The global automotive off-road lighting market size at a CAGR of almost 9% during 2019-2023
NEW YORK, June 26, 2019 /PRNewswire/ --
Global Automotive Off-road Lighting Market:
About this market
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Automotive off-road lights improve driver visibility by illuminating the path. Technavio's automotive off-road lighting market analysis considers the demand for off-road lights from end users such as aftermarket and OEM. Our analysis also considers the growth of the market in APAC, Europe, MEA, North America, and South America. In 2018, the aftermarket segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the limitations on the installation of off-road lights by OEMs will play a significant role in the aftermarket segment to maintain its market position. Also, our global automotive off-road lighting market looks at factors such as rising preference for durable and energy-efficient off-road lighting, increasing recreational and adventure sports activities, and the growing demand for SUVs and pickup trucks. However, high power consumption adversely affecting battery performance of vehicles, legal limitations on the use of off-road vehicles, and regulations restricting the use of off-road lights may hamper the growth of the automotive off-road lighting industry.
Market
Overview
Growing demand for SUVs and pickup trucks
The growing popularity of SUVs has considerably reduced the market share of hatchbacks and sedans. This has led to the discontinuation of several sedan models by some of the leading market players. Countries across APAC and Europe are witnessing a rise in the demand for SUVs compared to other types of passenger cars. SUVs and pickup trucks are road-legal and possess off-roading capabilities. Most of these vehicles come equipped with factory fitted off-road lighting. The growing demand for SUVs and pickup trucks will benefit the OEM segment and drive the growth of the global automotive off-road lighting market size at a CAGR of almost 9% during 2019-2023.
Introduction of electric off-road vehicles
One of the recent trends in the automotive off-road lighting market is the advent of electric off-road vehicles. Many ATV manufacturers are shifting their focus toward the development of environment-friendly off-road vehicles to reduce their carbon footprint. The adoption of electric-off road vehicles will increase the demand for energy efficient components, including lighting systems. This development is expected to have a positive impact on the growth of the global automotive active off-road lighting market size.
For the detailed list of factors that will drive the global automotive off-road lighting market size during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of several players, the global automotive off-road lighting market is fairly fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several automotive lighting manufacturers, that include AnzoUSA, Grote Industries LLC, KC HiLiTES Inc., Truck-Lite Co. LLC, and Valeo SA are some of the major companies covered in this report.
Also, the automotive off-road lighting market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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