Off Highway Vehicle Lighting Market Size, Share & Forecast 2029

 

Off Highway Vehicle Lighting Market

The Off-Highway Vehicle Lighting Market was estimated around USD 927 million in 2020 and is predicted to grow at a CAGR of 7.3% over the forecast period (2021-2028).

The factors driving growth of the Off-Highway Vehicle Lighting Market includes growing demand for construction equipment, Government regulations regarding vehicle lights and workspace safety, rise in Government’s spending on mining activities and improvements in the living standards. Moreover, growing adoption of advanced technologies by manufacturers, rising focus on reducing greenhouse gas emissions, increased availability of advanced machineries and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic mergers and collaborations on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Off-Highway Vehicle Lighting Market is hindered attributed to high prices of LEDs.

The major players operating in the market are Hamsar Diversco Inc., J.W. Speaker Corporation, WESEM, Truck-Lite, APS Lighting and Safety, Grote Industries, HELLA GmbH & Co. KGaA, ABL Lights Group, Peterson Manufacturing Co., and ECCO Safety Group, among others.

Based on Product, the Halogen segment is predicted to grow at a significant CAGR during the forecast period

Halogen based vehicle lighting solutions are comparatively cheaper than LEDs and HIDs, and provides enhanced visibility in winters and foggy weathers, are some of the factors pushing growth of the segment.

Based on Application, the Head Lamp segment is projected to grow at a robust CAGR over the forecast period

Introduction of adaptive front lighting, night vision, and laser lights, increasing use of head lamps at construction and mining applications to enhance safety, are propelling Global Off-Highway Vehicle Lighting Market.

Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Off-Highway Vehicle Lighting Market Report, increasing demand for construction equipment across India, Taiwan and Japan, Government policies to reduce the impact of greenhouse gas emissions, rapid industrialization, and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.

Key Development

  • In 2021, Truck-Lite introduced high-output LED work lamps and a full line of heated turn/stop/tail lamps, which has helped in the expansion of the product portfolio of the market.

Market Segmentation

Segmentation by Product

  • LED
  • Halogen
  • HID
  • Incandescent

Segmentation by Application

  • Head Lamp
  • Tail Lamp
  • Work Light
  • Others

Segmentation by Vehicle Type

  • Excavator
  • Loader
  • Crane
  • Dump Truck
  • Tractor
  • Others

Segmentation by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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