Transparency Market Research in its new report titled, “LED Light Market for Off-Road Vehicle – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the LED light market for off-road vehicle. The TMR report anticipates that the rapid growth of the automobile industry across the globe will drive the LED light market for off-road vehicle during the forecast period i.e, 2018-2026. The LED light market for off-road vehicle is driven by rise in sales of off-road vehicles. High demand for cost-effective vehicles with better lighting system and low power consumption are key factors propelling the LED light market for off-road vehicle. Furthermore, rigid government regulations and prohibition on utilization of xenon and halogen lights are likely to boost the LED light market for off-road vehicle, says the report.
The TMR report has segmented the global LED light market for off-road vehicle based on adaptive type, application, sales channel, and region. In terms of adaptive type, the LED light market for off-road vehicle is divided into front adaptive lighting and two more segments. Increase in demand for off-road vehicles and rising preference toward driving off-road vehicles at night among consumers are expected to boost the adaptive front light segment during the forecast period. On the basis of application, the LED light market for off-road vehicle is divided into exterior and interior. Rise in demand for night driving of off-road vehicle is estimated to boost the external lighting segment. In terms of sales channel, the LED light market for off-road vehicle can be segregated into OEM and aftermarket. In terms of revenue, the aftermarket segment is estimated to dominate the global LED light market for off-road vehicle, with sales expected to increase rapidly during the forecasting period. Life span of LED lights being limited to few thousand hours, due to that the aftermarket segment is anticipate to increase in the near future. The OEM segment of the LED light market for off-road vehicle is anticipated to expand at a relatively lower growth rate during the forecasting period.
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On a geographical standpoint, the global LED light market for off-road vehicle is split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Among these, Asia Pacific holds the maximum market share for the automotive industry, wherein country like China, India, South Korea and Japan are the major contributors in automotive sector, due to the rise in production of vehicles in these region. This is anticipated to increase the demand for LED light for off-road vehicles, which in turn is projected to drive a large number of local and international component manufacturer and supplier based in the region. North America is followed by the Asia Pacific for LED light market for off-road vehicle in terms of value. Some of the prominent players operating in the global LED light market for off-road vehicle are profiled in this report and these include OSRAM Light AG, Robert Bosch GmbH, Valeo SA., Magneti Marelli S.p.A., Flex-N-Gate Corporation, HELLA KGaA Hueck & Co., and Phoenix Lamps Limited.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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