LED Light Bar Market is Likely to Grow at a CAGR of 4.7% Through 2027 | FMI

Key reasons for this change in growth rate are attributed to market growth during the first half of the forecast period, owed to the superior features such as energy efficiency and high durability are boosting the demand for LED light bars

The LED Light Bar Market is valued at US$ 950 Million in 2021. The market is likely to grow at a CAGR of 4.7% through 2027, reaching US$ 1.25 Billion.In 2021, the single row LED bar segment holds account for nearly 50% of market value and rise at a CAGR of 4.3% through 2027.
Below 100W segment holds nearly 37% of market share in 2021.Use of LED light bar for events & shows will continue to be largest market revenue generator, accounting for nearly 40% of all sales.

• Huge advantages of energy efficiency associated with LED lighting
• Consistent R&D investments to improve performance with better phosphors and other materials
• Higher adoption of LED lighting as a potential substitute for traditional light sources
• Automakers and construction engineers seeking innovations in the LED light system

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Single Row LED Light Bars Accounted for Half the Sales in 2018

According to the FMI survey, single row LED light bars accounted for roughly 5 out of 10 LED light bars purchased in 2018. Single luminaire preference is increasing, which bodes well for single row LED light bar sales. While single row LED light bars are predicted to expand at a rate of 4.1 percent in 2019, two-row or dual-row LED light bars will have 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.

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.

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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.

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.

Multinational players are relatively highly concentrated in the global LED light bar market as compared to local & regional manufacturers of LED light bars

The global LED light bar market has a large number of regional and multinational companies, whose detailed profiles are also included in global LED light bar market report to assess their key product offerings, strategies and recent developments.

Some of the key players included in the global LED light bar market study include Eaton Corporation (Halo commercial), Globe Electric Company, Inc., Cree, Inc., Osram GmbH, Herbert Waldmann GmbH & Co. KG, Rigid Industries, Inc., Trailequip Ltd., Baja Designs, Inc., KC HiLiTES Inc., Gold Crest, LLC (Lux LED), NTE Electronics, Inc., Showtech Electronics LLC, Larson Electronics LLC, HIGHLITE INTERNATIONAL BV, Tough Industries Limited, Innotec, Corp., Linmore LED Labs, HEISE LED lighting systems, Hubbell Lighting, Inc. and Auxbeam Lighting Co.

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Key Segment

On the basis of configuration

• single row
• double row
• triple row
• quad row

On the basis of beam pattern

• flood
• spot
• combo lights

On the basis of application

• events & shows
• automotive
• restaurants & bars
• charter & boats

On the basis of power rating

• below 100W
• 101-200W
• 201-300W
• above 300W

NB: The information provided in this press release is for general informational purposes and published on PRnob only.