The global off-highway vehicle lighting market size is
expected to reach USD 1.31 billion by 2025 expanding at a 7.0% CAGR, according
to a study conducted by Grand View Research, Inc. Increased demand for
construction and mining equipment and stringent lighting and safety regulations
are expected to drive the market. A rise in sales of Class 7 and 8 trucks along
with increased awareness regarding the workers’ safety has also contributed to
the demand for off-highway vehicle lighting.
Governments across the world are
drafting stringent regulations regarding the use of energy-efficient lights in
vehicles and for commercial and residential purposes. Regulatory authorities
have actively encouraged the ban on the use of High-Intensity Discharge (HID)
lamps in many developed countries. For instance, the National Highway Traffic
Safety Administration (NHTSA) has prohibited the use of amber stop lamps in
tail lights. Similarly, the Canadian government has defined the minimum number
of lights required by different vehicle types, such as buses, trucks, and heavy
equipment.
Hence, such regulations are expected
to bolster the demand for vehicle lighting, especially Light-Emitting Diode
(LED) lights. In terms of industry share, Asia Pacific is expected to be the
dominant market over the forecast period owing to increasing investments in
construction and mining activities across the region. Governments in this
region are investing in the development of public, as well as private
infrastructure. Such initiatives are expected to result in an increased demand
for construction equipment, such as excavators, loaders, and dump trucks;
thereby, supporting the vehicle lighting market growth.
In 2017, China accounted for a major
share of the Asia Pacific regional market. North America is expected to
register a considerable CAGR of 7.8% over the forecast period on account of the
presence of major off-highway vehicle lighting manufacturers in this region.
The Canadian government has mandated the usage of certain light fixtures, such
as light bar, side marker lamps, and high raised lamps, to ensure workplace
safety and avoid accidents. This is also likely to contribute to region’s growth
in the years to come.
Browse full research report on Off-Highway Vehicle Lighting Market: https://www.grandviewresearch.com/industry-analysis/off-highway-vehicle-lighting-market
Further key findings from the study suggest:
- The
halogen product segment is expected lead the market by reaching USD 727.8
million by 2025
- This
growth is attributed to a significant rise in the adoption of halogen
lights across most of the vehicles
- The
headlight application segment led the market in 2017. Introduction of
advanced technologies, such as night vision and laser lights are
responsible for the segment growth
- Asia
Pacific is expected to be the largest regional market over the forecast
period owing to increased investments in the construction activities by
government and private firms
- Prominent
companies in the global off-highway vehicle lighting market are Gogoro,
Inc.; HELLA GmbH & Co. KGaA; Magneti Marelli S.p.A.; Grote Industries;
and Oracle Lighting
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/off-highway-vehicle-lighting-market/request/rs1
Grand View Research has segmented the global off-highway vehicle
lighting market on the basis of product, application, end use, vehicle type,
and region:
Off-highway Vehicle Lighting Product Type Outlook (Revenue,
USD Million, 2014 - 2025)
- LED
- Halogen
- HID
- Incandescent
Off-highway Vehicle Lighting Application Outlook (Revenue,
USD Million, 2014 - 2025)
- Headlight
- Tail
Light
- Work
Light
- Other
Off-highway Vehicle Lighting End-use Outlook (Revenue, USD
Million, 2014 - 2025)
- Construction
& Mining
- Agriculture/Farming/Forestry
Off-highway Vehicle Lighting Vehicle Type Outlook (Revenue,
USD Million, 2014 - 2025)
- Excavator
- Loader
- Crane
- Dump/Concrete
Mixer Truck
- Tractor
- Other
Vehicles
Off-highway Vehicle Lighting Regional Outlook (Revenue, USD
Million, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia
Pacific
- China
- Japan
- India
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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