Press release
Automotive Fog Light Market is Projected to Grow US$ 2,699.2 Million by 2022 | General Electric Company, Valeo SA, OSRAM Light AG
The global automotive fog lights market has witness a potential upturn over the last few years and is likely to carry the prominence over the time. This can be attributed to the stellar progress of its parent market i.e. global automotive market.As the automakers persist to penetrate growing and emerging markets, the demand for automotive fog lights will also escalate.
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People are getting highly aware of the benefits offered by adaptive fog light solutions and are raising substantial requirements from the automotive fog light market.
To enhance the lifespan of fog lights and upgrade their efficacy, deliberate attempts are being made by the industry participants of automotive fog light market.
As per the report published by Fact.MR, automotive fog light market has raised a valuation of US$ 2,130.2 Mn in 2017 and is further expected to value around US$ 2,699.2 Mn by 2022 end.
Several government regulations and policies are restricting the use of automotive fog lights, thereby adversely affecting growth of automotive fog light market.
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Moreover, affordability of automotive fog lights could also impede the revenue growth of automotive fog light market.
Lack of cognizance about safety implications, low usage of automotive fog lights in necessary situations, both in developing and undeveloped regions, could hamper the growth of automotive fog light market.
From the end market standpoint, the automotive fog light market has been segmented as OEM and Aftermarket.
The aftermarket segment looks promising with sales flourishing at the highest CAGR through 2022.
On the basis of positioning, front fog lights will continue to be the most sought-after in the automotive fog light market.
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The debut of major technological enhancements and breakthroughs in the lighting industry has crafted an optimistic outlook for the companies of automotive fog light market.
Partnerships and alliances with automobile OEMs are believed to revitalize the quality of new product developments in automotive fog light market.
The major challenges which the manufacturers might get subjected to is developing cost-effective and high quality lighting systems.
Minimalizing the effect of bright light to prevent driver distraction is another area of concern for the stakeholders of automotive fog light market to address.
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The ‘go-green’ revolution has set the standards for eco-friendly products, which is a preeminent reason of rising demand for environment friendly solutions.
To keep with the aforementioned rage, manufacturers of automotive fog light market are developing energy efficient products to procure high return on investments.
One of premium opportunities that have knocked the doors for manufacturers operating in automotive fog light market is the rising preferences for fog lights among huge vehicles.
This requirements is to ensure safety as rejuvenate the aesthetic appeal of those vehicles. In line with this prevalent trend, some companies in the automotive fog light market have extended their product lines with products catering the requirements of heavy-duty vehicles.
Several bodies such as SAE (Society of Automotive Engineers) and DOT have laid legislations pertinent to use of lighting systems.
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Compliance with those legislations have been identified to be beneficial for companies in the long run.
The legislations laid by SAE have been considered to be “recommended practices” and some companies are vying to keep up with the standards as well.
For instance- companies such as Truck-Lite added SAE-compliant LED fog light kits and LED auxiliary driving light kits to its existing product portfolio.
Efforts by manufacturers in similar lines may prove extremely beneficial for the growth of automotive fog light market.
A latest trend gaining ravenous momentum in the automotive fog light market is the adoption of collaborative robots.
The disruptive advent of industrial robots has resulted in the curtailment of manual labor by a large margin.
In a bid to optimize the performance of automotive lighting and establish high-end safety, debut of collaborative robots in the automotive fog light market looks significantly promising and manufacturers might exploit this trend to underline a well-constructed corporate brand.
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