The global off-highway vehicle lighting market is estimated to attain USD 1.31 billion, by the end of 2025, and is anticipated to grow at a CAGR of 7.0% from 2018 to 2025, according to a new report by Million Insights. The increasing requirements for mining and construction equipment along strict government regulations are boosting the market growth. The growing awareness about safety of the workers is also expected to increase the demand for the off-highway vehicle lighting in the next few years.
Further, the government authorities across the world are focusing on making strict policies on the use of efficient vehicle lighting in residential and commercial applications. Some of the countries have banned the use of HID lamps. For example, national highway traffic safety administration has stopped the use of tail lights with amber lamps. The government of Canada has also defined the regulations regarding the lamps or lights to be used in trucks, buses, and other vehicles. LED lighting solutions are highly energy-efficient and helps in reducing the greenhouse gases emissions. This is projected to increase the demand for LED, halogen lights.
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All these key initiatives have surged the demand for LED lights. LED lights are highly efficient and have a large lifespan of over five years, are widely used for off-highway lighting vehicle applications. Asia Pacific is projected to dominate the market in the coming few years. The growing mining and construction sites in the countries like China and India are supporting the market growth. These key factors are expected to increase the demand for dump trucks, loaders, excavators in the construction application.
China led the Asia Pacific off-highway vehicle lighting market with the highest share in2017. North America is projected to grow at the CAGR of over 7.8% from 2018 to 2025. The region also has the highest number of off-highway vehicle lighting manufacturers.
Key manufacturers in the market include Grote Industries, HELLA GmbH, Oracle Lighting, WESEM, and Truck Lite Co. These players in the market are focusing on product innovations and invest high in the R & D activities to develop advanced products.
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Further key findings from the report suggest:
• Halogen segment is estimated to account for over USD 727.8 million by the end of 2025. The growth is mainly constituted by increasing adoption of halogen lights in vehicles.
• Based on the application, in 2017, headlight segment has dominated the off-highway vehicle lighting market owing to the launch of new lighting technologies like lase lights, and night vision.
• Asia Pacific region is projected to hold the largest share in the market by the end of 2025.
Million Insights has segmented the global off-highway vehicle lighting market based on product, application, end-use, vehicle type and region:
Off-Highway Vehicle Lighting Product Outlook (Revenue, USD Million, 2014 - 2025)
Off-Highway Vehicle Lighting Application Outlook (Revenue, USD Million, 2014 - 2025)
• Tail Light
• Work Light
Off-Highway Vehicle Lighting End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Construction & Mining
Off-Highway Vehicle Lighting Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
• Dump/Concrete Mixer Truck
• Other Vehicles
Off-Highway Vehicle Lighting Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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