LED light bar requires lower current draw and provides the user with ~90% greater efficiency as compared to its counterpart’s halogen or incandescent light bars. In addition, LED light bars are used in several applications like, automotive, restaurants, construction, and commercial sector to name a few.
Moreover, with favorable government regulations for the installation of LED light bar in the construction sector which complies with standards pertaining to low carbon emissions and improving energy efficiency is resulting in the deployment of LED light bar.
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However, the cost of installing LED light bar is high as compared to other lights which, in turn, might deter the consumer from installing these light. But owing the presence of large number of aftermarket players and inclination towards environment-friendly and high-efficiency products is expected to propel the growth of the market.
In addition, manufacturers in market are focusing on providing customized lighting solutions particularly for the automotive application is foreseen to strengthen the market growth for LED light bar. Owing to the points mentioned above, the global market for LED light bar is foreseen to auger well during the forecast period 2020-2030.
LED Light Bar Market: Market Segmentation
For a better understanding, global LED light bar market is being studied under beam pattern, application, sales channel & region.
Based on the beam pattern, the LED light bar market can be segmented as:
- Flood Type
- Spot Type
- Others
Based on the application, the LED light bar market can be segmented as:
- Automotive Lighting
- Commercial
- Construction & Mining
- Restaurants
- Others
Based on the sales channel, the LED light bar market can be segmented as:
- Direct-to-Customer
- Third Party Online Channel
- Specialty Stores
- Modern Trade Channel
Based on the region, the LED light bar market can be segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
Regional Analysis: Asian Countries to Remain Frontrunner in LED Light Bar Market
Asian countries to hold significant share in the LED light bar market as consumers in the region are transitioning towards more eco-friendly and efficient products.
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Despite the slowdown in several industries particularly, automotive and construction sector, the LED light bar market is expected to grow significantly owing to several incentives and investments given by the government in these sectors. Such factors are expected to contribute to the growth of LED light bar market.
Moreover, the high population in China and India have resulted in an increased number of government projects such as airports, renewable energy projects, and roads among others.
Such projects are foreseen to strengthen the need for LED light bars as several construction equipment, medium and heavy vehicles are integrated with LED light bar. This, in turn, is expected to positively impact the growth of LED light bar market in the region.
COVID-19 Impact on the Global LED Light Bar Market
The outbreak of COVID-19 has negatively impacted the multiple end-use industries like construction activities in the commercial and residential sector and automotive sales have gone down thereby affecting the sales of LED light bar.
As per the Lighting Industry Association (LIA), lighting businesses are running at an average of 45% of its capacity. Moreover, manufacturers in the market are facing difficulties in obtaining raw materials or components owing to shortage of shipping capacities. This, in turn, is expected to hinder the growth of the market.
However, with manufacturing resuming its operations in several parts of the world, manufacturers are optimistic for a quick recovery in the LED light bar market. Moreover, several government support schemes to the market players in terms of incentives, credit, and lower interest rates is likely to generate positive returns for the manufacturers.
The LED light bar market will regain traction by the end of 2020 and move towards the recovery phase by 2021.
Global LED Light Bar Market Competitive Landscape
The LED light bar market is highly competitive with presence of several big players in the market. Some of the prominent players in the Cree Inc., HEISE LED Lighting Systems, JST Performance, LLC, Savant Systems, Inc., Tough Industries, Osram GmbH, MICTUNING Inc., Auxbeam Lighting, Larson Electronics LLC, Hubbell Lighting Inc., Waldmann Group, among others.
Prominent players are diversifying and strengthening their production and distribution bases by acquiring companies in order to gain traction in the global LED light bar market. For instance, in 2020, Savant Systems completed the acquisition of GE Lighting.
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