Off-Highway Vehicle Lighting Market To Generate Impressive Revenue Worth $1.31 Billion By 2025 Due To Increasing Requirements For Mining And Construction Equipment | Million Insights

September 03 07:26 2021
Off-Highway Vehicle Lighting Market To Generate Impressive Revenue Worth $1.31 Billion By 2025 Due To Increasing Requirements For Mining And Construction Equipment | Million Insights
Million Insights – World’s Fastest Growing Market Research Database
According to new report available with Million Insights, the global off-highway vehicle lighting industry research report offers thorough insights on product, application, end-use and COVID-19 impact. This enables numerous opportunities for the market players to invest in research and development.

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.

To download the sample PDF of “Off-Highway Vehicle Lighting Market” Report please click here: https://www.millioninsights.com/industry-reports/global-off-highway-vehicle-lighting-market/request-sample 

 

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. 

China led the Asia Pacific off-highway vehicle lighting market with the highest share in2017. North America is projected to grow at the CAGR of over 7.8% from 2018 to 2025. The region also has the highest number of off-highway vehicle lighting manufacturers. 

Key manufacturers in the market include Grote Industries, HELLA GmbH, Oracle Lighting, WESEM, and Truck Lite Co. These players in the market are focusing on product innovations and invest high in the R & D activities to develop advanced products.  

To browse report summary & detailed TOC, please click the link below: https://www.millioninsights.com/industry-reports/global-off-highway-vehicle-lighting-market 

 

Further key findings from the report suggest:

• Halogen segment is estimated to account for over USD 727.8 million by the end of 2025. The growth is mainly constituted by increasing adoption of halogen lights in vehicles.

• Based on the application, in 2017, headlight segment has dominated the off-highway vehicle lighting market owing to the launch of new lighting technologies like lase lights, and night vision.

• Asia Pacific region is projected to hold the largest share in the market by the end of 2025.

Million Insights has segmented the global off-highway vehicle lighting market based on product, application, end-use, vehicle type and region:

Off-Highway Vehicle Lighting Product Outlook (Revenue, USD Million, 2014 – 2025)

    • LED

    • Halogen

    • HID

    • Incandescent

Off-Highway Vehicle Lighting Application Outlook (Revenue, USD Million, 2014 – 2025)

    • Headlight

    • Tail Light

    • Work Light

    • Others

Off-Highway Vehicle Lighting End-use Outlook (Revenue, USD Million, 2014 – 2025)

    • Construction & Mining

    • Agriculture/Farming/Forestry

Off-Highway Vehicle Lighting Vehicle Type Outlook (Revenue, USD Million, 2014 – 2025)

    • Excavator

    • Loader

    • Crane

    • Dump/Concrete Mixer Truck

    • Tractor

    • Other Vehicles

Off-Highway Vehicle Lighting Regional Outlook (Revenue, USD Million, 2014 – 2025)

    • North America

        • U.S.

        • Canada

    • Europe

        • U.K.

        • Germany

    • Asia Pacific

        • China

        • Japan

        • India

    • Latin America

        • Brazil

        • Mexico

    • Middle East & Africa

Browse latest market research reports available with Million Insights:

• Cosmetic Dentistry Market:The global cosmetic dentistry market was prized by USD 6.9 billion in 2020. It is estimated to witness 5.0% CAGR from 2021 to 2028.

• Intelligent Virtual Assistant Market: With reference to the report published, the global intelligent virtual assistant market was prized by USD 5.82 billion in 2020. It is estimated to witness 28.5% CAGR from 2021 to 2028.

About Million Insights

Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive marketplace that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.

Media Contact
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Phone: 91-20-65300184
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar
City: Pune
State: Maharashtra
Country: India
Website: https://www.millioninsights.com/industry-reports/global-off-highway-vehicle-lighting-market

view more articles

About Article Author