Overview

Global Off-Highway Introduction

The global Off-Highway Vehicle Lighting Market is estimated to be valued at USD 43.6 billion by 2029 and is projected to register a CAGR of 5.2% from the forecast period 2019-2029.

Increasing adoption of LED lighting owing to its high performance has resulted in an efficient performance which has led to a large mining workplace adopting these LED light. The expansion of mining workplaces has inflated the demand of class 7 and class 8 trucks, thus resulting in expansion of the off-highway vehicle lighting market. Government norms regarding workplace and deployment of efficient vehicle lights are expected to propel the off-highway vehicle lighting market. According to the recent figure released by the US government, more than 45% of the construction site accidents involve heavy equipment. These statistics have prompted the government to adopt and impose safety regulations to ensure workplace safety. These laws have led to increasing adoption of vehicle lighting which expanded the off-highway vehicle lighting market.

Global Off-Highway Overview

The market is classified into by product, by application, by end-user, and by region. Based on the product, the halogen segment is expected to dominate the growth of the market. Halogen light offers less power, better brightness and last longer compared to LEDs. Halogen offers a lifespan of more than five years. These factors have boosted the demand for halogen, hence thriving the market.

On the basis of end-user, construction and mining have emerged as the biggest end-user. The growing need for workplace safety coupled with the increasing adoption of class 7 and class trucks has positively influenced the market. Based on vehicle type, excavators are expected to dictate the growth. The growing demand for excavators in regions like South America, Europe and Asia-Pacific due to an increase in mining and construction activity has boosted the market as well.

In terms of region, Asia-Pacific is the global leader of the market. The rise in investments in construction and mining activities has prompted the growth of the market in the region. Governments, as well as private enterprisies, are investing heavily in public and private infrastructure. They have launched initiatives as well that has resulted in the rapid demand for loaders, dump trucks, and construction equipment. These factors have positively influenced the growth of the market. The rest of the world is also expected to show substantial growth owing to increasing construction and mining activities.

Additional Insights:

Established players like Grote Industries, HELLA KGaA Hueck & Co. and Magneti Marelli S.p.A has adopted for new product launches and technological innovations to get a further grip of the market. For example, Grote Industries, in 2017 introduced XTL LED Light Strips which are thin, flexible and ideal for activities related to heavy construction equipment.

Established players of the market are APS Lighting and Safety Products, Truck-Lite Co; LLC; ECCO Safety Group Co., Inc, Hella GmbH & Co.KGaAa, Truck-Lite Co., and Grote Industries.

Global Off-Highway Vehicle Lighting Market Segmentation:

By Product 

  • LED  
  • HID 
  • Halogen 
  • Incandescent 

By Application 

  • Headlight 
  • Work Light 
  • Tail light 
  • Other  

By End User  

  • Agriculture/Farming/Forestry  
  • Construction & Mining 

By Vehicle Type 

  • Tractor 
  • Loader 
  • Excavator 
  • Dump/Concrete Mixer Trucks 
  • Crane 
  • Other Vehicles 

By Region 

  • North America 
  • Europe  
  • Asia Pacific 
  • Latin America  
  • Rest of the World

FutureWise Key Takeaways

  • According to our industry experts, government regulations will further elevate the market. For example, the National Highway Traffic Safety Administration has banned amber stop lamps and reduced the price of Halogens.
  • The Canadian government has also reduced the price of LED light and imposed regulations stating the minimum number of lights to be deployed in trucks and buses.

Objectives of the Study:

•    To provide with an exhaustive analysis on the global off- vehicle lighting market by product, application, end-user, vehicle and by region

•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)

•    To evaluate and forecast micro-markets and the overall market

•    To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the rest of the world

•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

•    Profiling of companies to evaluate their market shares, strategies, financial and core competencies

 

$3450

Need Assistance

--------

UK : +44 141 628 9353
US : +1 970 279 4295

OR

Contact Sales

What you get


  • Excel Dataset

  • Infographics

  • PDF Report

  • Market Overview

  • PowerPoint Presentation

What's included


  • Consumer Perception and Procurement

  • Competitive Analysis

  • What’s Next

  • Market Data Forecast

  • Risks and Opportunity Assessment

  • Market Trends and Dynamics