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Off-Highway Vehicle Lighting Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2029

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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 d
Off-Highway Vehicle Lighting Market Global Trends, Market Share, Industry Size,
Growth, Opportunities, and Market Forecast 2019 to 2029
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 enduser. 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.
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Global Off-Highway Vehicle Lighting Market Segmentation:
By Product
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LED
HID
Halogen
Incandescent
By Application
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Headlight
Work Light
Tail light
Other
By End User
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Agriculture/Farming/Forestry
Construction & Mining
By Vehicle Type
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Tractor
Loader
Excavator
Dump/Concrete Mixer Trucks
Crane
Other Vehicles
By Region
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North America
Europe
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Asia Pacific
Latin America
Rest of the World
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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
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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