automotive Fog Light Market to Surpass US$ 7.1 Billion by 2030 Amid Booming Automotive Industry
Aftermarket to be the Leading Sales Channel in Automotive Fog Light Market through 2022 & Beyond
Fact.MR's latest research report on the global automotive fog light market offers an elaborate analysis on the leading segments in terms of type, vehicle type, sales channel, and region. It also provides detailed information about key players and the vital strategies adopted by them to gain competitive edge.
NEW YORK, Oct. 7, 2022 /PRNewswire/ -- The global automotive fog light market size is estimated to reach US$ 3.8 Billion in 2022 and further expand at 8.1% CAGR between 2022 and 2030. Sales in the market are expected to surpass a valuation of US$ 7.1 Billion by the end of 2030.
Rising production and sales of automotives across the world is a key factor proving impetus to the growth of automotive fog light market and this trend is likely to continue during the forecast period.
Similarly, rising demand for passenger vehicles, increasing sales of fog lights in the aftermarket, rise in premium and SUV sales, and developments in lighting technology are expected to bolster the growth of automotive fog light market during the forthcoming years.
Furthermore, growing focus towards improving safety of passengers to reduce road accidents coupled with implementation of stringent safety norms will further generate demand for automotive fog lights over the next 8 years.
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Numerous manufacturers are creating advanced lighting such as matrix, beam, adaptive front lighting systems, and pixel lighting as a result of improvements in sustainable technologies. These modern fog lightings are mostly employed in premium automobiles, which fuels demand in the market.
Additionally, the global automotive fog light market is predicted to be dominated by the aftermarket segment, with sales rising quickly between 2022 and 2030. As the lifespan of fog lights is only a few thousand hours, the aftermarket is frequently the focus of development opportunities.
Regionally, Asia Pacific, spearheaded by India, China, and Japan, will continue to remain at the top of the ladder in automotive fog light market. Sales in Asia Pacific are expected to account for the largest revenue share by 2030.
Rapid growth of automobile sector, increasing sales of passenger vehicles, favorable government support, and strong presence of leading manufacturers are driving the Asia Pacific automotive fog light market.
Key Takeaways:
- By type, the LED fog lights segment is expected to grow at the highest pace during the forecast period.
- By sales channel, the aftermarket segment will outshine OEM sales over the next eight years.
- Asia Pacific will continue to remain the most lucrative market for automobile fog lights during the forecast period.
- The overall automotive fog light market in Europe is anticipated to grow at a significant pace through 2030.
- Amid booming automotive industry, the demand for automotive fog lights in China is poised to grow at a robust pace over the projected period.
Growth Drivers:
- Rapid expansion of automotive industry is a key factor driving growth in automotive fog light market.
- Implementation of stringent road safety norms across the world is likely to propel automobile fog light market growth during the forecast period.
- Rising sales of aftermarket fog lights to further expand the global fog light market over the next ten years.
Restraints:
- Fluctuation in raw material prices and high costs of advanced global fog lights are expected to hinder the overall automotive fog light market during the projected period.
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Competitive Landscape:
Key manufacturers of vehicle fog lights are concentrating on adopting strategies such as new product launches, facility expansions, partnerships, mergers, acquisitions, collaborations, and strengthening of distribution channels to increase their sales and expand their global footprint.
For instance,
- In December 2021, Toyoda Gosei Co., Ltd. introduced full-color LED bulbs for lighting car interiors. The light shade may be flexibly modified from a set of 64 variants to suit the user's mood and respond to individual preferences in a number of ways.
- In August 2021, ZKW started the production of a micromirror module for dynamic lighting, with Silicon Austrian Labs, Evotec, EV Group, and TDK Electronics combining forces to integrate micromirror technology, which may be utilized in headlights, side projection, rear lamps, and LIDAR systems for optical distance measurement.
- In August 2021, Autofurnish launched brand new LED fog lamps which are more efficient than many other variants.
Key Companies Profiled by Fact.MR
- OSRAM Light AG
- Lex-N-Gate Corporation
- Phoenix Lamps Limited
- Guangzhou Led auto Company Ltd.
- Robert Bosch GmbH
- Royal Philips Electronics
- General Electric
- Magneti Marelli S.p.A.
- HELLA KGaA Hueck & Co.
- Valeo SA
- ZKW Group
- Hyundai Mobis
More Valuable Insights on Automotive Fog Light Market
In the latest study, Fact.MR offers a detailed study on the global automotive fog light market for the forecast period of 2022 to 2030. This study also highlights key drivers promoting the sales of automotive fog light market through detailed segmentation as follows:
By Type:
- Halogen
- Xenon
- HID
- LED
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel:
- OEMs
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Automotive Fog Light Market Report
- What is the projected value of the automotive fog light market in 2022?
- At what rate will the global automotive fog light market grow until 2030?
- Which are the factors hampering the growth in the automotive fog light market?
- Which region is expected to lead in the global automotive fog light market during 2022-2030?
- Which are the factors driving the automotive fog light market during the forecast period?
- What is the expected market value of the automotive fog light market during the forecast period?
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About Fact.MR
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.
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