SEOUL-- April 28, 2022 -- As per Fact.MR’s Latest Analysis, the global emergency warning lights market is expected to be valued at around US$ 1.2 Bn in 2030. As the outbreak of coronavirus continues, there has been a downfall in production activity, impacting several related industries such as automotive, oil & gas, construction, and others, which has weakened demand for emergency warning lights.
However, the market is expected to experience better growth during the recovery period, owing to the implementation of stringent regulations, thereby forcing businesses and public authorities to pay strict attention to the installation of emergency warning lights.
Emergency Warning Lights Market - Driving Factors
· Increasing crime activities and initiatives to tackle the issues will be driving the demand for security products, hence complementing the market development.
· Strict regulations pushing public authorities and businesses towards the installation of emergency lights boosting sales over the forecast period.
Key Takeaways from Emergency Warning Lights Market Study
· The global emergency warning lights market is projected to create an absolute $ opportunity of around US$ 370 Mn and is anticipated to expand at a value CAGR of nearly 4% through 2030.
· By product, LEDs are set to hold a share-wide market dominance with over 90% of the total market value by the end of the forecast period of 2020-2030.
· By end-user, emergency warning lights used by government authorities are projected to increase at a value CAGR of 4% and are expected to be valued 1.6X more than the institutional segment by the end of 2020.
· North America is projected to hold the maximum share in the global emergency warning lights market, and the market is expected to grow 3.2X more than South Asia & Oceania over the next ten years.
· By sales channel, the direct-to-customer segment is projected to surpass a market valuation of US$ 785 Mn by the end of 2030.
“The unprecedented impact of COVID-19 will have short-term implications on the emergency warning lights market. Expansion of the market will rely on growth in industrial and construction, which will enable manufacturers to meet various needs and demands. Further, focus on public safety and law enforcement is anticipated to boost the prospects of the emergency warning lights market over the coming years,” says a Fact.MR analyst.
Key Segments of Emergency Warning Lights Market
Fact.MR’s study on the emergency warning lights market offers information divided into four key segments-product, end-user, sales channel, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Product Launches to Enhance Market Resiliency
Prominent players in the emergency warning lights market are Federal Signal Corporation, ECCO Safety Group, SoundOff Signal, Whelen Engineering Company, Inc., Tomar Electronics, Senken Group, Standby Group, Grote Industries, Roadtech Manufacturing, and Truck-Lite Co., among others. On the manufacturers and suppliers front, the market continues to remain highly fragmented, with many organized players accounting for a sizeable revenue share. The competition space of the emergency warning lights market has been dominated by multiple product launches. For instance,
· In 2020, Federal Signal Corporation introduced its 21-inch Allegiant Mini-Light bar MU810. The newly launched product is built for work zone safety, which has a dual-color and bed light option for superior visibility.
· In 2020, Code 3, a brand of ECCO Safety Group introduced its Outliner Series of warning lights. The newly launched product is available in 24, 36, 60, and 72-inch lengths, and enables enhancing the driver’s visibility with these SAE rates warning lights.
· In 2020, SoundOff Signal introduced its new range of nFUSE lightbar for the fire market. The newly launched product will be available in single and dual-stack forms and lengths to fit a small truck to a full-size apparatus.
