The global Off-Highway Vehicle Lighting Market size is expected to reach USD 1,565.3 million by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 7.0% from 2021 to 2028. Truck-Lite, APS Lighting and Safety, Grote Industries, ECCO Safety Group, Hamsar Diversco Inc., J.W. Speaker Corporation, WESEM are some of the key players in this industry. 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.
The Asia
Pacific regional market contributed to around 35% of the off-highway vehicle
lighting demand in 2020 and is estimated to register at a CAGR of 5.3% 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 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.
Related Press
Release@ Off-highway
Vehicle Lighting Market Report
Off-highway Vehicle Lighting Market Report Highlights
- In terms of
product, the LED segment is estimated to expand at the highest CAGR of
around 9% 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 2020. It is
anticipated to rise to a valuation of over USD 900 million by the end of
the forecast period
- In terms of
end use, the construction segment accounted for the largest revenue share
of around 55% in 2020. 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 2020, attributed
to the presence of key manufacturers in Asian countries, including China,
Japan, and Taiwan
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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