Off Highway Vehicle Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Off-Highway Vehicle Lighting Market is Segmented by Application (Front Lights, Tail Lights and Others), Vehicle Type (loaders, excavators, cranes, dump trucks, and others) and Geography.

Off Highway Vehicle Lighting Industry Overview

Off-Highway Vehicle Lighting Market_Overview
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: > 5 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Off Highway Vehicle Lighting Market Analysis

The Off-Highway Vehicle Lighting Market is projected to grow with a CAGR of more than 5 % 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. For Instance, In August 2019, the Government of India with an aim to boost domestic manufacturing and meet demands domestically, relaxed Foreign Direct Investments under automatic route in coal mining and associated infrastructure projects.
  • The market is primarily driven by the factors such as increase in urbanization rate and construction activities globally. Also, the increasing in demand for mining vehicles due to increase in spending for mining activities is likely to propel the demand for off-highway vehicle lighting market.
  • However, countries such as India, Canada Japan and others have banned high intensity lamps, which could negatively impact the global market for off-highway vehicle lighting.

Off Highway Vehicle Lighting Industry Segments

The Off-Highway Vehicle Lighting Market report covers a detailed study on the latest trends and innovations in the market which is segmented by Application (Front Lights, Tail Lights and Others), Vehicle Type (loaders, excavators, cranes, dump trucks, tractors and others) and Geography. Along with a detailed study on major players, their technological innovations and financials are also covered in the report.

Application
Front Light
Tail Light
Others
Vehicle Type
Loaders
Excavators
Cranes
Dump Trucks
Others

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Off Highway Vehicle Lighting Market Trends

This section covers the major market trends shaping the Off Highway Vehicle Lighting Market according to our research experts:

Urbanization and Government Spending Boosting the Demand

The demand for off highway vehicles is driven by the high rate of urbanization globally. According to United Nations in 2018, around 55% of population lives in urban areas which is expected to rise to around 70% by the end of 2050. This will boost infrastructure activities in the urban areas as well as the expansion of cities to meet the needs of their growing urban populations, including for housing, transportation, energy systems and other infrastructure, as well as for employment and basic services such as education and health care.

In April 2019, European Union announced investment of Euro 4 Billion in 25 large infrastructure projects in 10 Member States which includes Bulgaria, Czechia, Germany, Greece, Hungary, Italy, Malta, Poland, Portugal and Romania. This investment involves different projects in energy sector, road and rail construction, and others.

In November of 2019, the government of Mexico announced the ambitious infrastructure plan, which encompasses USD 44 billion in spending. This investment in Mexico infrastructure comes mainly from the private sector, with works projects that will include highways, railways, ports, and airports, as well as investments in telecommunications.

To cater the rising demand the major players in the market are introducing innovative products to maintain their leading position in the market. For instance, in March 2020, Hella GmbH, introduced 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.

Off-Highway Vehicle Lighting Market _Key Market Trend2

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 in construction of highways, bridges and other infrastructures like airports and sports complexes.

For instance, in 2019 the Chinese government has doubled the value of large-scale infrastructure projects it has approved compared with last year. The amount is more than double the size of last year’s 374.3 billion yuan (USD 52.8 billion) in approvals recorded over the same period, which included 11 projects such as railways, roads and airports.

In February 2019, the Chinese government has approved four projects in the north of the country, two in inner Mongolia and one each in Xinjiang and Shaanxi, will cost 11.7 billion yuan (USD 1.75 billion) and will have the combined annual output capacity of 26 million tonnes. In India, Government expenditure on Infrastructure in 2018-19 was Rs. 5.97 trillion.

Off Highway Vehicle Lighting Market_Key Market Trend2

Off Highway Vehicle Lighting Market Competitor Analysis

The Off-Highway Vehicle Lighting Market is highly fragmented, with several players accounting for a smaller portion of market share. Some of the prominent companies in the Off-Highway Vehicle Lighting Market are Osram Light AG, Robert Bosch, Valeo SA, Magneti Marelli and others. These players are investing heavily in research and development of EV for Taxi.

For instance, in November 2019, Tyri, launched a new heavy vehicle lighting system – IntelliLight. This intelligent lighting system works on principle of wireless mesh network: the lights are interconnected via Bluetooth in a closed network, which is integrated with the vehicle, and then easily controlled via an app. A radio-controlled system also allows the lights to be switched on and off from a distance for increased safety.

In January 2019, WESCO International, Inc., announced WESCO Services, LLC subsidiary entered into a definitive agreement to acquire certain assets of Sylvania Lighting Solutions from OSRAM Sylvania.

Off Highway Vehicle Lighting Market Top Players

  1. Valeo

  2. Robert Bosch GmbH

  3. Osram

  4. Hella GmbH

  5. Phoenix GmbH

*Disclaimer: Major Players sorted in no particular order

Off Highway Vehicle Lighting Market_Market Concentration.png

Off Highway Vehicle Lighting Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porters Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Front Light

      2. 5.1.2 Tail Light

      3. 5.1.3 Others

    2. 5.2 Vehicle Type

      1. 5.2.1 Loaders

      2. 5.2.2 Excavators

      3. 5.2.3 Cranes

      4. 5.2.4 Dump Trucks

      5. 5.2.5 Others

  6. 6. Geography

    1. 6.1 North America

      1. 6.1.1 United States

      2. 6.1.2 Canada

      3. 6.1.3 Rest of North America

    2. 6.2 Europe

      1. 6.2.1 Germany

      2. 6.2.2 United Kingdom

      3. 6.2.3 France

      4. 6.2.4 Italy

      5. 6.2.5 Rest of Europe

    3. 6.3 Asia-Pacific

      1. 6.3.1 China

      2. 6.3.2 India

      3. 6.3.3 Japan

      4. 6.3.4 South Korea

      5. 6.3.5 Rest of Asia-Pacific

    4. 6.4 Rest Of World

      1. 6.4.1 Mexico

      2. 6.4.2 Brazil

      3. 6.4.3 United Arab Emirates

      4. 6.4.4 Other Countries

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Vendor Market Share

    2. 7.2 Company Profiles

      1. 7.2.1 OSRAM Light AG

      2. 7.2.2 Robert Bosch GmbH

      3. 7.2.3 Valeo SA

      4. 7.2.4 Magneti Marelli S.p.A.

      5. 7.2.5 Flex and Gate Corporation

      6. 7.2.6 Hella KGaA

      7. 7.2.7 Phoenix Lamps Ltd.

      8. 7.2.8 Grote Industries

      9. 7.2.9 APS Lighting

      10. 7.2.10 Truck Lite Co.

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Off Highway Vehicle Lighting Market Research FAQs

The Off Highway Vehicle Lighting Market is studied from 2018 - 2028.

The Off Highway Vehicle Lighting Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

Valeo, Robert Bosch GmbH, Osram, Hella GmbH, Phoenix GmbH are the major companies operating in Off Highway Vehicle Lighting Market.

Off Highway Vehicle Lighting Industry Reports

In-depth industry statistics and market share insights of the Off Highway Vehicle Lighting sector for 2020, 2021, and 2022. The Off Highway Vehicle Lighting research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Off Highway Vehicle Lighting report PDF.

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