Emergency Warning Lights Market
Emergency Warning Lights Market By Product (Incandescent, Halogen, LEDs), By Sales Channel (Direct-to-Customer, Third-party Online Channels, Specialty Stores, Modern Trade Channels), By End-User, By Region - Global Market Forecast 2020-2030
Emergency Warning Lights Market Overview
The global emergency warning lights market will expand 1.4X in terms of value, and is foreseen to witness a steady growth rate of nearly 4% over the forecast period of 2020-2030. Emergency warning lights are lighting devices that provide visual signaling to people in hazardous situations, and are highly used by government authorities and various industries.
However, the spread of COVID-19 is leading to considerable issues in the emergency warning lights market space, owing to restrictions imposed by governments related import and export. These challenges will have major ramifications on the global emergency warning lights market in the near term.
Sales of emergency warning lights are estimated to increase in the mid-term and long-term, as governments across the world are recognizing crime and safety as quality-of-life issues. As such, they are taking initiatives to tackle the underlying problems of communities by focusing on safety and law enforcement. This, in turn, is expected to drive the demand for security products, thereby supporting the expansion of the emergency warning lights market size.
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Emergency Warning Lights Market Analysis by End User
The institutional segment in the emergency warning lights market is one of the most prominent segments, and is expected to account for 1/3 of the market share and reach a valuation of US$ 300 Mn by the end of 2020. Growth in industrial and construction activities is projected to fuel demand for emergency warning lights. Moreover, owing to regulations laid out by authorities for the installation of warning lights at industrial and construction sites are also expected to drive the growth of the market.
However, the government authorities segment is expected to lead the market, as governments are collaborating with citizens and local agencies, which is resulting in increased number of emergency response vehicles as well law enforcement vehicles. This is likely to boost the sales of emergency warning lights during the forecast period.
Emergency Warning Lights Market Analysis by Sales Channel
Among the sales channels, the direct-to-customer channel is expected to capture around 63% of the market share in 2020. Manufacturers are focusing on collaborating directly with government authorities and industry players, which, in turn, is supporting the sales through the direct-to-customer segment.
Besides, there are several emergency warning light manufacturers who have started providing these warning lights through their websites. This, in turn, will strengthen the demand for emergency warning lights over the coming years.
On the other hand, e-Commerce websites have gained significant popularity in offering emergency warning lights. North America and Europe are the most affected regions by the COVID-19 pandemic. The outbreak of this disease has shifted consumer focus towards e-Commerce platforms. This is pushing manufacturers to offer their products through third-party online sales channels.
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Regional Outlook of Emergency Warning Lights Market
North America dominated the global emergency warning lights market share, followed by Europe, in 2019, and is foreseen to maintain its dominance in terms of value as well as volume over the forecast period. The market in the region is estimated to exhibit a CAGR of 3.3% during the forecast period.
However, North America, with the most COVID-19 cases, and being a key region for emergency warning lights coupled with a high concentration of warning light companies, has witnessed a negative impact on sales in 2020.
Moreover, the need for emergency warning lights in the construction and industrial sector is rising, as U.S. laws require construction and other industrial companies to install emergency warning lights for safety purposes. Therefore, stricter guidelines in the U.S. have led to the growth of the emergency warning lights market in the region. Based on these factors, North America is anticipated to create an absolute $ opportunity of US$ 104 Mn over the forecast period 2020-2030.
Emergency Warning Lights Market: Competitive Landscape
The emergency warning lights market is highly fragmented in nature, with the presence of numerous local and regional players. Some of the players in the market are Federal Signal Corporation, ECCO Safety Group, Whele Engineering Company, and Tomar Electronics, among others. Prominent players are continuously focusing on product launches as their key strategy to strengthen their market presence and gain a competitive advantage over other players.
- For instance, in 2020, Federal Signal announced the launch of 8200S SignalMaster and 8200S SignalMaster Arrow to its directional warning light product portfolio. The newly launched product provides advanced warning and directional signals for traffic approaching from the rear, and features an aluminum housing with a rail design.
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COVID-19 Impact on Emergency Warning Lights Market
The COVID-19 pandemic is having a significant impact on the growth of the emergency warning lights market, mainly due to the closure of manufactories. It has substantially affected players in the market, as the pandemic has had a severe impact on the import of raw materials and export of finished goods.
The effects of this crisis will be profound, and demand for emergency warning lights is set to decline in 2020. North America, which accounts for nearly one-third of global consumption, is currently the most affected region, and it is anticipated that, it will require a long period of time for recovery. This, in turn, will impact the supply-demand of emergency warning lights until the mid-term forecast.
The Analyst’s Viewpoint
“Demand for emergency warning lights is expected to be low in 2020, and remain so during the COVID-19 pandemic. However, sales of emergency warning lights are expected to increase in the mid-term forecast, with a positive growth rate from various end-use industries such as industrial and oil & gas, and due to rising number of emergency and law enforcement vehicles.”
Global Emergency Warning Lights Market: Scope of the Report
The recent global emergency warning lights market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats to the expansion of the global emergency warning lights market. A detailed segmental analysis, based on product, end user, and sales channel, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global emergency warning lights market. In addition, a separate section on the market structure has also been provided. This section provides detailed analysis of key market players and their strategies for expansion in the global emergency warning lights market.
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.
- Thermal Power Plants
- Oil & Gas Industry
- Government Authorities
- Third-party Online Channels
- Specialty Stores
- Modern Trade Channels
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)