According to the market report published by Future Market Insights, titled ‘LED Light bar Market: Global Industry Analysis and Opportunity Assessment 2019-2027’, the revenue generated from LED Light bar is estimated to be valued over US$ 861.8 Mn in 2019, which is projected to increase at a CAGR of 4.7% during the forecast period (2019-2027).
In the global LED Light bar market companies worldwide are focusing on research and development and coming up with variations in products resulting into new product launches, which is one of the major contributor to the growth of LED light bar market. The manufacturers of LED light bars are following the trend of miniaturization owing to which they are trying to make the design of the LED light bar more compact and the same time working with the same efficiency. The consumers are also demanding products which are compact, easy to carry and efficient. Companies operating in the LED Light bar Market are constantly making substantial investment in R&D activities in order to fulfill the changing demands of customers who are looking for specialized products and products with more authenticity. LED Light bar has standard features such as eco-friendly nature, energy efficient, basic functionality and high durability.
The supply side participants of the LED Light bar market are using some strategies to distinguish themselves from the other participants in the LED light bar market. The brands that are operating in the LED light bar market have shifted their focus towards mass audience. The growing premiumization of products and consumer acceptance towards the premium products has also influenced the growth of LED light bar in the market. Owing to the escalating demand of consumers for products with improved efficiency and better performance the manufacturers of LED light bar has indulged themselves in making high value LED light bar. With the growth in awareness among the consumer regarding the options available in the LED light bar market, the supply side participants of LED light bar market are forced to innovate products with improved features at competitive prices.
LED light bars also provide additional benefits such as low maintenance, good color efficiency, flexible technology, high durability and low power consumption by LED light bar is anticipated to fuel the demand of LED light bars in the market. The high value of average lifespan of LED light bar and other LED products is approximately 50,000 hours as compared to incandescent or fluorescent bulb which has a lifespan of 1,200 and 10,000 respectively which aids to boosting market growth of LED light bar.
The global LED Light bar market is segmented on the basis of region which includes Europe, Latin America, Japan, North America, Middle East & Africa and Asia Pacific Excluding Japan (APEJ). On the global level out of all the regions in LED Light bar market Asia Pacific excluding Japan and Europe region is estimated to have the highest share in terms of value. In respect of growth Asia Pacific excluding Japan region is anticipated to have a fuelling growth rate of 5.8 % over the forecast period. The APEJ region is anticipated to gain incremental dollar opportunity of US$ 203.0 million over the forecast period.
Key Players in the Global LED Light Bar Market
Detailed profiles of companies are also included in the global LED Light bar market report to evaluate their strategies, key product offerings and recent developments. Some of the key players profiled in the global LED Light bar market study includes Hubbell Lighting, Inc., Eaton Corporation (Halo commercial), HEISE LED lighting systems, Globe Electric Company, Inc., Linmore LED Labs, Herbert Waldmann GmbH & Co. KG, Osram GmbH, Tough Industries Limited, Cree, Inc., Innotec, Corp., Rigid Industries, Inc., Auxbeam Lighting Co., Trailequip Ltd., HIGHLITE INTERNATIONAL BV, Baja Designs, Inc., Larson Electronics LLC, KC HiLiTES Inc., Showtech Electronics LLC, Gold Crest, LLC (Lux LED), and NTE Electronics, Inc.
A sample of this report is available upon request @https://www.futuremarketinsights.com/reports/sample/rep-gb-8666