Off Highway Vehicle Lighting Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.03 Billion |
| Market Size (2029) | USD 1.46 Billion |
| CAGR (2024 - 2029) | 7.24 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Off Highway Vehicle Lighting Market Analysis
The Off Highway Vehicle Lighting Market size is estimated at USD 1.03 billion in 2024, and is expected to reach USD 1.46 billion by 2029, growing at a CAGR of 7.24% during the forecast period (2024-2029).
- The COVID-19 pandemic had a negative impact on the market studied, primarily attributed to halted construction and manufacturing activities. However, the market is anticipated to witness significant growth during the forecast period, which is likely to be primarily attributed to increasing government support and restoration of construction activities worldwide, which in turn is likely to enhance the demand for off-highway vehicle lights during the forecast period.
- With the growing investments and modifications in policies to attract private players for construction and mining activities globally, the requirements for off-highway vehicles are expected to rise. Government initiatives encouraging infrastructure activities and the rising adoption of technologically advanced machinery, both electrified and autonomous, tend to offer new opportunities for players operating in the market. The construction industry is getting smarter. Digitalization, connectivity, and automation are driving development forward, leaving a substantial impact on construction projects.
- The market is primarily driven by the factors such as an increase in urbanization rate and construction activities globally. Also, the increase in demand for mining vehicles due to an increase in spending for mining activities is likely to propel the demand for the off-highway vehicle lighting market.
- These construction equipment manufacturers operating across major regions are constantly engaged in securing the supply chains to improve efficiency that will increase the productivity of the construction industry.
Off Highway Vehicle Lighting Market Trends
Urbanization and Government Spending Boosting Front Light Demand in Off-Road Machinery
- Government initiatives aimed at encouraging infrastructure activities and the rising adoption of technologically advanced construction equipment, both electrified and autonomous, tend to offer new opportunities for the players operating in the market.
- For instance, in January 2023, the Government of Morocco invested USD 38 billion for the development of rail projects in the county. In October 2022, Nigeria's Lagos state government announced to start of construction of a new airport in the Lekki-Epe region. The new airport facility will cover an area of 3,500 hectares, and construction work is expected to begin next year.
- One of the major factors driving the growth of the market is the growing construction industry, especially in developing countries, owing to numerous growth opportunities in infrastructure, residential, and non-residential sectors.
- For instance, in 2022, the Government of Japan invested USD 1,100 million for the development of logistics facilities with a floor area of 355,109.45 square meters on a 15.7 ha area in Nagoya, Aichi.
- The construction industry is the target destination for most large economies because of accruing benefits, such as the availability of natural resources, huge investment opportunities in energy and infrastructure, cheap labor, and a fast-growing consumer market.
- To cater to the rising demand, the major players in the market are introducing innovative products to maintain their leading position in the market. For instance, Hella GmbH introduced a new range of lighting solutions, especially for mining vehicles. The range includes warning light 'RokLUME S700 Red' along with 'VISIOTECH' projection technology used basically for clear identification of danger zones and RokLUME 380, RokLUME 280, and DuraRAY 4.0 beacon, used for low-fatigue work and underground mining operations.
Asia Pacific Remains the Largest Market
- The Asia-Pacific region is expected to be the largest market for off-highway vehicle lighting market owing to the high investment in infrastructure and mining activities in the region, followed by Europe and North America.
- The demand is driven by the high rate of urbanization and government spending on construction and mining activities, as the region has two major developing economies in the world, China and India. The governments in these countries are spending heavily on the construction of highways, bridges, and other infrastructures like airports and sports complexes.
- In June 2022, Offshore wind company Corio Generation signed a joint development agreement with Vietnamese construction firm FECON for a 500MW offshore wind project in Vietnam's Ba Ria-Vung Tau province. Located around 23-35km from the coast, the proposed fixed-bottom facility would be among the country's first large-scale offshore wind projects.
- New initiatives from the governments to encourage foreign direct investment (FDI) inflow and favorable policies encouraging long-term investments into the respective countries are expected to further augment the growth of the market, which simultaneously tend to increase demand for construction machinery in the region.
- With the above developments, the region is likely to witness major growth in the market during the forecast period.
Off Highway Vehicle Lighting Industry Overview
The off-highway vehicle lighting market is dominated by several key players, such as Osram Light AG, Robert Bosch, Valeo SA, Magneti Marelli, and others. These player are expanding their manufacturing facilities across the globe, which in turn is likely to witness major growth for the market during the forecast period.
