Automotive Light Bars Market Expand at the Fastest CAGR of 5% During the Forecast Period 2019 – 2029
VALLEY COTTAGE, N.Y. – 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 2014–2018 and Opportunity Assessment 2019–2029’, 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 2019. The automotive light bars market is expected to grow at a CAGR of more than 5% during the projected period of 2019-2029, 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.
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.
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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.
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.
- Grote Industries Inc.
- Whelen Engineering Company Inc.
- ECCO SAFETY GROUP
- PIAA Corporation
- Putco Inc.
- KC HiLiTES Inc.
- Whacker Technologies
- Haztec International Ltd
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