The global off-highway vehicle lighting market is estimated to attain USD 1.31 billion, by the end of 2025, and is anticipated to grow at a CAGR of 7.0% from 2018 to 2025, according to a new report by Million Insights. The increasing requirements for mining and construction equipment along strict government regulations are boosting the market growth. The growing awareness about safety of the workers is also expected to increase the demand for the off-highway vehicle lighting in the next few years.
Further, the government authorities across the world are focusing on making strict policies on the use of efficient vehicle lighting in residential and commercial applications. Some of the countries have banned the use of HID lamps. For example, national highway traffic safety administration has stopped the use of tail lights with amber lamps. The government of Canada has also defined the regulations regarding the lamps or lights to be used in trucks, buses, and other vehicles. LED lighting solutions are highly energy-efficient and helps in reducing the greenhouse gases emissions. This is projected to increase the demand for LED, halogen lights.
All these key initiatives have surged the demand for LED lights. LED lights are highly efficient and have a large lifespan of over five years, are widely used for off-highway lighting vehicle applications. Asia Pacific is projected to dominate the market in the coming few years. The growing mining and construction sites in the countries like China and India are supporting the market growth. These key factors are expected to increase the demand for dump trucks, loaders, excavators in the construction application.
Market Share Insights
Leading players in the market include Truck-Lite Co.; Grote Industries; Oracle Lighting; APS Lighting and Safety Products; ECCO Safety Group Co.; HELLA GmbH; and WESEM.
Manufacturers engage in new product launches, innovations to expand their product offerings. For example, Grote Industries has introduced LED strips suitable for heavy equipment in 2017.
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In 2017, Asia Pacific accounted for USD 276.2 million in terms of global revenue in the overall market. It is projected to grow at a CAGR of over 5.1% from 2018 to 2025. The growing adoption of advanced machinery and skilled labor especially in countries such as Japan, Taiwan, and China is supporting the market growth. Additionally, the reduced production cost is also spurring the demand for vehicle lighting products.
The Middle East and Africa region are estimated to grow at the highest CAGR over the forecasted period,2018 to 2025. The increasing mining and construction activities are primarily contributing to market growth. Latin America region is also projected to propel at a significant rate in the coming few years. All these key factors are anticipated to surge the heavy machinery equipment demand.
Impact of COVID-19
COVID-19 outbreak has adversely affected the supply chain of the off-highway vehicle lighting market. Manufacturers are facing challenges in export & import activities in raw materials shipments of electronic& electrical equipment. However, some of the companies have resumed their manufacturing operation but are working with minimum capacity.
Several automotive companies outsource over 30.0% of auto parts from China. However, lockdown restriction and logistic concerns are imposing challenges to OEMs operating in vehicle lighting manufacturing. Increasing penetration of LED lights owing to their high energy efficiency and cost-effectiveness is expected to boost the market growth in the next few years. Thus, traditional fluorescent and HID lights are now rapidly replaced by LED projectors, reflectors.
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