Automotive Fog Lights Market Analysis 2018-2023 - Key Players General Electric, Stanley Electric, OSRAM, Valeo, Warn Industries, And Autolite Forecast To 2023

Automotive Fog Lights Market 2018 - Global Forecast to 2023 Research Report. Market Research Future published a cooked research report on automotive fog lights market. The global automotive fog lights market revenue is forecast to reach USD 3,928.5 million in 2023 with a CAGR 6.92% in the forecast period. Global Automotive Fog Lights Market, By Technology (Halogen, LED and HID), By Vehicle Type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle), By End Market (OEM and Aftermarket) and Region - Forecast 2017-2023.

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The major player operating in the market are General Electric (U.S.), Magneti Marelli (Italy), Stanley Electric Co. Ltd. (Japan), HELLA KGaA Hueck & Co (Germany), OSRAM (Germany), Valeo S.A. (France), Warn Industries, Inc. (U.S.), Autolite (India) Ltd. (India), PIAA Corporation (U.S.) and J.W. Speaker (U.S.).

The global automotive fog lights market has been experiencing substantial growth in recent years primarily due to sales of new vehicles. The increase in the sales of new vehicles has mainly been because of competitive and diverse options available for finance. The availability of finance has eased the purchase of vehicles, which in turn has increased the demand for fog lights in automotive industry. Another factor driving the vehicle sales, is the macroeconomic development and the rise in the global middle class consumers. According to OICA, the sales of new vehicles have been increased from 2013 to 2016. In 2013, the number of vehicle sold were 85.6 million while in 2016 it was 93.8 million.

Furthermore, with the global economy undergoing an unprecedented level of shift, major emerging countries such as China, India, Thailand, and Indonesia are becoming manufacturing hubs for global automotive players. As a result of increasing prosperity in the emerging economies, more and more people are able to afford their own car, particularly in emerging Asian economies such as China and India. In order to tap these rising consumer automobile preferences, leading global automotive players such as Volkswagen, BMW, Toyota, and Ford, among others are entering into new emerging markets for business expansion. As the global auto-manufacturers continue to expand into growing and emerging markets, the demand for automotive fog lights will also escalate.

The major restraint for the market is the underdeveloped aftermarket services which can be used by the end users for product support, warranties, contracts, and parts procurements. The life time of cars is long and carmakers don't like changing electronic components too often. On an average, the life cycle of fog lights in an automobile is very long, approximately 15-20 years. On the other hand, globally, aftermarket services for automotive fog lights are very less compared to the OEMs.

However, with increased safety considerations coming into place along with rising government regulations, leading automotive fog lights manufacturers have started to enter in this market to cater to growing end user lighting requirements.

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