LED Light Bar Market is likely to grow at a CAGR of 4.7% Through 2027

The market for LED light bars is expected to be worth US$950 million in 2022. By 2027, the market is anticipated to increase at a CAGR of 4.7 percent and reach US$ 1.25 billion. The single-row LED bar category will retain about half of the market's value in 2022 and grow at a CAGR of 4.7 percent through 2027.
In 2022, the segment below 100W will account for over 37% of the market.
With over 40% of all sales, the use of LED light bars for events and performances will continue to be the greatest market revenue source.

Huge advantages of energy efficiency associated with LED lighting
Consistent R&D investments to improve performance with better phosphors and other materials
Higher adoption of LED lighting as a potential substitute for traditional light sources
Automakers and construction engineers seeking innovations in the LED light system

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Single Row LED Light Bars Accounted for Half the Sales in 2018

Five out of every ten LED light bars bought in 2018 were single-row LED light bars, according to the FMI poll. The popularity of single luminaires is rising, which is good news for single-row LED light bar sales. Two-row or dual-row LED light bars will sell second-highest in the market, with single-row LED light bars expected to grow at a rate of 4.1 percent in 2019.

While applications of triple row or quad row can be found in bigger public spaces or private event areas, single and dual-LED light bar applications are still preferred for small to mid-sized locations like residential and commercial spaces.

Combo Beam Pattern Top Selling, Accounting for Over 6 in 10 LED Light Bars

According to the survey, over one-third of the worldwide LED light bar market's sales in 2018 were of LED light bars with combination beam patterns. As a result, more than 60% of LED light bars sold in 2019 will have a combination beam pattern. Off-road heavy-duty cars and some niche applications continue to have a very consolidated demand for LED light bars with combined beam patterns.

In 2018, the combined revenue from flood and spot beam patterns amounted to over one-third of the market. However, demand for LED light bars with flood beam patterns continues to be stronger than that for LED light bars with spot beam patterns.

Application in Events and Shows Continues to Surge

According to FMI, 4 out of 10 LED light bars purchased in 2018 were intended for use at exhibitions and events. As stakeholders look for money- and energy-saving strategies to improve the entire cost structure, the use of LED light bars in events and performances continues to rise. The demand trend for applications for events and exhibits is expected to continue in the future, with a growth of 4% predicted in 2019.

Automotive is another lucrative market for LED light bars, and manufacturers are competing to offer distinctive and eye-catching LED light bar designs. With a 4% growth rate, the automobile industry is anticipated to sell approximately 3 out of 10 LED light bars in 2019.

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Multinational players are relatively highly concentrated in the global LED light bar market as compared to local & regional manufacturers of LED light bars

The worldwide LED light bar market is home to numerous regional and international businesses, whose thorough profiles are also included in the study to evaluate their key product offerings, business models, and most recent advancements.

Rigid Industries, Inc., Trailequip Ltd., Baja Designs, Inc., KC HiLiTES Inc., Gold Crest, LLC (Lux LED), NTE Electronics, Inc., Showtech Electronics LLC, Larson Electronics LLC, HIGHLIGHT INTERNATIONAL BV, Tough Industries Limited, Innotec, Corp., Linmore LED Labs, and HEISE is a few of the major companies profiled in the global LED light bar market study.

Key Segment

On the basis of configuration

single row
double row
triple row
quad row
On the basis of beam pattern

flood
spot
combo lights
On the basis of application

events & shows
automotive
restaurants & bars
charter & boats
On the basis of power rating

below 100W
101-200W
201-300W
above 300W

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years

This release was published on openPR.