The global off-highway vehicle lighting market size is projected to reach USD 1.83 billion by 2030, exhibiting a CAGR of 7.5% according to a new report by Grand View Research, Inc. The growing emphasis on public infrastructure development is expected to drive the demand for off-highway vehicles, which bodes well for the industry growth over the forecast period. Moreover, continued advancements in product technologies, coupled with stringent government regulations, are also anticipated to support market growth over the forecast period.
Off-highway Vehicle Lighting Market Report Highlights
- In terms of product, the LED segment is estimated to expand at the highest CAGR of around 11.3% over the forecast period. This can be attributed to the increasing demand for energy-efficient lighting in off-highway vehicles
- In terms of application, headlamp emerged as the largest segment in 2021. It is anticipated to rise to a valuation of over USD 1000 million by the end of the forecast period
- In terms of end-use, the construction segment accounted for the largest revenue share of around 58.5% in 2021. The notable rise in sales of construction equipment post 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 2021, attributed to the presence of key manufacturers in Asian countries, including China, Japan, and Taiwan
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Products typically come with three different types halogens, HIDs & LEDs. The Coronavirus pandemic harmed the market studied, primarily attributed to halted manufacturing activities. In the changed post-COVID-19 business landscape, the industry is expected to register high growth. While there are no regulations in some countries specifying the use and placement of lighting on off-highway vehicles, many industries have their own standards with which manufacturers can voluntarily comply. However, countries such as India, Canada Japan, and others have banned high-intensity lamps and lights other than amber/white, which could negatively impact the global market.
The growing population in Asian countries, such as China and India, is driving the need for better public infrastructure. Governments in these economies are aggressively investing in infrastructure development projects. For instance, in India, the government is expected to invest USD 670.5 billion (INR 50 trillion) to improve the country’s public infrastructure. The country’s government has also announced several plans for infrastructure development to be undertaken in the next few years. For example, the “Bharatmala Yojana” includes provisions for improving the road networks throughout the country. The Indonesian government has more than 20 projects lined up 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-highway vehicles, which is expected to bode well for the growth of the market.
The off-highway vehicle lighting landscape is evolving continuously as manufacturers offer products based on the latest technologies to ensure enhanced safety, improved performance, and better aesthetics. At present, companies, such as Grote Industries, Truck-Lite, HELLA GmbH & Co. KGaA, and ABL Lights Group, are providing off-highway vehicle LED lights for various off-highway vehicle applications such as headlights, indicator lights, side lamps, and taillights. Simultaneously, construction equipment makers are also introducing equipments with advanced work lights to provide adequate illumination and visibility at worksites. For instance, Caterpillar, a manufacturer of heavy construction, mining, and material handling equipment, provides multiple types of work lights, including LED, halogen, high-intensity discharge (HID), and LED floodlights, on its construction equipment. These lights are also provided as an optional fitment for aftermarket installation.
The Asia Pacific regional market contributed to around 34.1% of the off-highway vehicle lighting demand in 2021 and is estimated to register at a CAGR of 6.1% over the forecast period. This growth can be attributed to the increasing adoption of off-highway equipment used in infrastructure development activities in countries such as China, India, Japan, and Taiwan. The market in the Middle East and Africa (MEA) is projected to expand at the highest CAGR over the forecast period. GCC countries, including Saudi Arabia, the UAE, Oman, and Qatar, particularly, have several multi-million-dollar infrastructure projects lined up, which is anticipated to increase the demand for construction equipment in the forthcoming years.
Off-highway Vehicle Lighting Market Insights By Demographics
Geographically speaking, Asia Pacific off-highway vehicle lightning market accounted for the largest revenue share. This growth can be attributed to the presence of key manufacturers in Asian countries, including Taiwan, Japan, and China. Factors such as the availability of advanced machinery and skilled labor along with low production costs are also anticipated to spur the growth prospects of the regional market. Latin America is projected to register the second-highest growth rate due to a significant increase in construction and mining activities in Brazil and Mexico. The Middle East and Africa market is expected to be the fastest-growing regional market owing to a notable increase in construction and mining activities in the region.
Competitive Analysis By Major Companies
Key players in the industry are focusing on providing technologically driven and advanced products to enhance their product offerings in the market. The companies are also undertaking strategic initiatives such as regional expansions, acquisitions, mergers, partnerships, and collaborations to strengthen their hold in the market. Organic growth remains the key strategy for the overall industry, with leading players focusing on the development of new and innovative products and the expansion of product offerings. Some prominent players in the global off-highway vehicle lighting market include:
- Truck-Lite
- APS Lighting and Safety
- Grote Industries
- ECCO Safety Group
- Hamsar Diversco Inc.
- W. Speaker Corporation
- WESEM
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Off-highway Vehicle Lighting Market Segmentation
Grand View Research has segmented the global off-highway vehicle lighting market based on the product, application, end use, vehicle type, and region:
- Off-highway Vehicle Lighting Product Outlook (Revenue, USD Million, 2018 – 2030)
- Off-highway Vehicle Lighting Application Outlook (Revenue, USD Million, 2018 – 2030)
- Off-highway Vehicle Lighting End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Off-highway Vehicle Lighting Vehicle Type Outlook (Revenue, USD Million, 2018 – 2030)
- Off-highway Vehicle Lighting Regional Outlook (Revenue, USD Million, 2018 – 2030)
- List of Key Players of Off-highway Vehicle Lighting Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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