Off-Highway Vehicle Lighting Market Size Worth $1.31 Billion By 2025
The global off-highway vehicle lighting market size is expected to reach USD 1.31 billion by 2025 expanding at a 7.0% CAGR, according to a study conducted by Grand View Research, Inc. Increased demand for construction and mining equipment and stringent lighting and safety regulations are expected to drive the market. A rise in sales of Class 7 and 8 trucks along with increased awareness regarding the workers’ safety has also contributed to the demand for off-highway vehicle lighting.
Governments across the world are drafting stringent regulations regarding the use of energy-efficient lights in vehicles and for commercial and residential purposes. Regulatory authorities have actively encouraged the ban on the use of High-Intensity Discharge (HID) lamps in many developed countries. For instance, the National Highway Traffic Safety Administration (NHTSA) has prohibited the use of amber stop lamps in tail lights. Similarly, the Canadian government has defined the minimum number of lights required by different vehicle types, such as buses, trucks, and heavy equipment.
Hence, such regulations are expected to bolster the demand for vehicle lighting, especially Light-Emitting Diode (LED) lights. In terms of industry share, Asia Pacific is expected to be the dominant market over the forecast period owing to increasing investments in construction and mining activities across the region. Governments in this region are investing in the development of public, as well as private infrastructure. Such initiatives are expected to result in an increased demand for construction equipment, such as excavators, loaders, and dump trucks; thereby, supporting the vehicle lighting market growth.
In 2017, China accounted for a major share of the Asia Pacific regional market. North America is expected to register a considerable CAGR of 7.8% over the forecast period on account of the presence of major off-highway vehicle lighting manufacturers in this region. The Canadian government has mandated the usage of certain light fixtures, such as light bar, side marker lamps, and high raised lamps, to ensure workplace safety and avoid accidents. This is also likely to contribute to region’s growth in the years to come.
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Further key findings from the study suggest:
- The halogen product segment is expected lead the market by reaching USD 727.8 million by 2025
- This growth is attributed to a significant rise in the adoption of halogen lights across most of the vehicles
- The headlight application segment led the market in 2017. Introduction of advanced technologies, such as night vision and laser lights are responsible for the segment growth
- Asia Pacific is expected to be the largest regional market over the forecast period owing to increased investments in the construction activities by government and private firms
- Prominent companies in the global off-highway vehicle lighting market are Gogoro, Inc.; HELLA GmbH & Co. KGaA; Magneti Marelli S.p.A.; Grote Industries; and Oracle Lighting