Future Market Insights has announced the addition of the “LED Light Bar Market: Global Industry Analysis and Opportunity Assessment, 2019-2027" report to their offering
Valley Cottage, NY -- (SBWIRE) -- 02/06/2019 -- Over 1.5 million LED light bars were sold in 2018, equaling a market value worth US$ 825 Mn. A new FMI study finds that the LED light bar market is projected to grow at 3.7% y-o-y in 2019. Key factors responsible for the projected growth of the market include,
Higher adoption of LED lighting as a potential substitute for traditional light sources
Automakers and construction engineers seeking innovations in the LED light system
Huge advantages of energy efficiency associated with LED lighting
Consistent R&D investments to improve performance with better phosphors and other materials
"LED lighting has emerged as an affordable alternative to traditional fluorescent lighting with application ranging from residences to different commercial places to automobiles. Design flexibility, better illumination and cost-efficiency are trending phenomena in LED lighting landscape that are highly embraced by customers. Continued adoption of LED lighting for aesthetic appeal combined with energy efficiency will continue LED light bar adoption and generate revenues worth US$ 861 Mn in 2019," says FMI.
Single Row LED Light Bars Accounted for Half the Sales in 2018
The FMI study finds that nearly 5 in 10 LED light bar purchased in 2018 were single row LED light bars. Greater preference for single luminaire augurs well for the single row LED light bar sales. While single row LED light bars are expected to grow at 4.1% in 2019, LED light bars with two rows or dual row will register the second highest sales in the market.
Preference for single and dual-LED light bar remains limited to application with small to mid-sized areas such as residential and commercial spaces whereas application of triple row or quad row can be found at larger public places or private event areas.
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Combo Beam Pattern Top Selling, Accounting for Over 6 in 10 LED Light Bars
The study finds that sales of LED light bars with combo beam pattern registered over one-third of the global LED light bar market revenues in 2018. With that over 6 in 10 LED light bars to be sold in 2019 will be with combo beam pattern. Demand for LED light bars with combo beam pattern remains highly consolidated in off-road heavy-duty automobiles and some specialized applications.
Flood and spot beam patterns collectively accounted for nearly one third of the market revenue in 2018. However, demand for flood beam pattern in LED light bar remains higher as compared to LED light bars with spot beam pattern.
Application in Events and Shows Continues to Surge
FMI opines that 4 in 10 LED light bars were sold for the application in events and shows in 2018. Use of LED light bars remains higher in events and shows as stakeholders seek cost-saving and energy-efficient ways to optimize the overall cost structure. The demand trend in events and shows application is likely to continue in the future wherein growth of 4% is projected in 2019.
Automotive is another lucrative application segment for LED light bars wherein automakers are vying to introduce innovative as well as appealing designs of LED light bars. With a 4% growth rate, nearly 3 in 10 LED light bars are expected to be sold in the automotive sector in 2019.
Low Power Rating – A Key Influencing Factor
The FMI study estimates that over 3 in 10 LED light bars sold in 2018 were with power rating below 100 W. Manufacturers in the market offer LED light bar of 100 w of lower power rating with high luminaire, compact design, power options and versatile mounting. As these low power rating LED light bars fit well in the tight requirements of end-users in terms of cost saving and energy efficiency, their sales are expected to grow steadily in the future.
Manufacturers in the LED light bar market offer power rating ranging from below 100 W to above 300 W. The study finds that sales of 101-200 W LED light bars is expected to grow rapidly in coming years as demand for greater illumination in single luminaire continues to rise.
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APEJ Spearheads LED Light Bar Sales
The FMI study reveals that APEJ continues to witness significant demand for LED light bars. In 2018, the region accounted for 4 in 10 LED light bars sold across world regions. While Europe represents the second largest demand for LED light bars, Latin America, despite lower sales, is projected to witness increasing demand and grow at 4% in 2019.
Sales of LED light bars continue to rise steadily in developing countries wherein demand aggregation remains no more limited to the residential or automotive sector but extends to public sectors on the back of increasing energy requirements.