Press release
Off Highway Vehicle Lighting Market reached USD 927 million in 2020, and is estimated to grow at 7.3% CAGR till 2028 | Size, Share & Forecast
Off Highway Vehicle Lighting Market
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/off-highway-vehicle-lighting-market-analysis-industry-research/
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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