Global Off-Highway Vehicle Lighting Market Estimated to Value Over USD 43.6 Billion by 2029 End

  • 29 Jul 2019
  • Automotive

The global off-highway vehicle lighting market is forecasted to value over USD 43.6 billion by 2029 end and is expected to register a CAGR of over 5.2% from 2019 to 2029.

The rising demand for mining and construction equipment has resulted in more demand for off-highway tires. The rise in the safety of workers coupled increasing sales of class 8 trucks are also complementing the growth of the market. Various governments around the globe have imposed strict norms regarding the use of energy-efficient lights. Regulatory authorities have to promote and encourage the ban of high-intensity discharge in many countries. 

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. Halogens are in immense demand due to its low-cost feature and easy integration process. Norms imposed by the authorities to deploy Halogen to avoid a crash. Such regulations have boosted the market.

Halogens offer better brightness and last long. Owing to such features, there has been a spike in the demand of halogen which has propelled the market. On the basis of application, the headlight is expected to dominate the growth of the market. The latest advancement in technologies such as laser nights and night vision has positively influenced the market. The work light is also forecasted to witness a notable growth. The work light is an integral part as they enhance the visibility and safety at workplaces. Taillight and other segments are also expected to grow owing to aesthetic features deployed in them.

On the basis of end-user, construction and mining have emerged as the biggest end-user. The expansion of construction and mining places worldwide had a positive influence on the market.

The farming/agriculture/forestry segment is also expected to augment the market. Latest advancements in farming and agriculture segment are burgeoning the market.

Based on vehicle type, excavators are expected to dictate the growth. The rising demand for construction equipment has resulted in more demand and usage of excavators. Dump trucks are also projected to witness substantial owing to the latest technological advancements. The deployment of the blind spot detector has further boosted the demand for excavators.

In terms of region, Asia-Pacific is the global leader of the market. The presence of key companies coupled with the expansion of construction and mining activities is remunerating the market in the region.

The rest of the world is also expected to show substantial growth owing to increasing construction and mining activities. Latin America is also expected to show notable growth owing to an increase in demand for class 8 trucks and mining activities.

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

●    Growth Prospects

●    SWOT Analysis

●    Key Trends

●    Key data-points affecting market growth

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

 

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