SNS Insider Black Friday Offer
Off-highway Vehicle Lighting Market

Off-highway Vehicle Lighting Market Size, Share and Segmentation by Product (LED, HID, Incandescent, Halogen), by Application (Head Lamp, Work Light, Tail Lamp, Others), by Vehicle Type (Excavator, Tractor, Loader, Dump Truck, Crane, Others), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1330 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Off-highway Vehicle Lighting Market Size was valued at USD 975 million in 2021 and is expected to reach USD 1649.43 million by 2028 and grow at a CAGR of 7.8% over the forecast period 2022-2028.

A vehicle that is designed to be utilized in off-road areas such as construction sites, agricultural applications, and so on is known as an off-highway vehicle. Off-highway vehicle lighting is a sort of high-intensity lighting used to improve visibility at night on off-highway vehicles. Off-road highway vehicle illumination includes HID, LED, Halogen, Incandescent, and various light sources inside the mounting. The construction industry is growing at a healthy rate. Emissions rules are tightening, forcing manufacturers to try new approaches in order to build more fuel-efficient vehicles with fewer emissions and power usage.

Off-highway Vehicle Lighting Market Revenue Graph

The goal of this research is to give industry participants a thorough understanding of the global Off-Highway Vehicle Lighting Market. The study includes a basic evaluation of complex data, as well as historical and current industry statistics, as well as forecasted market size and trends. The increased use of LED lighting, which has the ability to provide enhanced performance, will drive the industry by 2030.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Increase in demand for mining trucks as a result of increased spending on mining activities.

  • The rapid rate of urbanization around the world is driving the demand for off-highway vehicles.

RESTRAINTS: 

  • The high cost of LED lights is a major restraint.

  • A specific power supply is needed.

OPPORTUNITIES: 

  • Newer technologies are being integrated, as well as better designs and lower power consumption.

  • Because of their lower power consumption, the government encourages the use of LEDs as off-highway vehicle lights.

CHALLENGES: 

  • The increased frequency of highway accidents is expected to impede the global market's overall expansion.

  • In the commercial vehicle category, sophisticated lighting has a lower penetration rate.

IMPACT OF COVID-19:

The rapidity at which the coronavirus pandemic has spread has had a significant impact on the global economy. Due to lower demand for heavy off-highway equipment, the market is especially vulnerable to the present COVID-19 problem. Supply chain interruptions have occurred from efforts to contain the coronavirus epidemic, with some industrial facilities coming to a standstill. The outbreak has also impacted the sale of large off-highway equipment, affecting demand for off-highway vehicle illumination as a result. Changes in consumer demand, labor interruptions, and COVID-19 shutdowns are all expected to have an influence on the industry, limiting demand for new machinery.

KEY MARKET PLAYERS:

Truck-Lite; Grote Industries; ECCO Safety Group; APS Lighting and Safety, Hamsar Diversco Inc.; WESEM; HELLA GmbH & Co. KGaA; J.W. Speaker Corporation, ABL Lights Group; Peterson Manufacturing Co. are some of the affluent competitors with significant market share in the Off-highway Vehicle Lighting Market.

MARKET ESTIMATION: 

Market, By Product:

The global market is divided into LED, HID, Incandescent, and Halogen based on the product segment.  In 2021, the halogen segment generated the most revenue, accounting for roughly 57.9% of total revenue. This can be attributable to the fact that these lights have a lower beginning cost than LEDs. The growing demand for energy-efficient lighting sources for off-highway vehicles is propelling the industry forward.

Market, By Application:

According to the application segment, the global market is divided into Head Lamp, Work Light, Tail Lamp, and Others. With nearly 61.3 percent of the market, the headlamp segment was the most popular. The work lighting market is also expected to increase significantly in the future. These lights are an important feature of the equipment used in construction and mining because they increase visibility and worker safety.

Market, by Vehicle Type:

Based on the vehicle type segment, the global market has been divided into Excavator, Tractor, Loader, Dump Truck, Crane, and Others. The tractor segment had the biggest market share, accounting for roughly 27% of the total market. The increase can be ascribed to rising demand for certain sorts of equipment in the agricultural and farming industries. Due to the development of ADAS with features, dump trucks generate significant demand for lighting equipment.

MARKET SEGMENTATION:

By Product:

  • LED

  • HID

  • Incandescent

  • Halogen

By Application:

  • Head Lamp

  • Work Light

  • Tail Lamp

  • Others

By Vehicle Type:

  • Excavator

  • Tractor

  • Loader

  • Dump Truck

  • Crane

  • Other

Off-highway Vehicle Lighting Market Segment Chart

REGIONAL ANALYSIS:

The off-highway vehicle lighting market in the Asia Pacific stood for the greatest revenue share in 2021 and is expected to maintain its dominance during the study period, with a CAGR of around 6.1 percent. The presence of important manufacturers in Asian countries such as Taiwan, Japan, and China has contributed to this expansion.

Due to a significant expansion in construction and mining operations in the region, the Middle East and Africa market is predicted to be the fastest-growing regional market. Because of a large increase in building and mining operations in Brazil and Mexico, Latin America is expected to grow at the second-fastest rate. These countries' governments are heavily spending on infrastructure development, which is likely to increase the demand for construction machinery.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Off-highway Vehicle Lighting Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 975 Million
Market Size by 2028 US$ 1649.43 Million
CAGR CAGR of 7.8% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Product (LED, HID, Incandescent, Halogen)
• by Application (Head Lamp, Work Light, Tail Lamp, Others)
• by Vehicle Type (Excavator, Tractor, Loader, Dump Truck, Crane, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Truck-Lite; Grote Industries; ECCO Safety Group; APS Lighting and Safety, Hamsar Diversco Inc.; WESEM; HELLA GmbH & Co. KGaA; J.W. Speaker Corporation, ABL Lights Group; Peterson Manufacturing Co.
Key Drivers •Increase in demand for mining trucks as a result of increased spending on mining activities.

•The rapid rate of urbanization around the world is driving the demand for off-highway vehicles.
RESTRAINTS •The high cost of LED lights is a major restraint.

•A specific power supply is needed.


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

 

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Off-highway Vehicle Lighting Market Segmentation, by Product

8.1 LED

8.2 HID

8.3 Incandescent

8.4 Halogen

 

9. Global Off-highway Vehicle Lighting Market Segmentation, by Application

9.1 Head Lamp

9.2 Work Light

9.3 Tail Lamp

9.4 Others

 

10. Global Off-highway Vehicle Lighting Market Segmentation, by Vehicle Type

10.1 Excavator

10.2 Tractor

10.3 Loader

10.4 Dump Truck

10.5 Crane

10.6 Other

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles

12.1 Peterson Manufacturing Co.,

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Truck-Lite

12.3 Grote Industries

12.4 ECCO Safety Group

12.5 APS Lighting and Safety

12.6 Hamsar Diversco Inc.

12.7 WESEM

12.8 HELLA GmbH

12.9 J.W. Speaker Corporation

12.10 ABL Lights Group

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

 

14. Conclusio

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.