Report Scope & Overview:
Off-highway Vehicle Lighting Market Size was valued at USD 1.05 billion in 2022 and is expected to reach USD 1.96 billion by 2030 and grow at a CAGR of 7.8% over the forecast period 2023-2030.
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.
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.
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.
The high cost of LED lights is a major restraint.
A specific power supply is needed.
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.
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.
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.
By Vehicle Type:
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
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.
Grote Industries-Company Financial Analysis
|Market Size in 2022||US$ 1.05 Billion|
|Market Size by 2030||US$ 1.96 Billion|
|CAGR||CAGR of 7.8% From 2023 to 2030|
|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.
Forecast period of Off-Highway Vehicle Lighting Market is 2023-2030.
The major players are 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., and others in final report.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
126.96.36.199 United Kingdom
188.8.131.52 South Korea
184.108.40.206 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Off-highway Vehicle Lighting Market Segmentation, by Product
9. Global Off-highway Vehicle Lighting Market Segmentation, by Application
9.1 Head Lamp
9.2 Work Light
9.3 Tail Lamp
10. Global Off-highway Vehicle Lighting Market Segmentation, by Vehicle Type
10.4 Dump Truck
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Peterson Manufacturing Co.,
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.3 Grote Industries
12.4 ECCO Safety Group
12.5 APS Lighting and Safety
12.6 Hamsar Diversco Inc.
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
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