For instance, in November 2022, Valeo opened a new Research and Development center in Prague. Through this expansion, the company expanded its facilities across the globe.
In October 2021, Motherson Group extended its cooperation with Marelli Automotive Lighting for a new tool room in India. Through this partnership, the company expanded its product portfolio across the country.
In July 2021, Flex and Gate invested USD 52.1 million for the expansion of a manufacturing facility in Michigan, United States. Through this expansion, the company expanded its automotive light segment across the country.
Off Highway Vehicle Lighting Market Leaders
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Valeo
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Robert Bosch GmbH
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OSRAM GmbH
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HELLA GmbH & Co. KGaA
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WESEM
*Disclaimer: Major Players sorted in no particular order
Off Highway Vehicle Lighting Market News
- September 2022: Marelli opened its new Technical R&D Center in Bangalore, Southern India. Through this expansion, the company will focus on major technology areas such as electronics, automotive lighting, and both internal combustion powertrain and electric powertrain.
- April 2022: WESEM launched a new CRP2 work lamp featuring a Combo beam. Lamps consist of beam angles that have an effect on lighting conditions in front of and around vehicles. CRP2 lamps are a great alternative to halogen lamps.
Off Highway Vehicle Lighting Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Demand from Asia Pacific Region due to Farm Mechanization
4.1.2 Others
4.2 Market Restraints
4.2.1 Uncertainties Associated with Supply Chain
4.2.2 Others
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value (USD Million)
5.1 By Application
5.1.1 Front Light
5.1.2 Tail Light
5.1.3 Other Applications
5.2 By Vehicle Type
5.2.1 Loaders
5.2.2 Excavators
5.2.3 Cranes
5.2.4 Dump Trucks
5.2.5 Other Vehicle Types
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia Pacific
5.3.4 Rest Of World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 OSRAM GmbH
6.2.2 Robert Bosch GmbH
6.2.3 Valeo
6.2.4 Marelli Holdings Co., Ltd.
6.2.5 Flex and Gate Corporation
6.2.6 WESEM
6.2.7 HELLA GmbH & Co. KGaA
6.2.8 Phoenix Lamps Ltd.
6.2.9 Grote Industries
6.2.10 APS Lighting
6.2.11 Truck Lite Co.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Off Highway Vehicle Lighting Industry Segmentation
Off-highway vehicle lighting is designed to improve the visibility and safety of the vehicle at night. These lights are an integral part of the off-highway vehicle.
The off-highway vehicle lighting market is segmented by application, vehicle type, and geography. Based on the application, the market is segmented into front lights, tail lights, and other applications. Based on the vehicle type, the market is segmented into loaders, excavators, cranes, dump trucks, tractors, and other vehicle types. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
For each segment, the market sizing and forecast have been done based on the value (USD).
| By Application | |
| Front Light | |
| Tail Light | |
| Other Applications |
| By Vehicle Type | |
| Loaders | |
| Excavators | |
| Cranes | |
| Dump Trucks | |
| Other Vehicle Types |
| By Geography | |||||||
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Off Highway Vehicle Lighting Market Research FAQs
How big is the Off Highway Vehicle Lighting Market?
The Off Highway Vehicle Lighting Market size is expected to reach USD 1.03 billion in 2024 and grow at a CAGR of 7.24% to reach USD 1.46 billion by 2029.
What is the current Off Highway Vehicle Lighting Market size?
In 2024, the Off Highway Vehicle Lighting Market size is expected to reach USD 1.03 billion.
Who are the key players in Off Highway Vehicle Lighting Market?
Valeo, Robert Bosch GmbH, OSRAM GmbH, HELLA GmbH & Co. KGaA and WESEM are the major companies operating in the Off Highway Vehicle Lighting Market.
Which is the fastest growing region in Off Highway Vehicle Lighting Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Off Highway Vehicle Lighting Market?
In 2024, the Asia Pacific accounts for the largest market share in Off Highway Vehicle Lighting Market.
What years does this Off Highway Vehicle Lighting Market cover, and what was the market size in 2023?
In 2023, the Off Highway Vehicle Lighting Market size was estimated at USD 0.96 billion. The report covers the Off Highway Vehicle Lighting Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Off Highway Vehicle Lighting Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Off Highway Vehicle Lighting Industry Report
Statistics for the 2024 Off Highway Vehicle Lighting market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Off Highway Vehicle Lighting analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
