Off-highway Vehicle Lighting Market Size, Share & Trends Analysis Report By Product (LED, Halogen, HID, Incandescent), By Application, By End-use, By Vehicle Type- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

The global Off-highway Vehicle Lighting market gathered revenue around USD 925.8 Million in 2020 and market is set to grow USD 1,566.9 Million by the end of 2027 and is estimated to expand at a modest CAGR of 7.8% during the prediction period 2021 to 2027.

Growth Factors:

The growing emphasis on public infrastructure development is expected to drive the demand for off-highway vehicles, which bodes well for the market 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.

The growing population in Asian countries, such as China and India, is driving the need for better public infrastructure. Governments of 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 for off-highway vehicle lighting.

The off-highway vehicle lighting landscape is evolving continuously as manufacturers offer products based on the latest technologies to ensure more safety, improved performance, and better aesthetics. At present, companies, such as Grote Industries, HELLA GmbH & Co. KGaA, Truck-Lite, and ABL Lights Group, are providing off-highway vehicle LED lights for various off-highway vehicle applications such as headlights, taillights, side lamps, and indicator lights. Simultaneously, construction equipment makers are also introducing equipment with enhanced 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 COVID-19 pandemic has severely impacted the demand for off-highway vehicle lighting in 2020. Efforts to contain the pandemic have resulted in the implementation of lockdowns and social distancing norms globally, subsequently leading to losses for industries such as manufacturing, automobile, entertainment, construction, restaurant, and hospitality. The pandemic has also negatively impacted construction equipment sales as the production was either completely stopped or slowed down by various manufacturers. European countries such as Germany, Italy, France, and the U.K., which are the leading equipment producing countries, witnessed the most significant impact of the closures. However, governments have begun to gradually relax lockdown norms and allow businesses to operate with mandates of social distancing. As a result, the market can expect a period of respite for the short term due to the reopening of multi-million-dollar infrastructure projects across developed and emerging economies.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Off-highway Vehicle Lighting market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Off-highway Vehicle Lighting market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Report Coverage

Report Scope Details
Market Size USD 1,566.9 Million  by 2027
Growth Rate CAGR of 7.8% From 2021 to 2027
Base Year 2020
Forecast Period 2021 to 2027
Historic Data 2017 to 2020
Report coverage Growth Factors, Revenue Status, Competitive Landscape,  and Future Trends
Segments Covered Product, application, end-use, vehicle type and Region
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned Truck-Lite; APS Lighting and Safety; Grote Industries; ECCO Safety Group; Hamsar Diversco Inc.; J.W. Speaker Corporation; WESEM; HELLA GmbH & Co. KGaA; ABL Lights Group; Peterson Manufacturing Co.

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Off-highway Vehicle Lighting market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

Regional analysis:

The Asia Pacific market accounted for the largest revenue share in 2020 and is anticipated to retain its dominance over the forecast period, registering a CAGR exceeding 5%. This growth can be attributed to the presence of key manufacturers in Asian countries, including China, Japan, and Taiwan. Factors such as low production cost and availability of advanced machinery and skilled labor are also anticipated to spur the growth prospects of the regional market.

The Middle East and Africa market is expected to be the fastest-growing regional market, thanks to a notable increase in construction and mining activities in the region. 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 governments of these countries are investing heavily in the development of public infrastructure, which is expected to trigger the demand for construction machinery.

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

Some of the prominent players in the Off-highway Vehicle Lighting Market include:  Truck-Lite; APS Lighting and Safety; Grote Industries; ECCO Safety Group; Hamsar Diversco Inc.; J.W. Speaker Corporation; WESEM; HELLA GmbH & Co. KGaA; ABL Lights Group; Peterson Manufacturing Co.

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

  • By Product
    • LED
    • Halogen
    • HID
    • Incandescent
  • By Application
    • Head Lamp
    • Tail Lamp
    • Work Light
    • Others
  • By End-use
    • Construction
    • Agriculture/Farming/Forestry
  • By Vehicle Type
    • Excavator
    • Loader
    • Crane
    • Dump Truck
    • Tractor
    • Other

 

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Highlights of the Report:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
  • Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Off-highway Vehicle Lighting market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Off-highway Vehicle Lighting market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Off-highway Vehicle Lighting markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
  • In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

  • CEOs, VPs, market intelligence managers
  • Procuring and national sales managers technical personnel, distributors and resellers
  • Research analysts and key opinion leaders from various domains

Key Points Covered in Off-highway Vehicle Lighting Market Study:

  • Growth of Off-highway Vehicle Lighting in 2021
  • Market Estimates and Forecasts (2017-2027)
  •  Brand Share and Market Share Analysis
  •  Key Drivers and Restraints Shaping Market Growth
  •  Segment-wise, Country-wise, and Region-wise Analysis
  •  Competition Mapping and Benchmarking
  •  Recommendation on Key Winning Strategies
  •  COVID-19 Impact on Demand for Off-highway Vehicle Lighting and How to Navigate
  •  Key Product Innovations and Regulatory Climate
  •  Off-highway Vehicle Lighting Consumption Analysis
  •  Off-highway Vehicle Lighting Production Analysis
  •  Off-highway Vehicle Lighting and Management