LONDON--(BUSINESS WIRE)--The global automotive off-road lighting market is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global automotive off-road lighting market size is the growing demand for SUVs and pickup trucks. The use of vehicles such as SUVs and pick-up trucks for off-roading is increasing significantly, owing to the presence of various off-road capabilities such as high ground clearance, all-wheel drive, and different driving modes. Therefore, the increasing sales of SUVs and pick-up trucks, especially in Europe and North America, will propel the demand for automotive off-road lighting, mainly in the OEM segment.
As per Technavio, the development of laser-based lighting for off-road vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive off-road lighting market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive off-road lighting market: Development of laser-based lighting for off-road vehicles
The automotive off-road lighting is witnessing several developments due to the growing preference for highly efficient and bright off-road lighting. As a result, the market is witnessing the emergence of modern off-road lights that are bright, durable, and energy efficient.
The most recent innovations in automotive lighting include the laser-powered lighting solutions that have attracted the attention of various premium luxury car OEMs. The laser lighting technology is also making inroads in off-road vehicles, which is expected to have a positive impact on the growth of the automotive lighting market during the forecast period.
“Apart from the development of laser-based lighting for off-road vehicles, other factors such as the introduction of electric off-road racing vehicles, and constant innovation in automotive lighting will positively impact the growth of the automotive off-road lighting market size during the forecast period,” says a senior analyst at Technavio.
Global Automotive off-road lighting market: Segmentation analysis
This market research report segments the global Automotive off-road lighting market by end-user (aftermarket, and OEM) and geographic regions (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The growing popularity of off-road racing events is increasing the demand for off-road vehicles and their components such as light systems. This will have a positive impact on automotive off-road lighting market during the forecast period.
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Five Forces Analysis
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- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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