Check Engine Light Market to Exhibit a CAGR of 5.5% Through 2019-2027 - Key Players are OSRAM, Yeolight Technology, Hella, Konica Minolta Pioneer, ZKW, Stanley, Astron FIAMM, Magneti Marelli and Koito
The global check engine light market is set to grow with a CAGR of 5.5% during the forecast period.
DUBLIN, Feb. 13, 2020 /PRNewswire/ -- The "Global Check Engine Light Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
The global check engine light market is set to grow with a CAGR of 5.5% during the forecast period.
Globally, the demand for vehicles is growing at a rapid pace, mainly due to changing consumer dynamics towards lifestyle. Based on the regulation of the automotive industry in various developed regions, it is mandatory to install a check engine light in every vehicle being developed. This is primarily driving the adoption and installation of check engine lights in various personal and commercial vehicles. Furthermore, these lights being considered a diagnostic tool increasingly help in maintaining the performance of the vehicle, thus plays an important role in the manufacturing of the vehicle.
Factors such as increasing safety concerns of the vehicles, technological advancements, developments in the automotive industry are some other factors driving the growth of this market. Also, technological advancements, development of automated computerized systems, and digitization are also fueling the growth of this market. The modern check engine lights are also automated in a way to notify the issues with the vehicle. However, factors such as reliability on the lights, and technical issues are likely to affect the growth of the market during the forecast period.
Based on type, the check engine light market is segmented into intermittent and continuous check engine light. The intermittent check engine light is expected to dominate the market with more than 60% of the total revenue generated, however, continuous check engine lights are now being highly used and are gaining pace in the market. Furthermore, based on application passenger cars dominated the market based on increasing sales of personal vehicles, and stringent regulations for manufacturing purposes.
Based on geography, North America held a dominant position in the check engine light market with a market share of over 40% in 2018. Growing adoption of personal as well as commercial vehicles, advancements in the automotive industry, and regulatory changes regarding good manufacturing practices and safety of the vehicles are the major factors contributing to the growth of this market. However, Asia-Pacific is projected to grow at a significant rate during the forecast period, based on increasing awareness and changing regulatory policies in the automotive industry.
Some of the prominent players operating in the check engine light market include OSRAM, Yeolight Technology, Hella, Konica Minolta Pioneer, ZKW, Stanley, Astron FIAMM, Magneti Marelli, and Koito.
Key Topics Covered
Chapter 1 Preface
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Check Engine Light
2.2 Global Check Engine Light Market, By Type
2.3 Global Check Engine Light Market, By Application
2.4 Global Check Engine Light Market, By Geography
Chapter 3 Market Dynamics
3.1 Introduction
3.1.1 Global Check Engine Light Market Revenue and Growth, 2019 - 2027, (US$ Mn) (%)
3.2 Market Drivers
3.3 Market Growth Inhibitors
3.3.1 Impact Analysis of Drivers and Restraints
3.4 Key Market Trends
3.5 Attractive Investment Proposition
3.6 Competitive Analysis
3.6.1 Market Positioning of Key Vendors
3.6.2 Key Strategies Adopted by the Leading Players
Chapter 4 Global Check Engine Light Market Analysis, by Type
4.1 Overview
4.2 Intermittent Check Engine Light
4.3 Continuous Check Engine Light
Chapter 5 Global Check Engine Light Market Analysis, By Application
5.1 Overview
5.2 Passenger Cars
5.3 Commercial Vehicles
Chapter 6 North America Check Engine Light Market Analysis
Chapter 7 Europe Check Engine Light Market Analysis
Chapter 8 Asia-Pacific Check Engine Light Market Analysis
Chapter 9 Rest of the World (RoW) Check Engine Light Market Analysis
Chapter 10 Company Profiles
10.1 OSRAM
10.2 Yeolight Technology
10.3 Hella
10.4 Konica Minolta Pioneer
10.5 ZKW
10.6 Stanley
10.7 Astron FIAM
10.8 Magneti Marelli
10.9 Koito
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