Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Fog lights are used as a safety measure in the car during reduced visibility circumstances due to severe climatic conditions such as heavy rainfall, snow, dust and fog. They are placed by the manufacturing factory at the lower part of the vehicle or mounted on the front bumper which are designed to be used at low speed and help the drivers to see road edges, lane markings etc.
Fog lights are sometimes interchangeably used by drivers with driving lights, but these two are different from each other. Fog lights are designed to use in extremely poor visibility conditions which clears the path for the driver as well as make the other drivers aware about the presence of a vehicle in the fog.
The market is observing a vibrant growth on account of growing adoption of safety standards while driving. Additionally, the increasing production of automobiles is expanding the market of fog lights. Further, the life span of an automobile is about 15-20 years, which is expanding the aftermarket for fog light. With a limited lifespan, the fog lights need to be changed subsequently. These factors are anticipated to boost the growth of the market over the forecast period i.e. 2019-2027.
The automotive fog lights market is anticipated to record a CAGR of 9.4% during the forecast period. The market is segmented by channel into original equipment manufacturer and aftermarket, out of which, the original equipment manufacturer segment is expected to capture the highest market share on account of increasing production of automobiles around the globe. Further, aftermarket holds the second leading share in the market of automotive fog lights on the back of limited lifespan of fog lights or need of changing fog lights on frequent basis.CLICK TO DOWNLOAD FREE SAMPLE
The growing production and sales of new vehicles coupled with the rise in purchasing power of individuals is supporting the growth of the market. According to OICA, the total production of cars was around 97 million, in 2017. The growing sale of new vehicles is increasing the demand for fog lights in automotive market which is further anticipated to drive the growth of the market over the forecast period.
The aftermarket of automotive fog lights is rising on account of limited life span of fog lights as they need to be changed frequently. This demand for replacement and maintenance of fog lights is estimated to drive the growth of the market over the forecast period.
In the developing and underdeveloped countries, there is lack of awareness about the necessity of fog lights as they assume it as the part of design of the vehicle instead of its safety features. Also, the poor affordability among the middle class population to purchase fog lights in case they get damaged or need replacement is estimated to limit the growth of the market
Our-in depth analysis of the global automotive fog lights market includes the following segments:
On the basis of regional analysis, the global automotive fog lights market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The hub of automotive manufacturing across the globe, Asia-Pacific is anticipated to dominate the market of automotive fog lights on the back of increasing sales of vehicles in the region. Due to the stringent policies, the fog lights are now provided as a necessary accessory in the mid-range passenger vehicles which is also among the major reasons behind the leading market share in Asia Pacific region.
The global automotive fog lights market is further classified on the basis of region as follows:
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