Growing Awareness and Importance of Vehicle Safety and Security Is Driving the Check Engine Light Market
Globally, the check engine light market is projected to grow with a CAGR of 5.5% during the forecast period from 2019 to 2027. The check engine light in a vehicle is set up to warn the drivers about the problems or issues with the engine of the vehicle. Check engine light is a computerized system, which keeps a track of the engine and notify about any malfunctions caused to the engine. It is considered a diagnostic tool that increasingly help in maintaining the performance of the vehicle, engine speed, and ignition time.
The automotive industry is going through a phase of technological transition where all the systems are being connected with computers or an automated electronic system. The modern check engine lights are also automated in a way to notify the issues with the vehicle. Factors such as increasing safety concerns of the vehicles, technological advancements, developments in the automotive industry are the primary factors driving the growth of this market. However, factors such as reliability on the lights, and technical issues are likely to affect the growth of the market during the forecast period.
Market Synopsis
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Passenger Cars Segment Dominated the Application Market
Based on application, the check engine light market was led by passenger cars, which held around 55% of the overall revenue generated. As the number of passengers cars are increasing across the globe, the demand for check engine lights is gradually increasing. Furthermore, growing importance of safety of commercial vehicles is expected to enhance the market for check engine lights in the commercial vehicles.
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North America Dominated the Market by Region
In 2018, North America led the global check engine light market by holding a market share of over 40% of the total revenue generated. Development in the automotive industry, growing adoption of personal as well as commercial vehicles, and stringent regulations regarding on road 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.
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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.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The check engine light market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global check engine light market based on type, application, and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Type Segment (2017–2027; US$ Bn)
• Intermittent Check Engine Light
• Continuous Check Engine Light
|
|
Application (2017–2027; US$ Bn)
• Passenger Cars
• Commercial Vehicles
|
|
Geography Segment (2017–2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of Asia Pacific)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of check engine light in 2018 and forecast up to 2027?
- Which is the largest regional market for types of check engine light?
- What are the major trends followed in check engine light market across different regions?
- Who is the key check engine light companies leading the market?
- What are the key strategies adopted by the leading check engine light companies in market?
Unique data points of this report
- Statistics on check engine light penetration and spending worldwide
- Recent trends across different regions in terms of adoption of check engine light for various applications.
- Notable developments going on in check engine light market
- Attractive investment proposition for segments as well as geography
- Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
