DUBLIN--(BUSINESS WIRE)--The "Global Heavy Equipment Lamps Market Size, Trends & Growth Opportunity, By Lamp Type, By Lighting Type, By End-use By Region and Forecast till 2027." report has been added to ResearchAndMarkets.com's offering.
The global heavy equipment Lamps market was valued at USD 9.1 Billion in 2021 which expected to reach USD17.2 billion by 2027 at a CAGR 4.3% from 2021-2027.
The increased spending on research and development in the United States in order to offer emission-free lighting units in order to comply with government guidelines, as well as an increase in the number of accidents on construction sites at night, are driving the demand for heavy equipment lamps in the country. Furthermore, manufacturers spent a lot of time designing bulbs that can be used on heavy machinery and can withstand a variety of conditions.
To perform safely, an increasing number of companies are using LED lamps for heavy equipment, particularly during night-time operations.
Market Drivers
Increase in government initiatives towards infrastructure development like roads, bridges, highways, etc. as well as growing demand for agriculture & forestry equipment further boosts the global heavy equipment lamps market during the forecast period. Furthermore, the increase in demand for metal & mineral commodities will positively influence the heavy equipment lamps market.
Moreover, rise in the consumption of natural resources like coal, diamond, and uranium, is driving the global heavy equipment lamps market.
Market Restraints
However, purchasing high-quality lamps require a larger initial expenditure than purchasing classic lighting restraining the global heavy equipment lamps market growth.
Additionally, the high set-up & maintenance costs are restraining the growth of the heav equipment lamps market.
Impact of COVID-19
The COVID-19 pandemic has resulted in a series of lockdowns & self-quarantine regulations, which resulted in closures, supply chain disruptions, and workforce unavailability.
Such factors had a substantial impact on various business sectors such as electronics, construction, automobile, agriculture, etc.
Key Players
Various key players are listed in this report such as Catepillar, Inc, Grote Industries, Heavy Duty Lighting, HELLA GmbH and Co. KGaA, J.W. Speaker Corporation, Larson Electronics LLC, Neolite ZKW Lightings Pvt. Ltd, Nordic Lights Ltd., OSRAM GmbH, Phoenix Products LLC
Market Taxonomy
By Lamp Type
- Head Lamps
- Rear Lamps
- Signal Lamps
- Flashing Lamps
- Others
By Lighting Type
- LED
- Halogen
- HID
- Others
By End-use
- Construction Equipment
- Mining Equipment
- Automotive & Other Transport
- Others
By Region
- North America
- Latin America
- Europe
- China
- Asia Pacific
- Middle East & Africa
Key Questions Addressed by the Report
- What are the Key Opportunities in Global Heavy Equipment Lamps Market?
- What will be the growth rate from 2021 to 2027?
- Which segment/region will have highest growth?
- What are the factors that will impact/drive the Market?
- What is the competitive Landscape in the Industry?
- What is the role of key players in the value chain?
For more information about this report visit https://www.researchandmarkets.com/r/t71ywv