Automotive License Plate Light: Market Dynamics
The automotive license plate light market year over year growth is almost the mirror image of the automotive industry growth trend. In recent years, the automotive industry has witnessed a reasonable growth of above 3% CAGR, and it is predicted to remain same or optimistic over the stipulated period. Thus, the automotive license plate light market is expected to have healthy growth in coming years. The growth of the automotive license plate light market is also attributed to the various regional government regulations. For instance, according to the National Judicial Appointments Commission (NJAC), every vehicles certification is approved only if the vehicle has an operative license plate light. Also, the National Highway Traffic Safety Administration’s (NHTSA) has imposed regulations mandating the installation of license plate lights, especially in trucks and trailers. Hence, aforementioned regulations are expected to significantly drive the demand for automotive license plate light market over the forecast period.
Between the product types, LED type automotive license plate light is estimated to gain noteworthy traction as compared to its counterpart as LED lights they are cost effective and energy efficient. Also, OLED (organic light-emitting diode) with properties such as light weight and less power consumption is expected to emerge as a new trend in the global automotive license plate light market during the forecast period.
Conversely, the automotive license plate light market is expected to be severely affected by the ploys of counterfeit automotive license plate light manufacturers which jeopardizes the brand image of original equipment manufacturers, which in turn, is estimated to disturb the market structure of the global automotive license plate lights market.
Automotive License Plate Light: Regional Market Outlook
China is predicted be the dominating region in the automotive license plate light market as the country accounts for over one-fourth of the global vehicle sales, and it is estimated to remain the pillar in the market over the stipulated period. The automotive license plate light market in North America and Europe is primarily driven by the stringent government regulations, especially for commercial vehicles. Japan, Latin America, the Middle East & Africa, and Rest of Asia Pacific are predicted to have sustainable growth in the automotive license plate light market over the projected period.
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Automotive License Plate Light: Market Key Players
The global automotive license plate light market is estimated to be fragmented owing to the huge presence of local manufacturers. Some of the major participants operating in the global automotive license plate light market include Fiat Chrysler Automobiles, GOTO PLASTIC co., ltd., Innotec, HELLA Group, ICHIKOH INDUSTRIES, LTD., KOITO MANUFACTURING CO., LTD., and Grote among other manufacturers.
The Automotive License Plate Light research report presents a comprehensive assessment of the Automotive License Plate Light market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Automotive License Plate Light research report provides analysis and information according to market segments, such as geographies, application, and industry.
The Automotive License Plate Light report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges in the Automotive License Plate Light market
- Competition & Companies involved in the Automotive License Plate Light market
- Automotive License Plate Light Technology
- Value Chain of market
Automotive License Plate Light regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
On the basis of product type, the global automotive license plate light market can be segmented into the following,
- Bulb
- LED
On the basis of vehicle, the global automotive license plate light market can be segmented into the following,
- Passenger Cars
- Compact Cars
- Mid-Size Cars
- SUVs
- Luxury Cars
- Commercial Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
On the basis of sales channel, the global automotive license plate light market can be segmented into the following,
- OEMs
- Aftermarket
Automotive License Plate Light Report Highlights:
- Detailed overview of parent market of the Automotive License Plate Light market
- Changing Automotive License Plate Light market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments in Automotive License Plate Light
- Automotive License Plate Light market competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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