DUBLIN – (COMMERCIAL THREAD) – The Global Off-Road Vehicle Lighting Market Size, Share and Trend Analysis Report by Product (LED, Halogen, HID, Incandescent), by Application, by End Use, by Type of Vehicle and Segment Forecast, 2021-2028 “the report was added to ResearchAndMarkets.com offer.
The global off-road vehicle lighting market size is expected to reach USD 1,565.3 million by 2028. It is expected to register a CAGR of 7.0% from 2021 to 2028.
The increasing emphasis on the development of public infrastructure is expected to boost the demand for off-road vehicles, which bodes well for the growth of the market during the forecast period. Moreover, the continuous advancements in product technologies coupled with strict government regulations are also expected to support the market growth during the forecast period.
The growing population in Asian countries, such as China and India, is driving the need for better public infrastructure. The governments of these economies are investing aggressively in infrastructure development projects. For example, in India, the government is expected to invest USD 670.5 billion (INR 50 trillion) to improve the country’s public infrastructure. The government of the country has also announced several infrastructure development plans to be undertaken over the next few years. For example, the “Bharatmala Yojana” includes provisions for the improvement of road networks throughout the country. The Indonesian government has planned more than 20 projects for the development of more than 52,000 of its rural villages by building better roads, houses, hospitals and other necessary infrastructure. These ongoing and proposed investments in infrastructure development projects are expected to drive the demand for off-road vehicles, which is expected to bode well for the growth of the off-road vehicle lighting market.
The off-road vehicle lighting landscape is constantly changing, as manufacturers offer products based on the latest technology to ensure greater safety, better performance and better aesthetics. At present, companies such as Grote Industries, HELLA GmbH & Co. KGaA, Truck-Lite and ABL Lights Group provide off-road vehicle LED lights for various off-road vehicle applications such as headlights, tail lights, side lights, and indicator lights. At the same time, construction equipment manufacturers are also introducing equipment with improved work lights to provide adequate lighting and visibility on construction sites. For example, Caterpillar, a manufacturer of heavy construction, mining and material handling equipment, supplies several types of work lights, including LED, halogen, high intensity discharge (HID) and LED floodlights, on its construction equipment. These lights are also optional for aftermarket installation.
The Asia-Pacific regional market contributed around 35% of the off-road vehicle lighting demand in 2020 and is expected to register a CAGR of 5.3% during the forecast period. This growth can be attributed to the increasing adoption of off-road equipment used in infrastructure development activities in countries like China, India, Japan and Taiwan. The Middle East and Africa (MEA) market is expected to develop at the highest CAGR during the forecast period. GCC countries including Saudi Arabia, United Arab Emirates, Oman and Qatar in particular have planned several multi-million dollar infrastructure projects, which is expected to increase demand for construction equipment in the regions. years to come.
Highlights of the Off-Road Vehicle Lighting Market Report
In terms of product, the LED segment is expected to grow at the highest CAGR of around 9% during the forecast period. This can be attributed to the increasing demand for energy efficient lighting in off-road vehicles.
In terms of application, headlamps have emerged as the most important segment in 2020. They are expected to reach a valuation of over $ 900 million by the end of the forecast period.
In terms of end-use, the construction segment accounted for the largest revenue share of around 55% in 2020. The notable rise in construction equipment sales after the COVID-19 lockdown in various countries is expected to propel the demand for construction equipment.
The Asia-Pacific regional market held the largest revenue share in 2020 attributed to the presence of key manufacturers in Asian countries including China, Japan, and Taiwan.
Main topics covered:
Market variables, trends and scope
Off-Road Vehicle Lighting Market: Product Estimates and Trend Analysis
Off-Road Vehicle Lighting Market: Application Estimates and Trend Analysis
Off-Road Vehicle Lighting Market: End Use Estimates and Trend Analysis
Off-Road Vehicle Lighting Market: Estimates of Vehicle Types and Trend Analysis
Off-Road Vehicle Lighting Market: Regional Estimates and Trend Analysis
APS lighting and security
ECCO Safety Group
Hamsar Diversco Inc.
JW Speaker Corporation
HELLA GmbH & Co. KGaA
ABL lighting group
Peterson Manufacturing Co.
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