The market survey and estimation about global off-highway vehicle lights from 2023 to 2030

The global off-highway vehicle lights market volume was estimated up to USD 1047.3 million in 2022. It is anticipated to grow at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. 

An off-highway vehicle light is one that is designed to be used in off-road environments, such as building projects, agricultural applications,marine, and so on. As a light source inside the mounting, off-road highway vehicle lights cover HID, LED, Halogen, Incandescent lamps, and others. 

This market growth arise from the high market requirement for mining and construction equipment worldwide. Furthermore, the growing adoption of LED lighting due to its eco-friendlyness,brightness and dropping costs  will also drive the industry growth by 2030. Government regulations toward vehicle lights and workspace safety are also helpful to boost the market. Additionally, the growing demand for enhanced comfort, safety, and convenience in automobiles is also making market growth.

Based on the Product, the global Off-Highway Vehicle Lights market is classified into LED, Halogen, HID, and Incandescent. The Halogen segment held the leading market share of 56% in 2020. Compared with LED lights, Halogen lights have a lower beginning cost. However, as the prices of LED lights have become lower in recent years, auto makers have begun to adopt them step by step. The LED segment is expected to grow at the highest CAGR of 11.3% in the global off-highway vehicle lighting market from 2022 to 2030.

The construction segment accounted for the largest share of around 58.5% of the market in 2021. The agriculture/farming/forestry segment is estimated to register a CAGR exceeding 9.6% from 2022 to 2030. Demand for advanced agriculture and farming machinery is increasing in developing countries, including India, where traditional agriculture techniques are still highly used. The tractor segment accounted for the largest share of around 30% of the overall market in 2022. The growth results from the increasing demand for these types of equipment in the agriculture and farming sector. The dump truck segment is projected to register a CAGR of over 9.5%. Dump trucks have great market demand for lighting products due to the introduction of the Advanced Driver Assistance System (ADAS) with features such as adaptive front lighting and night vision. 

Based on the Application, the global Off-Highway Vehicle Lights market covers Head Lamp, Tail Lamp, Work Light, and Others. The Head Lamp segment held the leading market share of 62% in 2022. This is because of the introduction of advanced technologies such as adaptive headlights, night vision, and laser lights. It is expected that the work lights will also keep stable growth. These lights are an integral part of the equipment used in construction and mining 
applications because they can increase visibility and safety in the workplace. In recent years, the demand for LED work lights has increased greatly due to better brightness, easy installation and light quality. The others segment is estimated to register a CAGR exceeding 10.1% from 2022 to 2030. The segment includes LED light bars, interior lighting, and other various lights. The growth arises from the growing importance of aesthetic interiors in off-highway vehicles, such as concrete mixers and dump and excavators.

Geographically speaking,the Asia Pacific dominates the Global Off-Highway Vehicle Lighting market. The Asia Pacific held the largest market share of 39.5% in 2022 and it is expected to grow at the highest CAGR of 5.5% in next years. This growth will result from the presence of key manufacturers in Asian countries, including Taiwan, Japan, and China. Factors such as the availability of advanced machinery and skilled labor along with low production costs will result in 
the growth prospects of the regional market.

The Middle East and Africa market is expected to be the fastest-growing regional market owing to a notable increase in construction and mining activities. 

Latin America is projected to register the second-highest growth rate due to a significant increase in construction and mining activities in Brazil and Mexico. Their governments are heavily investing heavily in the development of public infrastructure, which is expected to make more market demand for construction machinery.

Key players in the industry keep launching technologically driven market presence. The companies are also adopting strategic initiatives such as regional expansions, acquisitions, mergers, partnerships, and collaborations to enlarge their marketshare.

Global Off-Highway Vehicle Lighting Market Key Players include:

• OSRAM
• Vision X Lighting
• Truck-Lite
• Grote Industries
• ECCO Safety Group
• Hamsar Diversco Inc.
• J.W. Speaker Corporation
• NORDIC LIGHTS
• APS Lighting and Safety
• WESEM
• ABL Lights Group
• Peterson Manufacturing Co.
• Hamsar Diversco Inc.
• Koito Manufacturing Co., Ltd.
• Valeo SA
• Koninklijke Philips N.V.
• Magneti Marelli S.p.A.
• HELLA GmbH & Co. KGaA
• LG Display Co., Ltd.
• Hyundai Mobis Co., Ltd.
• Neolite ZKW Lightings Pvt. Ltd.
• Johnson Electric Holdings Limited
• De Amertek Corp. Inc.